Rising CO 2 levels, associated climatic instability, freshwater scarcity and diminishing arable land exacerbate the challenge to maintain food security for the fast growing human population. Although coal-fired power plants generate large amounts of CO 2 emissions and wastewater, containing environmentally unsafe concentrations of metals, they ensure energy security. Nitrogen (N 2 )-fixation by cyanobacteria eliminate nitrogen fertilization costs, making them promising candidates for remediation of waste CO 2 and metals from macronutrient-poor ash dam water and the biomass is suitable for phycocyanin and biofertilizer product development. Here, the effects of CO 2 and metal mixtures on growth, bioproduct and metal removal potential were investigated for the self-flocculating, N 2 -fixing freshwater cyanobacterium Tolypothrix sp. Tolypothrix sp. was grown outdoors in simulated ash dam wastewater (SADW) in 500 L vertical bag suspension cultures and as biofilms in modified algal-turf scrubbers. The cultivation systems were aerated with air containing either 15% CO 2 (v/v) or not. CO 2 -fertilization resulted in ∼1.25-and 1.45-fold higher biomass productivities and ∼40 and 27% increased phycocyanin and phycoerythrin contents for biofilm and suspension cultures, respectively. CO 2 had no effect on removal of Al, As, Cu, Fe, Sr, and Zn, while Mo removal increased by 37% in both systems. In contrast, Ni removal was reduced in biofilm systems, while Se removal increased by 73% in suspension cultures. Based on biomass yields and biochemical data obtained, net present value (NPV) and sensitivities analyses used four bioproduct scenarios: (1) phycocyanin sole product, (2) biofertilizer sole product, (3) 50% phycocyanin and 50% biofertilizer, and (4) 100% phycocyanin and 100% biofertilizer (residual biomass) for power station co-located and not colocated 10 ha facilities over a 20-year period. Economic feasibility for the production of food-grade phycocyanin either as a sole product or with co-production of biofertilizer was demonstrated for CO 2 -enriched vertical and raceway suspension cultures raised without nitrogen-fertilization and co-location with power stations significantly increased profit margins.