November 14, 2023

AquaBounty in MoU to help establish salmon farm in Georgia

AquaBounty Technologies has entered into a memorandum of understanding with Noble Salmon, a company formed to build and operate a recirculating aquaculture system (RAS) salmon farm in the Republic of Georgia.

AquaBounty chief executive officer Sylvia Wulf said the Benish Group, the creator of Noble Salmon, will contribute expertise in engineering, material sourcing and permitting for the project while AquaBounty will bring its experience in operating its RAS farms.

"The combination of capabilities of the two companies benefits the construction and operation of a planned state-of-the-art RAS farm focused on producing Atlantic salmon for sale in nearby markets," Wulf said. "This project will be the first instance of AquaBounty executing its strategy to enter additional salmon markets through local partnerships in a capital-lite structure."

AquaBounty has planned to enter a market outside of the United States for years, and originally told SeafoodSource in 2019 that it was pursuing opportunities in China before ultimately pulling back on those plans earlier this year.

- SeafoodSource