June 1, 2021
Bluefront Equity now majority owner of aquaculture tech developer
Nordic seafood investor Bluefront Equity is now a majority owner of Redox AS, an aquaculture technology developer focusing on fish welfare and biosecurity.
Bluefront's investment in Redox is comprised of share purchases and a subsequent share issue. The transactions culminate to a 51.8% ownership share of Bluefront, which aims to invest in "supplier companies that ensure increased traceability, better fish health and welfare, enhanced quality of the end-product, improved hygiene and contributing towards digitising the seafood industry," the fund said in a press release.
This is the first investment for Bluefront, which joins Sirø Invest AS (29.3%), Norsk Mineral AS (15%) and Helge Bullgård (3.9%) as Redox owner-shareholders. Former Mowi chief executive officer Alf-Helge Aarskog and Nova Sea owner Aino Olaisen – both industry advisors and investors for Bluefront – have become new board members of Redox, alongside Bluefront Equity partner Kjetil Haga.
"We have monitored Redox for several years. It is a highly innovative company that develops technology that improves fish welfare and biosecurity in the aquaculture industry. It is a perfect match for our sustainability profile," Haga said.
Founded in 2004, Redox aims to develop environmentally friendly technologies that reduce chemical discharges while improving fish welfare and biosecurity.
Accordign to Redox chairman and head of business development Sigmund Røeggen, "Redox has traditionally worked extensively with wellboats," and has in recent times started to implement its technologies onshore, "including for land-based fish farming, fisheries, agriculture and food processing."