AquaBounty prepares to close deal on third production facility
Land-based aquaculture company, AquaBounty has its eyes on Mayfield, Kentucky, as the potential location for a large-scale farm to raise its proprietary genetically modified salmon.
AquaBounty is now negotiating details of the potential purchase, conducting due diligence, and are moving forward as quickly as possible to finalize the transaction, according to a company press release.
If all goes according to plan, the proposed facility that will have an annual production capacity of 10,000 metric tons will be the third RAS farm producing the company’s AquAdvantage salmon in North America.
AquaBounty already raises AquAdvantage salmon in Rollo Bay, Indiana. That farm has an annual production capacity of 1,200 metric tons. The company also raises them in Prince Edward Island, Canada.
In May this year, AquaBounty made it known that it was looking for a third site to raise its AquAdvantage salmon.
Mayfield, in Graves County, Kentucky, is the leading location after an exhaustive nationwide search spanning approximately 230 sites, the company said.
The evaluation criteria for the company’s third farm included sufficient water and wastewater volumes, low electricity prices, proximity to major population centres, availability of skilled labour pools and a stable, supportive political environment.
“We are pleased to have identified a site in Mayfield as meeting or exceeding all selection criteria for our third farm,” said Sylvia Wulf, chief executive officer of AquaBounty. “The Graves County community and site location met all suitability and technical requirements.”
She added that AquaBounty found a “welcome economic environment and favourable incentives” at both local and state level in Kentucky.
Construction at the new site is expected to begin in 2021.
The company anticipates the farm will be ready to commence commercial production in 2023.
The facility will potentially bring approximately 70 to 90 new jobs to the region, according to AquaBounty.