Fisheries & Aquaculture News

Poseidon Ocean Systems Ltd. Announces $20.75 Million of Series B Financing

Poseidon Ocean Systems Ltd. (Poseidon) has announced the completion of a $20.75 million Series B financing led by Ecosystem Integrity Fund (EIF), and joined by InBC Investment Corp., along with additional investment support from one of Poseidon’s existing shareholders, Export Development Canada.

The funds raised will expand Poseidon’s manufacturing capacity and support the Company’s growth and delivery of their industry leading, turnkey, Life Support Systems and Hybrid Sea Cage Systems. These technologies combine to form a compelling value proposition for modern salmon farming operations; increasing yields, reduced operating costs and improved environmental outcomes.

Poseidon’s customers include some of the world’s largest salmon farmers, and the funding will enable Poseidon to continue their expansion into global markets; deepening their relationships with Canadian, Chilean and UK farmers, and expanding into new markets.

“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,” said Jamie Gaskill, Chief Executive Officer of Poseidon.

"An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries," added EIF Managing Partner James Everett. "EIF is excited to lead Poseidon's Series B financing, as we believe the company's innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon's solutions are the future of sustainable aquaculture, and the company is poised for significant global growth."


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