VANCOUVER ISLAND, British Columbia--(BUSINESS WIRE)--Poseidon Ocean Systems Ltd. (“Poseidon” or the “Company”) has announced the completion of a US$20.75M Series B financing led by 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.
The funds raised will expand Poseidon’s manufacturing capacity and support the Company’s growth and delivery of their industry leading, turnkey, Life Support Systems and Hybrid Sea Cage Systems. These technologies combine to form a compelling value proposition for modern salmon farming operations; increasing yields, reduced operating costs and improved environmental outcomes.
Poseidon’s customers include some of the world’s largest salmon farmers, and the funding will enable Poseidon to continue their expansion into global markets; deepening their relationships with Canadian, Chilean and UK farmers, and expanding into new markets.
“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, Chief Executive Officer of Poseidon.
"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, Chief Executive Officer 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.”
Fort Capital Partners acted as financial advisors; CR Lawyers LLP and Whiteboard Law served as legal counsel to Poseidon in the Series B financing.
About Poseidon Ocean Systems
Poseidon delivers innovative, industry-leading solutions for the aquaculture industry. The Company is focused on improving fish welfare, while reducing the environmental impact of producing nutritious, sustainable protein to feed the global population. Their technology can help farmers improve fish welfare to realize greater survival and growth, and minimize – if not eliminate – mortality events, thereby increasing the yield from every fish, all while reducing the carbon footprint of aquaculture operations. For more information, visit: www.PoseidonOS.com
About Ecosystem Integrity Fund (EIF)
Ecosystem Integrity Fund (EIF) invests in early growth-stage companies contributing to environmental sustainability across multiple sectors including renewable energy, transportation, agriculture and food, climate resilience, green chemistry, waste reduction, and efficiency. EIF takes a systems-based approach to sustainability investment, studying both the drivers for change as well as the constraints to innovation in market niches that are ripe for development. EIF invests in companies solving real problems, resulting in better investment opportunities and greater impact. The firm has over $600 million in assets under management. For more information, visit: www.eif.vc
About InBC Investment Corp. (InBC)
InBC Investment Corp. (InBC) is strategic investment fund created by the Province of British Columbia (B.C.) to invest in growing companies and venture funds to generate financial returns alongside economic, social or environmental impacts for B.C. For more information, visit: www.inbcinvestment.com
About Export Development Canada (EDC)
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
