This COST Action proposes the establishment of a European network sharing a common goal: development of an economical feasible model for the commercialization of algae-based bioproducts. EUALGAE is created to stimulate not only interaction among research groups across Europe but also to foster cooperation between academia and industry. This scientific platform will generate a synergistic approach for utilization of microalgae biomass for sustainable fuels and fine chemical products. The general objective is to create an EU cluster for a successful development of algae-based bioproducts. The goal will be addressing optimum overall energy and mass balances, to improve the reliability and robustness of the relevant bioproducts, lowering capital and operational costs. With this Action, participants will be given the opportunity to network, collaborate and exchange information which otherwise will be limited. This Action attempts to gather European top scientists in the field and thus become an important pillar worldwide.