Click here to view the original press release.
Poseidon Ocean Systems Ltd. (“Poseidon” or “the Company”) has announced the completion of a US$20.75M Series B financing led by Ecosystem Integrity Fund (“EIF”), and joined by InBC Investment Corp., along with additional investment support from one of Poseidon’s existing shareholders, Export Development Canada.
The funds raised will expand Poseidon’s manufacturing capacity and support the Company’s growth and delivery of their industry leading turnkey Life Support Systems and Hybrid Sea Cage Systems. These technologies combine to form a compelling value proposition for modern salmon farming operations; increasing yields, reduced operating costs, and improved environmental outcomes.
Poseidon’s customers include some of the world’s largest salmon farmers, and the funding will enable Poseidon to continue their expansion into global markets; deepening their relationships with Canadian, Chilean and UK farmers, and expanding into new markets.
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements.” said Jamie Gaskill, Chief Executive Officer of Poseidon.
“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries”, said EIF Managing Partner James Everett. “EIF is excited to lead Poseidon’s Series B financing, as we believe the company’s innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth.”
“The aquaculture industry plays an important role in B.C.’s economy as well as our food security,” said Jill Earthy, Chief Executive Officer of InBC. “InBC’s investment into Poseidon is backing a B.C. company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein. This investment aligns with InBC’s goals to innovate for the future and build a climate resilient economy.”
Fort Capital Partners acted as financial advisor, and CR Lawyers LLP and Whiteboard Law served as legal counsel to Poseidon in the Series B financing.