A Campbell River company has completed financing for roughly $20.75 million USD ($28.08 million CAD), which will be used to aid modern salmon farming operations.
Poseidon Ocean Systems Ltd., financed by Ecosystem Integrity Fund (EIF), InBC Investment Corp., and Export Development Canada, will use the funds to expand Poseidon’s manufacturing capacity and support its technology in turnkeys, life support, and hybrid sea cage systems, which are used in modern salmon farming operations. The technologies should aid in increasing yields, reduce costs, and improve impact on the environment.
“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 into 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,” says Jamie Gaskill, CEO of Poseidon.
Poseidon has customers in Canada, Chile and the UK. They are working towards expansion globally.
Jill Earthly, CEO of InBC, says their investment into Poseidon is backing the Campbell River-based company through InBC’s financing because Poseidon is playing an important role in the provinces economy and food security.