Earlier this month, AquaBanq, the U.S. subsidiary of United Kingdom-based Aquaculture Management and Holding Co., announced plans to open a new land-based salmon farm in Millinocket, Maine, by 2022. SeafoodSource interviewed AquaBanq CEO A.J. Shapiro to learn more about the company’s move into Maine.
SeafoodSource: When did AquaBanq begin looking at sites in the U.S.? When did the company narrow its search to the Northeast, and when and why did it decide to build in Maine?
Shapiro: We have always been looking at sites in the U.S. and Maine was always an integral part of our East Coast strategy.
SeafoodSource: Can you provide any more information about the planned operation, such as size, system type, planned water use, leadership, etc.?
Shapiro: Our Maine plant should be able to produce eight million pounds of fish per year. By 2025, our production capabilities for Atlantic salmon will be scaled up to reach 22 million-pound-mark annually. AquaBanq does not typically provide information about its technology and water use to outside parties. We are a privately-held company.
SeafoodSource: Why did AquaBanq choose Millinocket? Was it specifically the mill site that brought you in or were there other factors?
Shapiro: We do not usually provide the specific rationale for our commercial decisions to outside parties. The reports about the mill site in the press were somewhat misleading. We never confirmed any of that.
SeafoodSource: Did the presence of other aquaculture companies building in Maine sway you to move into the state as well?
Shapiro: We like the weather (short summer), it works great for salmon. The presence of two or three more salmon aquaculture companies in Maine was not among the factors influencing our decision.
SeafoodSource: Are you watching their progress to see how the regulation and permitting process works in Maine? Is that process a concern at all for you?
Shapiro: The process depends on each farm's location, type, and design/technology. We are cautiously optimistic.
SeafoodSource: What will be your primary markets? What will be your marketing strategy?
Shapiro: The salmon from our facilities in Maine will reach consumer plates in Boston, Montreal, New York, Philadelphia, Washington D.C., and everywhere in-between within hours of harvest to ensure peak freshness. We use tons of data to validate every decision made with regard to the marketing strategy, and we have the best marketing talent working for us.
SeafoodSource: Do you think you can be successful, especially in lieu of so many new salmon aquaculture facilities popping up in the U.S.A.?
Shapiro: We have a window of opportunity now that is wide open. I think salmon aquaculture in particular could use some real competition. It's been dominated by people who tried to prevent it. However, we need to be innovative and smart – and I believe we are – because no window will remain open forever. More and more people are choosing fish as a source of protein because of its big impact on health and resource efficiency, and salmon is a very popular fish in the U.S. Atlantic salmon has an average feed conversion ratio close to 1.2, which makes salmon the most efficient compared to chicken, pork, and cattle in production. In addition to the resource efficient production, fish farmed in land-based aquaculture is also a climate-friendly protein source.
