Abu Dhabi, United Arab Emirates-based Pure Salmon Technology has acquired key intellectual property and assets of Billund, Syddanmark, Denmark-based Billund Aquaculture, the company said in a press release.
Billund Aquaculture announced its plan to declare bankruptcy in July, stating the Covid-19 pandemic and the economic fallout from sanctions following Russia’s invasion of Ukraine exacerbated the company’s financial troubles. In its FY 2022 results, the company reported losses of DKK 97.3 million (USD 14.1 million, EUR 13 million) – its fourth consecutive year of losses.
Pure Salmon Technology said in a release that it acquired intellectual property rights from the bankrupt company as part of a global expansion strategy. The company also secured exclusive rights to purchasing Billund Aquaculture Australia and Billund Aquaculture Chile.
“We are pleased to include these technologies and assets from Billund Denmark in Pure Salmon Technology,” Pure Salmon Technology CEO Kent Rasmussen said. “This acquisition strengthens our technological capabilities and our position in the market.”
Alongside the intellectual property and rights of purchase, Pure Salmon acquired technical documentation for Billlund Aquaculture’s installation base, meaning the company can service Billund's former customers. It has already hired some former Billund Aquaculture employees and said it plans to hire more.
Days before announcing the acquisition, Pure Salmon Technology also announced a new venture in partnership with 8F Asset Management.
Pure Salmon Technology and 8F Asset Management announced a collaboration with Ecofisk AS to develop a 7,000-metric-ton (MT) post-smolt facility in Espevik, Rogaland, Norway. The project will be a 289,000-square-meter site secured by Ecofisk in 2019, which has permits for an annual production of 40,000 MT.
“This initiative is crucial for accelerating the development of post-smolt capacity in Norway,” 8F Asset Management Chair Stephane Farouze said in a release. “By combining our financial expertise with Pure Salmon Technology’s development capabilities, we are creating a model that enhances production efficiency and sustainability.”
Singapore-based 8F Asset Management is the parent company of Pure Salmon and is a private equity management firm focused on impact investing. Pure Salmon Technology will design and construct the facility, which it said will have a capacity of 7,000 MT of post-smolt annually, with an average weight of 1 kilogram.
Pure Salmon said the project will benefit the aquaculture ecosystem in the region for open net pen farms and offshore farmers.
“We are thrilled to be onboarding Pure Salmon Technology and 8F Asset Management to our Ecofisk project at Espevik, Rogaland,” Ecofish Chair Lars Erik Baustad said. “Our new partners add capacities such as cutting-edge RAS technology, strong project execution track record, and financial muscles combined represents a perfect strategic fit to Ecofisk unique concession, prime location, and business plan.”
