Blue Star Foods’ subsidiary, Taste of BC Aquafarms, is seeking approval to build a CAD 48 million (USD 35 million, EUR 33 million) land-based recirculating aquaculture system (RAS) steelhead salmonid farm.
The Nanaimo, British Columbia, Canada-based company recently applied for an aquaculture license with Canada’s Department of Fisheries and Oceans (DFO), Blue Star said in a press release. Taste of BC Aquafarms expects to start construction on the facility on land adjacent to its current RAS farm in Nanaimo. It has a planned annual production capacity of 1,500-metric-ton gutted-weight, and the company expects to begin construction in the second quarter of 2023.
The expected investment will come from government-backed loans, grants, and a special purpose vehicle, Blue Star Chairman and CEO John Keeler said.
“The SPV will be marketed through various networks that have had past success in raising money for infrastructure projects and companies,” Keeler said. “Of note, the capital requirement is needed over time and the SPV structure will have continuous closings, enabling us to access capital as it is needed.”
Blue Star Foods finalized its acquisition of Taste of BC Aquafarms in 2021. The company intends to build several similar RAS salmonid farms in the future, Taste of BC Aquafarms Managing Director Steve Atkinson said.
“Since the government of Canada has committed to a transition of the ocean-based salmon farming industry to more-sustainable and environmentally-sensitive technologies, we are excited to be able to lead in the development of land-based salmon farming here in B.C. Our approach certainly meets their objectives, and we anticipate strong support from DFO for this project,” Atkinson said. “Salmon farming is a vital part of our economy here on Vancouver Island and we look forward to being a major part of its future.”
The supplier’s current facility in B.C. has “proven our technology, growing salmon since 2013 and harvesting since 2014, with an annual target of 100 MTs,” Keeler said. “This new proposed facility will be built in modules, essentially replicating what our team has done successfully over the years, and will be situated on land that has ample room for additional expansion in the future.”
The proposed site is co-located with a local distillery and barley farm, and the 380-acre site features abundant fresh water with capacity for future expansion, Keeler said.
“The salmon farm will operate with zero discharge off-site by capturing the water and nutrient discharges from the facility to fertilize the adjacent crops,” he said.
The nutrient waste from the farm will be used to grow barley, which in turn will be distilled into spirits, Taste of BC Aquafarms CEO Ben Atkinson said.
“In this facility, we will grow our salmon with innovative technology that respects the environment and ensures no contact with wild salmon species on our coast," he said.
Photo courtesy of Blue Star Foods
