Poseidon reels in investments to boost aquaculture tech
Poseidon’s innovative aquaculture solutions are enabling fish farms to be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein.
By Fabian Dawson
SeaWestNews
Poseidon Ocean Systems Ltd., a Vancouver Island-based aquaculture tech company, has raised US$20.75M to support the growth and delivery of its industry leading solutions for modern salmon farming operations.
Poseidon’s customers include some of the world’s largest salmon farmers, and the funding will enable Poseidon to continue their expansion into global markets; deepening their relationships with Canadian, Chilean and UK farmers, and expanding into new markets.
The company said in a statement yesterday that it has completed the US$20.75M Series B financing led by Ecosystem Integrity Fund (“EIF”), and joined by InBC Investment Corp., along with additional investment support from one of Poseidon’s existing shareholders, Export Development Canada.
The funds raised will expand Poseidon’s manufacturing capacity and support the Company’s growth and delivery of their industry leading, turnkey, Life Support Systems and Hybrid Sea Cage Systems. These technologies combine to form a compelling value proposition for modern salmon farming operations; increasing yields, reduced operating costs and improved environmental outcomes, the company said.
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities,” said Jamie Gaskill, Chief Executive Officer of Poseidon.
“This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements,” he said.
EIF Managing Partner James Everett said an environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries.
“EIF is excited to lead Poseidon’s Series B financing, as we believe the company’s innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth,” he said.
Jill Earthy, Chief Executive Officer of InBC, a strategic investment fund for growing companies making a positive impact in the province, said the “aquaculture industry plays an important role in B.C.’s economy as well as our food security.”
“InBC’s investment into Poseidon is backing a B.C. company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world to be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein. This investment aligns with InBC’s goals to innovate for the future and build a climate resilient economy.”
Already a global leader in aquaculture solutions and technology, Poseidon has introduced a range of innovative products over the past few years to address some of the most challenging problems facing the aquaculture industry today.
Those include robust sea-cage systems, physical and bubble barriers and cutting-edge oxygen systems, which helps ocean farms avoid naturally occurring oceanic threats such as plankton blooms, hypoxia, and sea lice.
Poseidon’s funding announcement comes as the Federal Government works with the industry, First Nations, coastal communities and other stakeholders to come up with a Transition Plan for salmon farming in British Columbia. The Transition Plan, expected, will impact more than 4,700 jobs and $1.2 billion in economic activity annually in British Columbia.
(Members of Poseidon’s Canadian and Chilean teams at the Cermaq Chile site where the company’s equipment has been installed. Photo: Poseidon/LinkedIn)