Poseidon Ocean Systems, a Canadian developer of salmon farming infrastructure and life support systems, has raised CAD 5 million (USD 3.9 million, EUR 3.2 million) in Series A financing to pay for engineering costs and delivering new technologies to market.
The investment is led by Ag Capital Canada, a private equity fund based in Tillsonburg, Ontario, and includes additional follow-on investment from Export Development Canada (EDC).
“We can lower capital costs, shrink equipment space requirements, and drive higher profits for our customers around the world, while also delivering environmental returns for the planet,” Poseidon Ocean Systems CEO Rick Segal said in a press release. “That’s the operational and financial advancements of integrating Poseidon’s engineering, mechanical, and software systems.”
Poseidon has introduced two aquaculture innovations, both with a focus of improving quality and safety of salmon farming operations, over the past two years: the Trident Hybrid Steel Cage System and the Flowpressor compressor system. The company claims the Trident Hybrid Steel Cage System is a breakthrough in floating steel structure design that’s advanced safety, strength, and stability features allow fish farmers to operate confidently in higher energy locations. It also allows transitions to rigid nets and floating closed containment without additional infrastructure costs.
The Flowpressor compressor system is designed to sharply reduce energy consumption and lower the carbon footprint of off-grid fish farming systems, according to the company. The system was designed to improve water quality while reducing diesel fuel consumption by up to 56 percent.
“We were able to check all the boxes with this investment,” Ag Capital Canada Managing Partner John Lansink said. “We are impressed by Poseidon’s technologies and management team. The company is in a growth position, ready to capitalize on a macro trend to meet global protein demand. Poseidon’s systems can cut operating costs and improve efficiency for the industry – and create healthier fish.”
Photo courtesy of Poseidon Ocean Systems
