RASTECH Magazine

Industry update News
AKVA signs US $150-million RAS deal with AquaCon


Photo: AKVA group

Aquaculture technology company AKVA Group has bagged a $150 million contract for a full grow-out recirculating aquaculture system (RAS) facility in the United States east coast.

Norwegian holding company AquaCon AS plans to build a land based facility in Maryland. The company plans to target the U.S. salmon market.

The first phase ofthe project is expected to produce 16,000 tons of salmon.

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AKVA and Israel-based investment compamny Israel Corp. will jointly participate in a $5 million convertible loan. The two companys will have the option to invest an additional $15 million in the project.

Earlier this week, AKVA  entered into an agreement with Israel Corp. that will result in Israel Corp. taking a 15 per cent ownership stake in AKVA.

As part of the transaction, Israel Corp. will become entitled to appoint one board member in AKVA as long as it holds a minimum 12 percent ownership position in the company.