August 29, 2023

photo: Remora Robotics

By Lynda Kiernan-Stone, Global AgInvesting Media

As the demand for seafood continues to rise, aquaculture has become a vital industry filling the gaps left by overexploited wild caught fishing, but it also raises concerns about the welfare of the fish being reared in these systems.

Like any other animal, fish have the capacity to experience pain, stress, and discomfort. Thus, addressing their welfare is not only ethically responsible but also crucial for maintaining the health and quality of the farmed fish themselves, and the success of aquaculture operations. 

One significant challenge to fish health is the fouling of nets used in aquaculture production. And while there are existing cleaning solutions, they are costly, environmentally unsound, and pose risks to equipment. In response, Norway’s Remora Robotics has developed automated net cleaning technology with the potential to streamline net cleaning and improve the health of farmed fish. 

The company’s first fully autonomous submarine robot cleans and inspects farming pens while collecting data about the pen’s aquatic environment. Cleaner nets foster improved oxygen content in the water, less pollution and dirt, and lower infection pressure and mortality. Over time, the robot’s advanced sensors analyze and provide insights into a pen’s conditions enabling preventative maintenance and operational optimization. 

Remora’s ability to fill a need in a growing and key area of food production has attracted the attention of Grieg Kapital and Momentum, who have led US$2.5 million in funding for the company. 

“We are bringing in two strong investors, both with a proven ability to drive forward successful companies through their methodical approach, and who have a good reputation for actively engaging in their investments,” said Brage C. Amundsen, CEO, Remora Robotics. 

“We have been observing the market for automated net cleaning for a while and believe that the industry will embrace this type of technology,” said Christian Møgster, Grieg Kapital. “The solution can enhance growth, profitability, and sustainability for fish farmers simultaneously, aligning perfectly with our mandate.”

Lars Jørgen Loktu, investment manager, Grieg Kapital, added, “Remora Robotics has developed new and exciting technology for a global market. The company’s technology can contribute to making net cleaning more efficient, and improving fish health, which is important to be able to continue to develop the farming industry in a sustainable way. The investment fits our investment strategy well, with a focus on marine technology, and we see the technology and business model as future-oriented.”

Amundsen commented on how this funding will serve the company saying, “The investment from Grieg Kapital and Momentum gives us the necessary room to maneuver in order to carry out our plans, and deliver on our service of always clean nets for our customers.”

“The transaction also paves the way for a strengthening of the collaboration between us moving forward. With this capitalization, we can increase the speed of the roll out of our technology, giving us the opportunity to scale sales.”

Møgster echoed this sentiment regarding Remora’s ability to scale. “We believe the team at Remora Robotics has what it takes to succeed in large-scale commercial deployment.”

“We are also pleased to make this investment alongside a competent and relevant co-investor in Grieg Kapital and look forward to contributing to the company’s further development alongside the employees and other shareholders.”

~ 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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