The fishing industry in Killybegs, Donegal has received a €50 million funding boost to future-proof its operations. Gallagher Bros and Killybegs Seafoods have been allocated €12.1 million and are investing a total of €31 million in the industry. The investment aims to make Killybegs a more attractive location for fishing vessels to land and discharge their catch. It will support the development of increased value-added produce, particularly mackerel fillets. The funding addresses key risks such as reduced mackerel quotas, increased energy costs, and difficulty in hiring seasonal staff. The investment was triggered by the Brexit Process Capital Support Scheme grant through BIM, which is funded by the European Union under the Brexit Adjustment Reserve. The scheme will provide up to €45 million in funding to the Irish seafood sector. Other seafood processors in Killybegs, including Norfish Ltd, Premier Fish Products, Donegal Fish, Sean Ward Fish Exports, Island Seafoods, and Albatross Seafoods, are also part of the investment. [8c01e0a9]
The Ocean 14 Capital fund is approaching the €200 million mark, making it “the largest impact fund in the blue economy”. The fund has recently closed six investments, three of which are not yet public. The fund is focused on investing in companies in the blue economy that have the potential to make a positive impact on the planet and generate returns for investors. They have invested in a recirculating aquaculture system (RAS) company called Kingfish Zealand, which they believe represents a sustainable production system. They have also invested in a company involved in blood analysis technology for aquaculture health management. The fund is currently working on investments in aquaculture IT, plastic recycling, and seaweed businesses. The fund is equally concerned with the potential profitability and impact of the businesses they support. They require an impact action plan from each company they invest in and measure impact KPIs with precision. The fund has been cautious about investing due to inflated valuations and the global economic downturn. They are concerned about the influx of uneducated capital raising valuations and believe there will be capital destruction in the seaweed industry. They expect an adjustment in recirculating aquaculture system expectations and an explosion of data businesses and applications in the industry. They have had success with their investment in SyAqua, a company that provides value to shrimp farmers. [99be8dfb]
Íslandssjóði Fund Manager Brynjólfur Gísli Eyjólfsson discusses the investment in Thor Landeldi and the larger goals of the fund, which focuses on ocean-related investment opportunities in the seafood sector. The fund has ISK 10 billion (USD 73 million, EUR 70 million) under management, with Brim and Útgerðarfélag Reykjavíkur as its largest investors. The fund is interested in investing in the raw material supply of seafood, including wild catch and farmed species. It sees potential for growth in the land-based salmon farming industry in Iceland and believes that hybrid-flow-through land-based salmon farming will succeed despite potential obstacles. The fund draws on the experience of existing hybrid-flow-through fish farms in Iceland to support this belief. [4a0fdcaa]
AI is projected to contribute US$146 billion to Singapore's economy by 2030. eFishery, an Indonesian aquaculture startup, has secured a US$30 million loan from HSBC Indonesia. The loan will be used to expand eFishery's operations and support its mission to improve the efficiency and sustainability of fish farming. The announcement was made by eFishery's CEO, Gibran Huzaifah. The loan from HSBC Indonesia is a testament to the potential of eFishery's technology and its positive impact on the aquaculture industry. The funding will enable eFishery to further develop its AI-powered feeding technology and expand its market reach. The loan comes at a time when the demand for sustainable and efficient fish farming solutions is increasing globally. eFishery's technology has already been adopted by thousands of fish farmers in Indonesia and other countries. The company aims to use the loan to accelerate its growth and become a global leader in the aquaculture industry. [3b32980f]