NaturalShrimp forms JV to build USD 25 million RAS shrimp farm in Florida
Dallas, Texas, U.S.A.-based NaturalShrimp has announced a partnership with Hydrenesis Inc. to build a USD 25 million (EUR 20.4 million) recirculating aquaculture system land-based shrimp farm in northern Florida.
NaturalShrimp will control a 50.1 percent stake in the joint venture and will use its proprietary RAS technology in the facility, while Pompano Beach, Florida, U.S.A.-based Hyndrenesis will control the remaining stake and will utilize its own “hyper-antioxidant” technology for the farm, according to a press release from the two firms.
“This [new] facility will provide fresh, never-frozen shrimp to the surrounding area, providing access to new markets in northern Florida,” they said. “Both companies have commenced funding negotiations with all appropriate parties in Florida, with financing commitments expected towards the end of Q1 2021.”
The project will also employ technology supplied by F&T Water Solutions, which was purchased by NaturalShrimp last summer for USD 10 million (EUR 8.4 million). More recently, the company agreed to buy VeroBlue, a defunct barramundi farmer in Iowa, for USD 10 million (EUR 8.4 million).
Natural Shrimp President and CEO Gerald Easterling said the facility will include a shrimp production operation, a genetics and hatchery laboratory, and a research laboratory.
“This joint venture with Hydrenesis could allow us to capture substantial market share in the Southeast portion of the United States. We believe this opportunity will benefit both companies, as well as Florida,” Easterling said. “We are in the process of acquiring the assets of F&T Water Solutions, LLC, so being able to implement their proprietary technology into this project further solidifies the synergies between the two organizations.”
NaturalShrimp has previously teamed up with Hydrenesis on research into diseases such as amoebic gill disease and on a project to upgrade the RAS technology used by Cutler, Indiana-based Hanilu Farms.
“We look forward to this venture with NaturalShrimp,” Hydrenesis CEO David Antelo said. “The opportunity to collaborate as a technology partner is exciting and the timing could not be better. We hope to capture value from markets that have never had access to the high quality of seafood we can provide.”
The proposed farm will grow Pacific whiteleg shrimp in a manner similar to NaturalShrimp’s facility in Lacoste, Texas, which burned down in March but which the company is in the process of rebuilding. It announced this summer that it has expanded its plans for the facility to encompass 40,000 square feet of production space.
NaturalShrimp applied for listing on the NASDAQ Stock Exchange in August 2020.
Photo courtesy of NaturalShrimp