February 20, 2020
GE salmon farmer AquaBountry offers US$10M shares for expansion
In a financial filing, AquaBounty — which produces genetically engineered, fast-growing salmon (called AquaAdvantage) — is offering US$10 million of shares.
In a report to investors, it says that it intends to significantly scale operations and expand its existing production facility in Indiana, USA. It also has its eye on a "new large plant build-out in the US [and] Canada, and internationally utilising project-based finance and potential JV partners".
The AquaAdvantage's USP (unique selling proposition) is that it can grow faster, and AquaBounty says that its faster growth to harvest accelerates ROI in farm operations — which it says delivers twice the conventional RAS (recirculating aquaculture systems) salmon.
AquaBounty is currently in talks with expansion partners in South America, Asia and the Middle East, and its Brazil trials are expected to be completed later this month.
The company targets to produce 55,000 tonnes of fish yearly by 2028. It is set to harvest around 160 tonnes of salmon from its Indiana facilities this year.