AquaBounty acquires fish farming facility in Indiana
AquaBounty Technologies, a biotechnology company focused on enhancing productivity in the aquaculture market, has entered an agreement to purchase certain assets of Bell Fish, including its farming facility in Albany, Ind., for $14 million in cash.
AquaBounty Technologies, a biotechnology company focused on enhancing productivity in the aquaculture market, has entered an agreement to purchase certain assets of Bell Fish, including its farming facility in Albany, Ind., for $14 million in cash.
The purchase, which is expected to close within the next 30 days, will provide the company with a land-based, contained aquaculture system to grow AquAdvantage salmon near major demand centers in the $2 billion U.S. Atlantic salmon market. The United States currently imports more than 92% of the farmed Atlantic salmon it consumes. AquAdvantage salmon will offer the opportunity for a viable domestic aquaculture industry while providing consumers a fresh and delicious product.
If anticipated timelines are achieved, the facility’s first harvest could come as soon as the third quarter of 2019. Once fully operational, the current facility will have an expected annual capacity of 1,200 metric tons, which at current Atlantic salmon prices represents more than $10 million a year in potential sales, with the possibility for future expansion.
“This acquisition marks an important milestone and provides the company with its first commercial-scale facility in the United States for growing eco-friendly AquAdvantage salmon,” said Ronald Stotish, CEO of AquaBounty. “This site will enable production of healthy Atlantic salmon, which will not require vaccines or antibiotics, in a sustainable and responsible manner close to domestic consumers.”