March 21, 2024

Photo credit: Poseidon Ocean Systems

By Lynda Kiernan-Stone, Global AgInvesting Media

Poseidon Ocean Systems (Poseidon), a company delivering innovative solutions that improve fish welfare and reduce the carbon footprint of aquaculture operations, announced the completion of a $20.75 million Series B led by Ecosystem Integrity Fund (EIF). Joining EIF were InBC Investment Corp. and Export Development Canada, an existing shareholder in Poseidon. 

Located in Campbell River, British Columbia, Poseidon is an award-winning cleantech product development company founded by Heather and Matt Clarke in 2015 that has developed two turnkey solutions:

~ Life Support Systems that offer a range of aeration solutions.

~ Hybrid Sea Cage Systems – modular steel cage aquaculture production systems that can be implemented for approximately 10 percent of the cost of land-based production facilities. 

Together these technologies combine to form a compelling value proposition for modern salmon farming operations via increased yields, reduced operating costs, and improved environmental outcomes. 

Aquaculture is integral to a healthy global food system, offering a sustainable and efficient means of providing nutrition while reducing the pressure on wild fisheries and land-based livestock production. 

As the global population grows, economies strengthen, and consumers continue to become more health-conscious, seafood has been identified as a key product in meeting the rising demand for sustainable protein thanks to its low-calorie, high-protein content, short production cycle, and high feed conversion rate.

Since 1980, global consumption of salmon has more than tripled as demand for protein also climbed. And as wild stocks grow more depleted, salmon farming is stepping in to bridge the gap between market demand and production, with expectations that the market volume will grow at a CAGR  of 3.9 percent between 2019-2024 to reach 4.7 million tons. 

This market outlook has made salmon farming a focus for investors and large-scale farming projects. And as demand continues to soar, production solutions that foster better fish welfare along with better outcomes for salmon farmers will be in equal demand. 

“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries,” said James Everett, managing partner, EIF. “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.”

Poseidon’s customer list includes some of the largest salmon farmers in the world, and with this fresh funding, stated it intends to continue its expansion into new global markets while also deepening its relationships with Canadian, Chilean, and British farmers.

The funds will also be used to boost Poseidon’s production capacity and support the company’s growth and delivery of its turnkey systems. 

“The aquaculture industry plays an important role in B.C.’s economy as well as our food security,” said Jill Earthy, CEO, InBC. “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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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