Holding and investment company Novo Holdings has agreed to acquire a majority stake in aquaculture technology company Stingray Marine Solutions.
Novo Holdings had assets of EUR 149 billion (USD 163 million) as of the end of 2023, is wholly owned by the Novo Nordisk Foundation, and is the controlling shareholder of Novo Nordisk and Novonesis. The company said its latest investment in Stingray Marine Solutions was made by its Planetary Health Investments team and is the first time the team has invested in aquaculture technology.
"We're pleased to invest in a company that not only offers an innovative aquamarine technology solution to address industry needs but also places sustainability at the forefront of its approach – a pressing factor in the marine and aquaculture industries,” Novo Holdings Planetary Health Investments Partner Cynthia Kueppers said.
Stingray Marine Solutions creates products designed to tackle sea lice on salmon and is the developer behind a robotic laser system that zaps sea lice off of salmon. The company’s device was adopted by Cermaq in 2023 and has also been adopted by Nordlaks Group.
The system uses camera vision, advanced software, and a high-powered laser that can safely remove sea lice from salmon without harming the fish.
"Today marks a milestone in our company history as we welcome Novo Holdings to the owner group,” Stingray Marine Solutions CEO John Arne Breivik said. “With a passionate interest in sustainability and biology, we are confident that Stingray will thrive and grow under Novo Holdings' ownership, and we are excited to collaboratively deliver on our mission to develop and offer intelligent aquaculture technology that contributes to increased food production on nature's own terms."
Novo Holdings said that while this is the first time the company has invested in aquaculture technology, it will not be the last. It said aquaculture will become a new strategic priority for the company’s Planetary Health Investments team “due to its growth prospects, innovation potential, and expected impact on planetary health.”
“Novo Holdings' Planetary Health Investments team spans three continents (Europe, North America, and Asia) and invests in areas where science and technology can deliver returns while tackling global challenges, including feeding a growing world population, fighting climate change and drought, or creating sustainable cities,” Kueppers said.
Novo said Stingray Marine Solutions’ answer to the problem of sea lice – an issue which costs the salmon-farming industry an estimated EUR 6 billion to EUR 7 billion (USD 6.6 billion to USD 7.7 billion) annually – will help boost salmon production in a sustainable way.
“The company delivers substantial value for its customers and shows great potential for further growth, with opportunities to expand into new areas of data and analytics and precision farming,” Kueppers said. “Stingray's solid business model positions them well for long-term success. The leadership team has demonstrated impressive vision and expertise, which further reinforces our confidence in the company's future."
