B.C. aquaculture tech firm secures crucial funding
By Liza Mayer
Poseidon Ocean Systems of British Columbia has received US$3.9-million (CAD$5 million) investment from Ontario private equity fund Ag Capital Canada, which it will use to advance engineering and product delivery.
Among these products are the company’s new proprietary technologies Trident Hybrid Steel Cage System and Flowpresso compressor system.
The Trident cage technology has been in development since 2017. Company co-founder Matt Clarke calls it a “ generational leap in fish farm structural design.” Among its attributes are its strength that’s claimed to be up to twice that of existing designs and its ability to handle maximum wave heights of more than six meters.
John Lansink, managing partner at Ag Capital Canada, was impressed at the “amazing” speed at how Poseidon brought technologies to market. “We were able to check all the boxes with this investment. The company is in a growth position, ready to capitalize on a macro trend to meet global protein demand.”
Poseidon expects an additional follow-on investment from Export Development Canada.