September 10, 2024
AquaBounty Technologies to sell Rollo Bay farm in Canada
US-based aquaculture company AquaBounty Technologies has announced its decision to sell its Rollo Bay farm operation on Prince Edward Island, Canada, as part of a strategy to improve its financial position and bolster cash reserves, Fishfarmingexpert reported.
The Rollo Bay facility, which was acquired by AquaBounty in 2016 and developed into a broodstock and egg production site, is set to be sold through a process overseen by the company's investment banker. The sale is expected to be completed by the end of the year.
David Melbourne, CEO of AquaBounty, stated, "We remain focused on securing funding for both our short- and long-term needs to return to pursuing our growth strategy. The sale of the Rollo Bay farm will address our immediate cash requirements without impacting our long-term strategy, as we maintain sufficient egg production capacity for our Ohio farm from our Bay Fortune hatchery."
In addition to the sale, AquaBounty continues to explore other funding options to meet its financial needs over the coming months. The company's long-term plans include constructing five large land-based grow-out farms, with efforts ongoing to secure funding for both immediate and future growth initiatives.
- Fishfarmingexpert