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Poseidon Ocean Systems to expand global operations
July 9, 2024 By Aquaculture North America staff
Poseidon Ocean Systems Ltd. has announced the completion of a US$20.75M Series B financing.
The funds raised will expand Poseidon’s manufacturing capacity and support its growth and delivery of its technologies for modern salmon farming operations, Life Support Systems and Hybrid Sea Cage Systems.
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements,” said Jamie Gaskill, CEO of Poseidon.
The financing was led by the Ecosystem Integrity Fund (“EIF”), and joined by InBC Investment Corp., along with additional investment support from one of Poseidon’s existing shareholders, Export Development Canada.
“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries,” said EIF managing partner, James Everett. “EIF is excited to lead Poseidon’s Series B financing, as we believe the company’s innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth.”
“The aquaculture industry plays an important role in B.C.’s economy as well as our food security,” said Jill Earthy, CEO of InBC. “InBC’s investment into Poseidon is backing a B.C. company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world to be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein. This investment aligns with InBC’s goals to innovate for the future and build a climate-resilient economy.”
The funding will also enable Poseidon to continue its expansion into global markets; deepening its relationships with Canadian, Chilean and U.K. farmers, and expanding into new markets.
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