Pure Salmon obtains US$358.8-M funding for RAS projects
Pure Salmon announced the completion of a fund raising effort by 8F Asset Management which will enable the land-based salmon farming conglomerate to begin recirculating aquaculture system (RAS) projects in Poland, Japan, France and the United States.
8F Asset Management managed to raise $358.8 million in its first aquaculture private equity fund raising. The investor base comprises leading family and institutional investors including several sovereign wealth funds, insurance companies, and pension funds from Europe, Asia, the Middle East and the United States. The project also attracted substantial investments from the aquaculture industry including AquaMaof, Pure Salmon’s RAS technology partner,according to a press release from Pure Salmon.
“With this highly successful asset raise we have reached a critical milestone in the development of Pure Salmon and have truly begun our journey towards 260,000 tons p.a. production of sustainable salmon,” said Stephane Farouze, board director of Pure Salmon and chairman and founder of 8F Asset Management. “What’s more, having attracted such a highly respected group of investors, shows the level of confidence in the potential of the land-based aquaculture industry and in the ability of Pure Salmon and 8F to successfully deliver their vision.”
The first phase of the project has a total production target of 40,000 tons per annu. It will be delivered by Pure Salmon’s team of experts including specialists in aquaculture, salmon, RAS technology, sales and marketing, construction planning and execution, and finance and accounting.
The Pure Salmon management team is being assembled in a new global headquarters to be based in Abu Dhabi’s financial centre, ADGM (Abu Dhabi Global Market).
Whilst the RAS facility in Poland is already up and running.
The first three new-build projects – Japan, France, and USA – are progressing according to their respective timelines.
Pure Salmon said the Japan project is the “most advanced” in terms of design, permitting and other preparations. The company expects to break ground in Japan by early summer this year.
Pure Salmon is also working with Nippon Koei, Japan’s leading engineering consultant towards that goal. Completion of works is expected by late 2021 with the first harvest planned for 2023.
Pure Salmon’s project in Boulogne-sur-Mer, France, is moving quickly with strong support from the local authorities.
The French Government has offered a fast track process to obtain all necessary permitting by Autumn this year. Pure Salmon has contracted three local specialist companies to execute geotechnical studies, hydrogeological studies and permit application assistance.
Both Japan and France are 10,000-ton capacity projects. The French facility will share many common design features of the Japanese facility.
For the 20,000 ton capacity facility in the US, Pure Salmon has completed the site surveys and geotechnical studies.
Pure Salmon’s technology partner, AquaMaof is scheduled to start working on the initial RAS technology design for this larger facility. The plan is to begin applications for permitting in a few months’ time and land preparation work is expected to commence during the last quarter of 2020.
Pure Salmon continues to develop its other projects including those announced in China, Africa and South East Asia. These projects will all contribute towards the global target of 260,000 tons of sustainable salmon production in local markets for local consumers.