September 19, 2024

 

German firm Blue Future Holding acquires full ownership of salmon sorting company GreenFox Marine

Blue Future Holding, owned by Germany-based EW Group, has acquired the remaining stake in GreenFox Marine, a salmon sex-sorting technology company, which it did not previously own, SeafoodSource reported.

 

Stjordal, Norway-headquartered GreenFox Marine specialises in the use of ultrasound and artificial intelligence to sort the gender of salmon and conduct health examinations of fish. The company's technology enables automated high-speed sorting of Atlantic salmon smolt, with an accuracy rate of 96% to 99%, processing up to 3,600 fish per hour.

 

Blue Future Holding, based in Oslo, Norway, is an investment firm under the EW Group, a family-owned strategic holding company that focuses on agricultural and aquaculture breeding, genetics, pharmaceuticals, and nutrition solutions with an emphasis on sustainability. In addition to GreenFox Marine, Blue Future Holding owns AquaGen and Genomar, and has part ownership in other aquaculture firms such as Laxey. The firm previously held a 32.8% stake in GreenFox Marine before the full acquisition.

 

"GreenFox Marine has technology that has the potential to improve fish health in industrial farming and is a natural addition to our portfolio," said Odd Magne Rodseth, general manager of Blue Future Holding, in a press release. "Having been minority owners for almost three years, we have seen how GreenFox Marine is at the forefront of this technology, and we now look forward to assisting Erling Aspen and the team in accelerating the development and commercialisation of existing and new applications."

 

GreenFox Marine plans to expand its technology to sort other species and enhance the speed of its sorting process. The company's general manager, Erling Aspen, explained that the technology holds promise for broader applications beyond gender sorting, including the early detection of health parameters such as heart conditions, kidney changes, spinal deformities, and sexual maturation.

 

"The acquisition by Blue Future Holding provides us with opportunities for further development of both the technology and the company," Aspen said. "It also opens new doors and puts us in a better position to recruit key expertise for several critical roles."

 

Blue Future Holding's acquisition aligns with its mission to invest in companies that leverage enabling technologies, including artificial intelligence, biotechnology, and nanotechnology, to address challenges in fish health and welfare.

 

"We aim to invest in companies that use new technologies to tackle known issues in fish farming," Rodseth said. "GreenFox Marine's automated solution for sexing farmed fish has already delivered solid results for nearly three years, which was a significant factor in our decision to make this investment."

 

Rodseth added that salmon farming companies in Norway, Great Britain, and the Faroe Islands are already using GreenFox Marine's technology. He indicated that Blue Future Holding would work towards ensuring wider adoption of the technology across the industry.

 

-      SeafoodSource