Poseidon Ocean Systems raises USD 21 million; Environmental Defense Fund announces layoffs

A Poseidon Ocean Systems aquaculture system
A Poseidon Ocean Systems aquaculture system | Photo courtesy of Poseidon Ocean Systems/LinkedIn
2 Min

SeafoodSource is closely following the sustainable seafood movement by compiling a regular round-up of sector updates about sustainability initiatives and certifications.

- Campbell River, British Columbia, Canada-based aquaculture equipment firm Poseidon Ocean Systems raised USD 20.7 million (EUR 19.2 million) in its Series B financing round, led by the Ecosystem Integrity Fund (EIF).

Poseidon Ocean Systems is a Canadian full-service aquaculture engineering and technology provider specializing in saltwater aquaculture infrastructure and life-support systems design, engineering, product development, and supply.

“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries,” EIF Managing Partner James Everett said. “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.”

Funds for the project will go toward expanding Poseidon’s manufacturing capacity and supporting company growth, the company said in a release

“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 to 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,” Poseidon CEO Jamie Gaskill said. 

- Environmental Defense Fund (EDF) President Fred Krupp announced the organization will be implementing layoffs, according to Politico.

The decision to downsize U.S.-based operational staff follows the recent EDF initiation of buyouts at the end of 2023 due to financial constraints. According to its website, the EDF employs more than 1,000 people worldwide. 

“Like many other nonprofits, our revenue was lower than expected at the end of last year,” EDF Senior Vice President Amy Todd Middleton said in an emailed statement. “We’ve adjusted our budget including, unfortunately, some layoffs.”

- A University of British Columbia study found that there have been eight humpback whale entanglements at British Columbia, Canada-based ocean fish farms over a 13-year span.

The study found that between 2008 and 2021, eight humpback whale entanglements were recorded at seven farms. Five of the entangled whales were successfully released, but three died, according to Global News.

UBC Director of Marine Mammal Research Unit Andrew Trites said the increased reports of whale engagements are no surprise.

“Humpback whales were hunted mercilessly for their oil and were all removed by whaling at the turn of the last century,” Trites told Global News. “Once they were protected from whaling, the numbers began to increase, and as the populations increased, they began to show up more and more in British Columbia."

The study found the majority of entanglements occur within the containment nets separating fish within the farms from the ocean.

The seafood industry is responsible for 94 percent of whale entanglements, the study said, and needs “step up to minimize the harms caused to whales," University of British Columbia Adjunct Professor Stephen Raverty said. 

SeafoodSource Premium

Become a Premium member to unlock the rest of this article.

Continue reading ›

Already a member? Log in ›


Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500