Vancouver-based fish technology company AgriMarine Holdings Inc. (TSX-V: FSH) has set up a joint venture company to launch the commercialization of its floating closed containment fish-rearing technology in Norway.
Sean Wilton, president of the company’s operating subsidiaries, said the expansion into Norway is key, as the country is the centre of the salmon farming industry. He added AgriMarine hopes to bring a key new solution to Norway’s market.
“Norway is mostly focused on land-based, water-recycled solutions which have a much higher capital cost and a much higher energy and carbon footprint,” he said. “We are the only solution offering a floating closed-containment system which can scale to compete directly at size with the floating cages and on a very, very low energy and comparative capital cost base.”
The joint venture company, AgriMarine Norway AS, brings together AgriMarine, Toronto-based ZED Financial Partners and Oslo-based Midos AS.
Under the agreement, AgriMarine will license its technology and know-how to AgriMarine Norway AS and provide technical and financial support.
The remaining partners will apply for concessions for closed containment fish farming in Norway, with the aim of establishing a closed containment demonstration facility for the rearing of salmon.
They will also arrange for technical and financial support from Norwegian government agencies and industry participants.
Wilton noted that, while the company currently operates in Canada and China, it is pursuing further international opportunities.
“We also are exploring opportunities to advance our technologies in Chile which is the second-largest salmon market in the world,” Wilton said.
Last month, AgriMarine announced a joint venture with China’s Zhoushan Fisheries Research Institute to research the rearing of yellow croaker in China with AgriMarine’s salmon farming technology. (See “AgriMarine launches farmed fish research in China”–BIV Business Today, April 26).
AgriMarine’s stock was up 11% at press time to $0.39.
Jenny Wagler
Twitter: @JennyWagler_BIV