Canada-based aquaculture supplier raises £16.3m for growth

Vancouver Island-based fish farming supplier Poseidon Ocean Systems Ltd has raised US $20.75 million (£16.3m / Can $28m) to expand manufacturing capacity and support the growth and delivery of its turnkey fish life support systems and hybrid sea cage systems.

Poseidon’s customers include some of the world’s largest salmon farmers, and the company said the funding will enable it to deepen relationships with Canadian, Chilean and UK farmers, and expand into new markets.

“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 chief executive Jamie Gaskill, a former managing director of salmon farmer Mowi Canada East.

“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.”

Global growth

The Series B financing has been led by Ecosystem Integrity Fund (EIF), and joined by InBC Investment Corp., a strategic investment fund created by the province of British Columbia. There was also additional investment support from existing shareholder Export Development Canada.

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 minimising 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.”

Jill Earthy, chief executive of InBC, said the aquaculture industry plays an important role in British Columbia’s economy as well as providing food security.

“InBC’s investment into Poseidon is backing a BC 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.”

Flowpressor

Poseidon’s range of products includes the Flowpressor, a fuel-efficient air compressor specifically designed to meet the aeration needs of salmon farms, and the Oxypressor, a system upgrade to the Flowpressor that is capable of producing up to 92% pure oxygen at a rate of 155 kg per hour.

It also supplies the Depth Charge oxygen diffuser, which it describes as patent-pending technology that dissolves up to 100% of the oxygen supplied while using a fraction of the energy of other systems.

Poseidon, founded by former Mowi Canada West engineer Matt Clarke and his wife, Heather, also supplies a steel cage system which can be configured for nets or for closed or semi-closed containment systems.

Matt Clarke was a speaker at the Fish Veterinarians' Society conference at Newbridge, Edinburgh, recently, and gave a presentation on the effectiveness of aeration and oxygenation against harmful algal blooms, which are particularly intense in both BC and Chile.