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AquaBounty announces farm closures and workforce reductions

AquaBounty Technologies Inc. is closing its remaining farm in Prince Edward Island, Canada. 

In a public statement, the land-based aquaculture company said it will wind down its hatchery operations in Bay Fortune, P.E.I. and reduce its workforce as it sees several senior management members exit. It also plans to cull all its remaining fish as it lacks enough money to continue operating the farm.

“We have been working for over a year to raise capital, including the sale of our farms and equipment. Unfortunately, these efforts have not generated enough cash to maintain our operating facilities. We, therefore, have no alternative but to close down our remaining farm operations and reduce our staff,” said David Frank, chief financial officer and interim chief executive.  

In February, the company first announced the sale of its recirculating aquaculture systems (RAS) facility in Albany, Ia. in an effort to prioritize the construction of its Ohio project. Superior Fresh purchased the facility for US$9.5 million in September this year. Also that month, the company announced it was selling its Rollo Bay, P.E.I. hatchery.

Dave Melbourne Jr., CEO of AquaBounty, voluntarily resigned from his position on Dec. 6, just six months after taking over the role from Sylvia Wulf. Wulf retains her role as a board chair at AquaBounty’s board of directors. 

Chief operating officer, Alejandro Rojas, and Melissa Daley, chief people officer, have also departed with the elimination of their positions.    

“Over the course of the next few months, we will continue to work with our investment banker to assess alternatives for our Ohio farm project, and we will continue to market and sell available assets to generate cash.  We will keep all stakeholders apprised of our progress,” said Frank.

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