Ålesund, Norway-based ocean technology and seafood company Ava Ocean announced that it has raised nearly USD 14.9 million (NOK 150 million) in funding to further develop its scallop-fishing operations.
The infusion of new capital comes from Norwegian sustainable investment platform Wilstar Innovate and the Birkeland family through a private placement in conjunction with existing shareholders Norselab, Hofseth International, and Cinus.
Ava Ocean is the developer of patented, award-winning scallop-harvesting technology that is more environmentally friendly than traditional dredging methods of scallop fishing and enabled the Arctic scallop fishery in the Barents Sea to reopen in 2023 after a 30-year closure.
With the new funds, Ava Ocean said it is now looking toward the next phase of development in the Barents Sea, as well as future international expansion.
“These are investors with a deep understanding of the ocean … and with long-term investment horizons,” Ava Ocean Chair Stian Tennfjord said. “For us, this is as much about expertise and collaboration as it is about capital.”
Wilstar Innovate makes up one part of the social impact arm of Oslo, Norway-based investment company Awilhelmsen. The firm aims to make “investments in technology, cutting-edge knowledge, and sustainable solutions” that allow it “to strengthen Awilhelmsen's businesses while achieving competitive financial returns and become a catalyst for positive disruption.”
“Ava Ocean combines new technology with respect for nature and marine resources,” said Jean Guillaume Marquaire, an impact investor at Wilstar Innovate. “This fits well with our ambition to invest in solutions that create long term value at sea.”
The Birkeland family, based in Austevoll, Norway, has a long history of experience in Norwegian seafood companies.
“It is great to have both Wilstar Innovate and the Birkeland family on board as we prepare to restart fishing,” Ava Ocean Group CEO Øystein Tvedt said. “We have shown the potential of the harvesting system and are now working with investors who share our vision, understand the industry, and know what it takes. This is an exciting next phase for Ava Ocean.”
Outside of scallop fishing, Ava Ocean has made innovations in several areas of ocean conservation, including kelp restoration.
Late last year, the firm created an app intended to draw laypeople into the cause of kelp forest restoration by gamifying the work of identifying urchins in real photographs of the seafloor.
“Reliable data is essential for [kelp forest] restoration,” Ava Ocean said. “Every correct count helps scientists understand how fast urchins decline and how kelp returns. It also helps build international knowledge for regions facing the same challenge.”
The app is just one part of a multi-pronged program that invites the public to engage in kelp forest restoration. The program includes visits to schools, a documentary, and monthly volunteer events.
