Courtesy / Kingfish Zeeland
Kingfish Zeeland CEO Ohad Maiman was in Jonesport last month to gauge local sentiment around his proposal to build a land-based aquaculture facility there.
December 3, 2019
Kingfish Zeeland secures funds to permit Jonesport aquaculture project
Courtesy / Kingfish Zeeland
Seen here are yellowtail kingfish produced at Kingfish Zeeland facility in the Netherlands. The company secured funding to undertake the permitting process for a facility in Jonesport.
Dutch aquaculture company Kingfish Zeeland has secured funding for its expansion plans, which includes development of a land-based recirculation facility in Jonesport.
The funds will allow the company to undertake the permitting process in Jonesport, conclude its design and engineering of prototype grow-out modules for yellowtail kingfish and begin the permitting process for its European expansion plans, according to a news release.
The amount of funding was not disclosed.
Last month, Kingfish Zeeland CEO Ohad Maiman told Mainebiz the estimated investment into a Jonesport plant would be at a minimum $100 million Euros, or about $110 million.
The Jonesport facility will be used to grow yellowtail kingfish, a marine species used in sushi, sashimi and other dishes.
The company is expected to raise further capital.
The Jonesport site is a 90-acre lot that’s roughly 5 miles from the center of town. Part of the site consists of blueberry fields.
Maiman has said that, if the permitting process goes smoothly, construction of the plant could start in 2021. In the plant’s first phase, target production would be 6,000 metric tons per year, with potential for expansion.
The funding is led by Rabobank Corporate Investments in the Netherlands and Creadev Innovation, an investment firm with offices in Paris, New York, Shanghai and Nairobi. Pareto Securities, headquartered in Norway, acted as financial advisor on the transaction.
Kingfish Zeeland was founded in 2015 and has been operating a commercial scale pilot facility in the Netherlands that produces approximately 500 tons per year. The facility uses a proprietary recirculating aquaculture system.
The firm is now focusing on building capacity to 20,000 tons per year in the U.S. and European Union within five years.
“As we turn a page from a successful proof of concept to substantial commercial expansion, we are excited to add tier 1 professional investors with significant industry know-how to our board,” Maiman said in the release.
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