AgriMarine Holdings (TSX-V:FSH) is banking on its proprietary closed-containment fish farm technology to rear one of the world’s most prized fish – bluefin tuna.
On Monday, the Vancouver-based company said it had entered a research and development agreement with the School of Marine Science and Technology at Tokai University in Japan to use its technology to raise bluefin on a commercial scale.
The company, which operates salmon and trout rearing facilities in China and Canada, said the agreement comes at a time when bluefin fisheries are at risk of collapse due to over-fishing.
AgriMarine said the demand for the high-value fish has reached an all-time high, noting that a 342-kilogram bluefin was recently sold in Japan for US$400,000.
“AgriMarine’s strategy is to prove that our technology has the flexibility to operate in various aquatic environments, that it can be used to rear high-value finfish species and that it can be deployed close to markets,” said Richard Buchanan, AgriMarine’s CEO.
Business in Vancouver last caught up with AgriMarine in February, as the company marketed its unique closed containment technology to international seafood retailers. (See “Closed-containment fish farming initiative launched” – issue 1112, February 15-21.)
B.C. also has a growing tuna trade of its own, which BIV featured earlier this month. (See “Tuna trade floats on sustainable success” – issue 1130, June 21-27.)
At press time, AgriMarine’s shares were valued at $0.31.
Joel McKay
Twitter: jmckaybiv