Aquaculture technology company AgriMarine Holdings has partnered with a Norwegian private equity group, Advatech AS, to bring AgriMarine’s fish-rearing technology to Norway and several other countries.
The agreement includes a licensing agreement of AgriMarine’s technology, trademarked under the name AgriMarine System, for CAD 1.5 million (USD 1.5 million, EUR 1.2 million) to Akvatech. The relationship will begin with the sale of two tanks to the Norwegian company for a demonstration of the technology in that country.
“This agreement with Akvatech not only validates our IP and signals the immediate sale of two AgriMarine tanks for use in Norway, and it also sets the stage for future tank sales and expansion throughout Europe,” said Sean Wilton, president and CEO of AgriMarine. “We are confident that the transaction will also bolster further support and interest from salmon producing companies in other territories such as Southeast Asia and Australia.”
In addition to Norway, the agreement will also allow the technology to be used in other countries in Europe, South America, Africa and the Middle East, according to a release from AgriMarine.
