AgriMarine Holdings (TSX-V:FSH) has joined forces with the Serpent River First Nation (SRFN) in an attempt to introduce its proprietary closed-containment fish-farming technology to Ontario.
On Tuesday, the Vancouver-based fish farmer said it had signed a memorandum of understanding with the SRFN to “investigate the feasibility” of building a closed-containment fish-rearing facility on aboriginal land on the north shore of Lake Huron.
“The partnership with the SRFN is significant to AgriMarine as it is an integral part of our expansion strategy into eastern Canada and produces seafood near urban communities,” said Richard Buchanan, AgriMarine’s CEO.
Unlike other fish farmers who use open-net facilities, AgriMarine has developed closed pens that it says can be used to raise salmon and other fin fish in a “controlled” environment.
Recently, the company has been focused on raising trout at farms in China.
Business in Vancouver caught up with AgriMarine last month shortly after it transferred chinook salmon smolts into a closed tank near Campbell River, signalling a step forward for closed-containment technologies.
The company’s agreement with the SRFN marks its first venture in eastern Canada.
“It is this partnership and the technology that AgriMarine is bringing forward that is providing us the assurance we need to take this venture one step further,” said SRFN Chief Isadore Day.
Once the feasibility study is complete, AgriMarine has said it will enter the environmental assessment process and apply for licences and permits.
At press time, AgriMarine’s shares were down 14% to $0.39.