aquaflow by aquablurb | Apr 17 - 30, 2023
mycoprotein startup raises EUR 11 million, novel protein developed from paper pulp by-products and more…
Happy Monday (Labor Day) fellow aqua-enthusiasts!
The past two weeks have been dominated with sink-or-swim updates from some of the world’s largest insect producers: with the completion of Innovafeed’s 100,000-tonne facility and Ÿnsect’s strategic shift from feed to pet food. Looking ahead, small movements such as the development of paper pulp protein, the exploration of pig manure as feedstock for insects and a partnership for green hydrogen supply could result in seismic shifts within aquafeed production in years to come.
Have a great week ahead… we’ll be back in a fortnight!
Deals
💶 eniferBio, Finnish biotech startup, raises EUR 11m Series A funding from Aqua-Spark, Tesi, Valio, Voima Ventures and Nordic Foodtech VC to scale production of Pekilo mycoprotein powder used as soy replacement in aquafeed
🍤 Tepbac, Vietnam-based shrimp technology company providing farmers with internet-of-things (IoT) enabled hardware and a data-based platform, secures USD 2.2m pre-Series A from Aqua-Spark, AgFunder and Son Tech Investment
💰 NovoNutrients, startup that produces protein from carbon dioxide, signs technology development agreement under which Woodside Energy would contribute up to USD 3m subject to the completion of certain milestones
🐟 Norcod, Norwegian cod farming company, raises over NOK 190m via private placement from existing shareholders to increase biomass of quality Atlantic Cod
In the Works
🍤 Mexico-based shrimp maker Atarraya, the creator of the Shrimpbox portable shrimp farming system, is seeking USD 25m in Series B fundraising
🐟 eFishery, an Indonesian agribusiness, is in advanced talks to raise new funding at a USD 1.2b valuation led by 42XFund.
💸 Salmon Evolution is contemplating a private placement of new shares to raise gross proceeds of NOK 500m (USD 47m) led by DNB and Nordea
Acquisitions
🚚 Listed chemical, food ingredients and animal nutrition distributor Azelis, to acquire majority shares of Brazilian food and feed ingredients distributor Vogler Ingredients to expand footprint in Latin America (amount undisclosed)
🩺 Royal DSM enters exclusive negotiations with Adare Pharma Solutions to acquire postbiotic expert Adare Biome for EUR 275m
Grants
🩺 Zoetis receives USD 15.3m grant from Bill & Melinda Gates Foundation to expand veterinary care and diagnostic services African Livestock Productivity initiative to include aquaculture
🇺🇸 The University of Maine Aquaculture Research Institute, awarded by the United States Department of Agriculture-Agricultural Research Service, receives USD 2.25m per year of funding for recirculating aquaculture systems research
Movements
Feed
🔖 Sylvamo, world’s largest paper companies, in partnership with industrial biotechnology company Cirkular produces novel protein Cirkulein from paper pulp by-products
🪰 UK insect producer Entocycle and Leeds University to investigate the safety and efficacy of using pig manure as rearing substrate for insects
⚡️ Evonik’s methionine plant in Singapore signs long-term supply agreement with Linde to leverage green hydrogen supply from Linde’s 9 megawatt alkaline electrolyzer plant on Jurong Island
🌱 Scottish startup MiAlgae launches algae derived omega-3 product NaturAlgae for fish feed and pet food
🏭 Deep Branch validated tech and commissioned mobile pilot unit using industrial-grade gases produced in the Port of Rotterdam for potential commercial deployment
🌈 Agrifoodtech startup MicroHarvest, producer of microbial protein for feed, wins 2023 BloombergNEF (BNEF) Pioneers award
🥇 Skretting Feed Mill first to earn Best Aquaculture Practices (BAP) Certification in Norway with strictly sourced marine and terrestrial ingredients for all aquafeed production
🪰 Sumitomo Corporation signs USD 100m MoU with Singaporean insect startup Nutrition Technologies to distribute black soldier fly larvae products into the Japanese market for aquafeed and pet food
🌾 Cargill is investing USD 50m to upgrade and expansion of 3 oilseed crush facilities in Australia
🪰 BioMar and French insect protein producer Agronutris signs long-term partnership to develop the next generation of black soldier fly meals for aquafeed
🪰 French insect protein producer Innovafeed completes expansion of its Nesle factory in France and claims to have the largest insect production capacity globally with over 100,000 tons of output annually
🐛 French insect protein producer Ÿnsect cuts 20% jobs, shuts Dutch facility and shifts strategy to focus on higher margin markets e.g. pet food and human consumption
Seafood
🍣 Icelandic food tech startup Loki Foods opens new production facility for plant-based seafoods and meats ahead of schedule
Farming
🌬 China-based Mingyang Smart Energy will deploy intelligent fish farming system integrated with an offshore wind foundation in Guangdong in late 2023
🤖 Telefónica Tech subsidiary Geprom is drafting a plan to fully digitalize 14 aquaculture farms owned by Stolt Sea Farm, world’s largest producers of sole and turbot, with AI within 5 years
⭐️ Bakkafrost Scotland lands Aquaculture Stewardship Council (ASC) certification for 4 Scottish salmon farms
🇺🇸 A new offshore salmon aquaculture project proposed for US federal waters off New England is pushing US fishery council to consider ending a prohibition on farm-raised salmon
Health & Genetics
💉 Research demonstrates that Shrimp MultiPath, technology used to identify pathogens like WSSV invented by Queensland-based biotechnology company Genics, exceeds the standards for efficiency and sensitivity in commercial shrimp virus testing
Seaweed
🌿 Australian bioplastics startup Kelpy launches innovative, hyper-scalable bioplastic pellet made from seaweed
🌱 Colruyt Group is partnering with The Seaweed Company to trial a seaweed-based biostimulant 'TopHealth Plants' designed to reduce chemical inputs, improve soil health and make crops more resilient
🐟 Researchers from Glasgow University and seaweed farming startup Kelpcrofting investigates the use of eDNA to predict biofouling of cultured seaweed and planktonic threats to farmed salmon
Sustainability
🏆 BioMar is the 1st aquafeed company to have its ambitious carbon reduction targets independently validated by SBTi to meet the 1.5°C trajectory per latest sustainability report
🤝 Ingredient supplier Corbion unveils Climate Action Roadmap that includes collaboration with suppliers to reduce impact throughout the value chain
🌏 Led by 7 NGOs, the new Coalition for Fisheries Transparency publishes the Global Charter for Fisheries Transparency framework to promote seafood traceability and transparency
🐟 Skretting and Cargill joins new sustainable fisheries initiative launched by World Wildlife Fund and Finance Earth to provide over USD 100m to ensure the transition to more sustainable fisheries worldwide.
🤝 The Aquaculture Stewardship Council and Sustainable Fisheries Partnership signs MOU to formalize common goal of increasing the sustainability of aquaculture production and practices
🇬🇧 The Seafood Ethics Action Alliance (SEA Alliance), a group of 31 leading UK retailers and seafood businesses, renews call for more countries to sign key ILO Working in Fishing Convention agreement
Notable Reads
🌭 Is Sausage the Missing Link in the Great Bait Debate? by Moira Donovan
Lobster and snow crab fisheries are booming, but the bait used to catch them—herring and mackerel—is not, so the search for alternative baits is on…
….This research must happen in the field, Wyeth says, because lobsters tend to go on strike when studied in the lab—they hunker down in the corner of the tank or else stalk its perimeter, avoiding whatever it is you’re trying to get them to respond to. More importantly, testing baits in the field provides a greater chance of convincing fishers of the usefulness of the results.