15 June 2026, London. Ocean 14 Capital Limited, a private equity impact investment firm focused on the United Nations’ Sustainable Development Goal 14 (SDG14): Life Below Water, announced the appointment of Beth Harrap as Partner. Harrap has joined the investment team to focus on buy-out and growth equity investments, supporting the firm’s strategy of building a sustainable blue economy private equity platform.

Harrap brings more than 15 years of investment experience with a decade focusing on European private equity, the majority of which was with Canadian investment firm, Brookfield Asset Management. There, her transaction experience includes the acquisition of a controlling stake in Imagine Communications Group, the Irish rural broadband and spectrum owner; $4.9 billion take-private of HomeServe, the international home services business; Brookfield’s 25% stake in First Hydro, the UK hydroelectric business; and the build-out of Brookfield’s European renewable platform, including a 191MW Portuguese and Northern Irish wind portfolio and a 137MW Irish wind portfolio.

“As the blue economy becomes an increasingly prominent feature of the investment landscape and Ocean 14 Capital Limited’s strategy evolves by moving towards later stage and growth private equity investments, adding a principle with private equity experience as extensive as Beth’s allows us to up our game as we take our next steps,” said Chris Gorell Barnes, founding partner.

“Beth’s addition to the team will allow us to continue to lead private equity investment in the blue economy.  Her deep private equity experience and discipline are very complementary to our industrial and impact origins and significantly allow us to accelerate value creation in our portcos and returns for our investors,” said Francisco Saraiva Gomes, founding partner, chief investment officer.

“Ocean 14 Capital is doing something genuinely distinctive — combining institutional private equity discipline with a clear and measurable impact thesis. I am delighted to be joining the team as they continue to drive the transformation of the blue economy,” said Beth Harrap.

“The due diligence required to find a blue economy investment that also makes both meaningful and measurable impact, is intense,” said Geoge Duffield, founding partner and head of impact, adding, “Beth’s extensive experience and diverse skill set will enhance the depth of our team, enabling us to expand into new areas while reinforcing our proven capabilities in later-stage and growth equity”.

The ocean is the world’s largest ecosystem, covering 70% of the earths’ surface and playing host to an estimated 80% of the planet’s biodiversity. It provides the oxygen for every second breath taken and is the largest natural carbon sink helping to limit the impacts of climate change. From jobs to food via innovation and clean energy, the ocean flows through practically all the 17 SDGs with major industries worldwide both dependent upon and impacting ocean health.

These ocean-linked sectors include (among others) shipping, seafood, marine renewable energy, port construction, coastal tourism, coastal infrastructure, and the consumption and production of solid waste material such as plastic and collectively contribute to a ‘blue economy’.

The blue economy, which employs some 30 million people, could generate up to 12 million new jobs by 2030, including in key sectors such as food and fishing, shipping, ports and tourism, according to the International Finance Corporation. With an annual economic value estimated at $2.5 trillion, the blue economy is equivalent to the world’s 7th largest economy, according to the Sustainable Blue Economy Finance Initiative, a UN-convened global community focused on the intersection between private finance and ocean health.

About Ocean 14 Capital

Founded in 2021, Ocean 14 Capital Ltd is the investment adviser to Ocean 14 Capital Fund 1 SCSp (“Ocean 14 Capital Fund” or the “Fund”), a closed €201 million impact fund focused on driving a sustainable and regenerative blue economy. Fund 1 is currently invested with 16 companies across the two core themes: food security and marine ecosystems.

Within the food security theme there are three verticals: sustainable aquaculture, alternatives to fish protein, and sustainable fisheries, while under the marine ecosystem umbrella, the Fund looks at investments in circular plastics and marine flora and seaweed.

The Ocean 14 Capital team has more than 65 years of combined investment, impact and industry experience. The team, together with their external advisors, considered to be some of the world’s most renowned scientists and marine biologists, puts Ocean 14 Capital in a unique position to access to deal flow and sector knowledge.

For more information about Ocean 14 Capital, visit www.ocean14capital.com.

Why does this matter? Thailand is the second largest producer of shrimp globally, after China. Thailand produced 266,000 metric tons (mt) of shrimp in 2024, nearly half of which was exported. Globally, shrimp farming has an outsized footprint financially and environmentally. The world shrimp marked was valued at $45.3bn in 2023 and is expected to reach $102.6 billion by 2034 due to its growing popularity.

However, shrimp farming has a carbon footprint that can exceed pork in terms of emissions intensity – an average of 13 kg CO2e/kg. Half of these emissions are down to shrimp feed. Commonly, soy may compose 30% of their diet but intensive monoculture farming of soy is a leading cause of rainforest clearing in South America. The other half of direct shrimp farm emissions come from the energy required to mechanically aerate water.

Further environmental degradation occurs if mangrove forests – high carbon sequestration reserves – are cleared to make way for the aquaculture industry. Meanwhile, antibiotics, shrimp waste and uneaten feed contribute to water pollution that can result in algal blooms and ecosystem disturbances. Thus, the blue financing agreement for sustainable aquaculture in Thailand comes at an opportune moment.

Two companies in Ocean 14 Capital’s investment portfolio are contributing to improved aquaculture sustainability. SyAqua, based in Singapore, is revolutionising shrimp genetics and alternative feeds to preserve wild fish stocks. In China, 60% of hatcheries are SyAqua customers and the company delivers some of the most competitive industry results.

AquaExchange is a technology platform analysing data on shrimp and fish production. Understanding the data helps companies to reduce crop expenses, manage crop finance and automate the procurement and harvesting for aquaculture farmers. AquaExchnage currently automates large areas of shrimp farming operations in India, some12% of the domestic industry. Ultimately, their work improves the productivity and profitability for the aquaculture ecosystem.

Complementing these private sector efforts is a £3 million ($4 million) research initiative led by the University of the West of Scotland and partnered by the University of Strathclyde is aiming to revolutionise shrimp farming in South East Asia. The three-year project is developing low-cost, real-time monitoring tools to help small-scale farmers detect pathogens, monitor water quality and predict environmental threats using biosensors and AI-driven climate modelling.

By working closely with local farmers in Vietnam and Thailand, the team ensures the technologies are practical, affordable and gender-inclusive. The tools are designed to reduce mortality rates and boost productivity – offering a scalable blueprint for sustainable aquaculture across the region and beyond.

As global demand for shrimp continues to rise, the need for more sustainable, transparent and resilient aquaculture systems has never been greater. From major financial backing and cutting-edge genetic and digital innovations to grassroots-level research supporting smallholder farmers, a range of coordinated efforts are converging to transform shrimp farming in South East Asia.

15 November 2024, London. Ocean 14 Capital Fund, a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, has entered into a minority investment agreement with aquaManager to build a software, data and automation platform that will turbocharge the sustainability agenda in the aquaculture industry.

“Together, we are building an innovative ecosystem that will turbocharge sustainability, efficiency, and predictability, setting a new standard for the future of aquaculture,” says Kostas Seferis, founder of aquaManager.

Demand for ‘blue foods’ is expected to double by 2050, from 2015 levels, and aquaculture is expected to play a key role in providing aquatic sourced proteins. Aquaculture will continue to drive growth in global fish production by accounting for 106 million metric tonnes in 2030, a rise of 32% from 2020 levels, according to the UN’s Food and Agriculture Organisation.

From an investment perspective, the global aquaculture market size was valued at $264 billion in 2021 and is expected to reach $401 billion by 2030, growing at a CAGR of 5.37% as the consumption of a protein-rich diet drives increasing spending and adoption of cutting-edge technologies, such as machine learning, the Internet of Things (IoT), artificial intelligence (AI), automatic feeders, and acoustic telemetry tracking systems by aquaculture farm owners. ​

“We have been working with Mr. Seferis and his team for more than two years now. We feel a real privilege and a sense of responsibility that we were able to establish a partnership with the leading aquaculture software company in the Industry. This is one of the most exciting growth plans we have been working on since the fund inception,” says Piers Lakin, Principal at Ocean 14 Capital, and the deal lead.

AquaManager is a technology provider for software, IoT and AI in aquaculture, providing tailored solutions for diverse aquaculture operations, encompassing cage and pond farming, Recirculating Aquaculture Systems (RAS) in the Mediterranean, sub-Saharan Africa, the Middle East and Latin America, and to multiple hatcheries around the world.

Over the past few years, aquaManager has expanded its portfolio to include IoT and smart equipment to complement its software solutions, supporting all stages of fish aquaculture production, from hatchery to harvest, empowering producers globally with the tools and insights essential for sustainable growth.

“Our mission is to ensure that aquaculture can meet the rising demand for quality food in a rapidly growing world. We aim to harness the power of data and technology in a practical and pragmatic way to drive sustainability in the sector and make a positive impact on our planet. We have maintained close communication with Ocean 14 Capital Fund for a long time and are extremely delighted to find that we share the same vision, values and ethics. Together, we’ll shape the future of aquaculture,” continues aquaManager’s Seferis.

“We are exceedingly happy with this partnership and investments. AquaManager is the leading software company that provides the greatest operational value to the global industry. AI is commoditising analytics and making reliable, high-quality data, the new sought-after commodity. With aquaManager, we continue to reinforce and develop our thesis for a comprehensive investment strategy  in data, sensing, analytics and data-driven decision making throughout the blue economy. Data and automation through aquaManager, enables the aquaculture industry to drive convergence faster and adopt sustainable, well-informed management practices,” adds Francisco Saraiva Gomes, founding partner and chief investment officer at Ocean 14 Capital.

About Ocean 14 Capital

Ocean 14 Capital Fund 1 SCSp (“Ocean 14 Capital Fund” or the “Fund”) is a €201 million impact fund focused on driving a sustainable and regenerative blue economy. The Fund’s investment adviser, Ocean 14 Capital Ltd, has a team who combine more than 65 years of investment, impact and industry experience. The investment adviser’s team and advisors are considered to be some of the world’s most renowned scientists and marine biologists, and therefore are in a have unique position that enables them to access to deal flow and sector knowledge.

www.ocean14capital.com

About aquaManager

Complemented by Internet of Things (IoT) technology and smart equipment, aquaManager is a comprehensive software solution supporting all stages of fish aquaculture production, from hatchery to harvest.  The company provides tailored solutions for diverse aquaculture operations, encompassing cage and pond farming, Recirculating Aquaculture Systems (RAS), and hatcheries, serving regions across the Mediterranean, sub-Saharan Africa, the Middle East, and Latin America. Founded by Kostas Seferis, the aquaManager ecosystem has more than 150 clients in more than 50 countries in an industry that is worth $280 billion annually.

www.aqua-manager.com

Why does this matter? More than 3 billion people rely on seafood as a vital source of protein. With the world population projected to pass 9.7 billion by 2050, the number of humans reliant on seafood is only set to rise, making the aquatic food system a crucial source of global nutrition and food security.

According to FAO Director-General Qu Dongyu, “transformation is essential” to ensure aquatic life continues to feed a growing population sustainably.

Crucial to the aquatic food sector’s sustainable ambitions is the FAO’s Blue Transformation roadmap, which “outlines a vision to expand aquatic food systems and increase their contribution to nutritious and affordable healthy diets.”

The roadmap is designed to accelerate progress towards achieving Sustainable Development Goal (SDG) 14, Life Below Water, which aims to “conserve and sustainably use the oceans, seas and marine resources for sustainable development.”

However, the UN’s latest annual Sustainable Development Report found that none of the 17 SDGs are on course to be met by 2030. Although this stagnation is concerning, it provides the aquatic food sector with the opportunity to accelerate meaningful progress towards achieving SDG 14.

Given its rapid expansion in recent years, sustainable aquaculture development will be pivotal to ensuring the wider seafood industry achieves its sustainable ambitions.

The FAO report urges aquaculture operators to pursue an “ecosystem approach” as the future of aquaculture intensification and expansion, which will minimise environmental impacts and secure animal health and food safety.

A crucial vehicle for ensuring aquaculture scales to meet demand while avoiding disruption to adjacent ecosystems will involve encouraging innovation and investing in technological developments in the sector.

Indeed, aquaculture operators already have various technological tools that will aid the sector’s sustainable development. For example, as aquaculture volumes continue to rise, traditional open ocean methods alone will become insufficient to meet increasing demand, meaning aquatic products reared in closed Recirculating Aquaculture Systems (RAS) will be required to fill the demand gap.

RAS technology is expanding rapidly in scale and technological sophistication, enabling aquaculture operators to breed fish intensively in a controlled environment without risking stock escaping and mixing with wild populations.

The Kingfish Company is one such example of an aquaculture operator employing RAS technology. The Netherlands-based firm is the largest land-based producer of yellowtail – a highly sought-after sushi ingredient – in the European market.

Already equipped with 3,500 tonnes of installed capacity in 2023, the firm also has space to nearly double in size. Operationally, The Kingfish Company does not administer antibiotics or vaccines, the business is 100% powered by renewable electricity, and it uses seawater rather than limited freshwater resources.

Expanding aquaculture to fit this model will ensure the industry scales in the sustainable fashion the FAO report desires, with minimal disruption to local environments.

In terms of traditional cage-based aquaculture practices, tilapia farm operator Tilabras offers a compelling model of how the industry can operate in harmony with surrounding ecosystems and raise stock in a healthy, uncrowded environment.

Why does this matter? Fish are a vital source of nutrition for billions of people. Aquaculture is critical to supplying this nutrition and is now the leading source of fish production globally.

The scale of MMEs impacting the aquaculture sector not only threatens global food security but is concerning from an economic and animal welfare perspective. Although the study’s findings are concerning, innovative technology firms have presented solutions to help the aquaculture sector combat the rise of MMEs.

For example, WellFish, an aquaculture diagnostics start-up, provides rapid fish health assessment using blood-based clinical chemistry analysis. Its technology utilises blood biomarkers and artificial intelligence to evaluate fish health, enabling aquaculture operators to enhance the well-being of their stocks and optimise production.

The solution potentially allows salmon aquafarms to reduce the frequency and scale of MMEs through improved monitoring standards. Solutions such as WellFish are crucial aids to the fastest-growing food production system in the world, with salmon consumption increasing three-fold since 1980.

However, mass production fosters an increased risk of mortality – between 2012 and 2022, an estimated 865 million salmon perished in the six major salmon-producing markets. In Scotland, 17 million salmon died last year, the most ever recorded, while 17% of Norwegian-farmed salmon died suddenly in 2023.

The rising number and severity of MMEs in salmon populations are linked to various catalysts. For example, environmental influences, including higher ocean temperatures, compound problems like disease, sea lice, and harmful algae blooms that afflict the industry.

Environmental factors are often not the only drivers – combinations of natural events, human oversight, and unsafe practices create conditions for significant MMEs. For instance, the overuse of antibiotics can lead to bacterial resistance, while thermal delousing may compromise fish health.

If not managed correctly, salmon aquaculture can also affect the surrounding marine ecosystem. Nets that define the pen perimeters may be coated with copper oxide, which can pollute the water. Furthermore, salmon escaping from captivity can interbreed with and weaken the gene pool of the wild population, including endangered species like the wild Atlantic salmon.

Despite the ecological and welfare issues associated with certain forms of salmon aquaculture, simple operational adjustments can mitigate the worst effects. Measures such as reducing the density of salmon in pens can improve fish welfare and reduce the spread of disease and lice – RSPCA standards recommend a target ratio of 15kg of fish per m3.

Other welfare practices include regular cleaning and general maintenance of nets, sea lice shields, and environmental monitoring equipment able to monitor shifts in water temperature or oxygen levels.

The salmon industry could also take pointers from the practices pursued by other aquaculture sectors. Tilabras produce thousands of tonnes of fresh tilapia annually and manage the stock through their entire lifecycle from egg to harvest. Here, the tilapia are fed on locally-produced plant-based feed rather than fishmeal and the stock has ample room to swim in.

The technological and operational solutions now available to the salmon aquaculture industry can improve fish health monitoring, welfare conditions, and disease prevention, working towards a reduction in the frequency and scale of MMEs even as ocean temperatures rise.

22nd January 2024, London: Ocean 14 Capital Fund 1 SCSp (“O14C” or the “Fund”), a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, has entered into an investment agreement with AquaExchange Agritech Private Limited (“AquaExchange”), an aquaculture technology and fintech platform that leverages data analytics to deliver e-commerce, farm automation and market linkage solutions for aquaculture farmers, allowing a significant dial up of sustainability transformation as well as benefits to both customer and seafood farmers.

Under the agreement, the Fund will invest $3 million through the PHT platform, an investment vehicle aimed at delivering technologies to the Shrimp industry to drive sustainability, which will act as the lead investor.

The investment is primarily to provide working capital that will allow AquaExchange, which has already raised $3 million in seed funding in 2021 from investors including Endiya Partners and Accion Venture Lab, to accelerate growth in India and expand its operations to Vietnam and Ecuador, while also further developing its product portfolio.

Founded by Pavan Kosaraju in 2020 and Vijayawada (Andhra Pradesh), AquaExchange, currently automates approx. 34,000 acres of shrimp farming operations in India, equivalent to 12% of the industry.

In 2020, the company launched PowerMon, the world’s first patented power management technology that provides farmers with complete farm power monitoring and aeration control through the convenience of a mobile app; and AquaBot, the shrimp industry’s only moving auto-feeder that has been deployed at scale, allowing driving efficiency in farm feeding operations which represent.

“Pavan and his 20 plus team have managed to take a very significant market share of the Indian shrimp market in just a couple of years, by providing simple but robust technology to farmers that have an immediate impact on production while starting to develop datasets and farm insights that can support farmers access to credit,” says Piers Lakin, Senior Associate of the Fund’s Investment Adviser, Ocean 14 Capital Ltd.

The company operates across the value chain starting with a patented ‘Hardware-as-a-Service’ model on subscription basis that allows for and 24 hours seven days a week remote farm monitoring and automated feeding under the brand name NextAqua, and has expended to become a fintech enabled e-commerce platform that offers high quality inputs at best prices directly from manufacturers.

The third part of the company’s full-stack offering is ‘Harvest-as-a-Service’, a market linkage platform that facilitates harvests at the farm-gate with transparent pricing and assured spot payments to the smallholder farmers.

“AquaExchange is committed to transforming the aquaculture farming process through the use of advanced technology. We plan to refine and scale our unique reinforcement framework, wherein farmers are immediately incentivized for sustainable practices through reduced input costs and higher offtake prices, emphasizing our commitment to sustainable practices in the industry,” says Pavan Kosaraju, Chief Executive Officer, AquaExchange, adding “With this funding round, we aim to equip many more aquaculture farmers with the right technology to reduce costs and increase productivity while enabling global protein sustainability”.

AquaExchange has partnered with various players in the ecosystem such as hatcheries, feed mills, medicine and equipment manufacturers, processing companies, and banks to provide these services. It has also developed innovative solutions such as self-test Vibrio kits, prebiotics, probiotics, and traceability systems in collaboration with other partners such as HiMedia, Karyotica, Imkuraq, and WholeChain.

“All of this has allowed AquaExchange to establish a strong foothold in Indian shrimp aquaculture, providing a solid platform for further expansion and we love the fact there are potential synergies with our first investment SyAqua, which is rapidly growing its presence in India. We are excited about the significant boost to sustainability transformation this technology will allow,” adds Ocean 14 Capital’s Lakin.

-ends-

About Ocean 14 Capital Fund I SCSp

Ocean 14 Capital Fund 1 SCSp (“O14C” or the “Fund”) is an impact fund targeting €200 million and focused on driving a sustainable and regenerative blue economy. The Fund’s investment adviser, Ocean 14 Capital Ltd, has a team who combine more than 65 years of investment, impact and industry experience. The investment adviser’s team and advisers are considered to be some of the world’s most renowned scientists and marine biologists, and it is considered that they have unparalleled access to proprietary deal flow and sector knowledge.

www.ocean14capital.com

About AquaExchange

Founded in 2020, AquaExchange, based in Andra Pradesh, India, is a technology platform that leverages data analytics on shrimp and fish production to reduce crop expenses, manage crop finance, automate procurement and harvest facilitation for aquaculture farmers. It uses patented IoT devices and fintech services to enhance transparency and efficiency and so improve productivity and profitability for the aquaculture ecosystem.

www.aquaexchange.com

• Farming Tilapia, the affordable whitefish, where the fish can sustain vegan diets, is one of the most environmentally friendly ways of creating protein to feed the global population
• Brazilian producer Tilabras responsibly farms Tilapia, offering a low impact alternative to other forms of wild caught marine white fish
• The Ocean 14 fund’s investment aims to capitalise on the unique opportunities around Tilapia as a growth market as part of its ongoing mission to find sustainable solutions to improve the health of our ocean

The Ocean 14 Capital fund has today announced an investment of over €10 million in Tilabras, a leading producer of Sustainable Tilapia, in Brazil. Tilapia is thought to be one of the world’s most sustainable sources of animal protein.

Tilapia aquaculture is six times more efficient at converting plant-based feed into animal proteins than cattle farming. Tilapia is also more affordable than other commonly farmed fish, such as salmon, making it an extremely viable protein source for the growing global population.

A family owned company, Tilabras has developed a planet friendly model for farming Tilapia by focusing on its local impact and sustainable feeds. Globally, millions of tonnes of fish are caught in the wild every year to produce fishmeal and fish oil, to feed fish in aquafarms. Tilabras location and production model, allows the fish to be fed on a fully sustainable, vegan diet, while minimising the CO2 footprint.

“Our partnership with Tilabras continues Ocean 14 Capital’s direct focus on the intersection of sustainability and finance, creating impactful, industrial platforms enabling measured, sustainable growth of one of the most efficient forms of protein production on the planet. Ocean 14 Capital is proud to partner with a group that is aligned with our convergent approach to both financial and natural capital” said Francisco Saraiva Gomes, founding partner and chief investment officer at Ocean 14 Capital.

“The funds capital will be used to expand Tilabras’ farming base, increasing capacity and efficiency of production, as well as continuing the vertical integration of the group to a new processing plant and hatchery. Tilapia farmed inland in high carrying capacity man-made sites is the most sustainable alternative to whitefish caught from the ocean. The fund’s investment in Tilabras, supports the Company’s vision to become the lowest “natural-cost”, at-scale producer, of white fish in the world” Saraiva Gomes continues.

Nicolas Landolt, founder, Tilabras said “Ocean 14 Capital’s expertise, knowledge, and the fund’s ability to execute will help us enhance growth while improving resource efficiency. The period ahead of us is one of great expansion and development and we must do so with an ever-stronger commitment to sustainability. We are looking forward to building our hatchery and breeding operations, as well as the expansion of our farming and processing plants”

Chris Gorell Barnes, founding partner of Ocean 14 Capital, said: “Life on earth depends on functioning oceans – they are the lifeblood of our planet. As the global population continues to grow, demand for animal protein will continue to increase.

“Wild fish catches have been stagnant for nearly twenty years, despite huge growth in fishing efforts and technology. So the only way demand for fish can be met without stripping the seas is to scale sustainable aquaculture production methods.

“Our partnership with Tilabras focuses on enabling this transition to large scale, low impact fish farming, harnessing the best of modern technology. Tilapia is set to grow to a $9.2 billion industry by 2027 – it really is the future in terms of how we can feed the world.”

First launched in December of 2021, the Ocean 14 Capital impact investment fund has already made three investments this year.

SyAqua, a shrimp breeding technology specialist was among the first beneficiaries of the fund along with AION, a Norwegian plastic management platform that uses proprietary technology to offer ‘Circularity As A Service’ to large-scale industries, and MITO, a clam hatchery and breeding Italian company.

The Ocean 14 Capital fund focuses primarily on investing in growth-stage businesses. It is aiming that around two thirds of the fund will go to companies based in Europe, with the remainder aimed to be used to invest in the rest of the world.

This month, the Ocean 14 Capital fund received a commitment for €10 million from the Constitutional Reserve Fund of Monaco to support its mission of funding sustainable solutions to improve ocean health.

With this backing from the sovereign wealth fund, the Ocean 14 Capital €150 million impact fund is on track to invest in 8 companies this year, and to grow its portfolio to between 20 and 25 businesses within three years.

Following the Principality of Monaco’s €10 million commitment the private equity firm has now raised €100 million for the fund since inception.

25 August 2022, London. Ocean 14 Capital, a private equity company focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, has entered into an agreement to invest in MITO S.r.L (“MITO”) a leader in the breeding and hatching of clams. The Fund will be making an initial investment of €2.8 million.

MITO, created through the O14C transaction, is the consolidation of clam hatchery and nurseries in Italy and the Netherlands. The company is co-founded by Gianluigi Lago, Paola Landri and Maurizio Varagnolo, industry veterans with deep expertise in breeding and farming of Veneridae clams. MITO, resulting from the merger of Societá Agricola Ecotapes Italia S.r.L, Delta Futuro Societá Agricola S.r.L, and Ecotapes Zeeland B.V., initiates operations producing more than 300 million clam seed juveniles ready for stocking for the Italian market.

MITO integrates bio-secure hatchery operations in the Netherlands with local nursery centres in the core Italian market and, supported by Ocean 14 Capital Fund, has an ambitious growth plan to increase its operational capacity to 2 billion of seeds annually over the next few years. The Ocean 14 Capital Fund plans to invest an additional €5 million investment to scale and grow the business further, as part of its European bivalves strategy, creating another scalable, regenerative and sustainable protein platform within the Blue Economy.

“It is incredibly exciting to begin this journey with MITO – benefiting from and simultaneously accelerating the great and highly impactful work that Gianluigi, Paola and Maurizio have developed for years” said Katherine Elbert, Investment Analyst and co-Investment Lead for MITO at Ocean 14 Capital, the Fund’s investment advisor. “We couldn’t have arranged a better starting investment for the Fund’s European bivalves strategy. Similar to what happened to oysters, a strong supply of viable hatchery seed is key for the sustainable development of the industry,” she added.

“O14C has been a great partner for us and we are very excited about the opportunity our partnership will capture,” says Gianluigi Lago, MITO’s Chief Operating Officer. “With their investment and support, MITO will soon lead the supply of hatchery clam seed in Europe,” added Lago.

Ocean 14 Capital’s strategy for the European bivalve industry aims to bring capital, technology and best-practices to this often-overlooked sector of the European coastal economies. “With a total aquaculture production of more than 30,000 tonnes1, the clam industry in Europe is one of the best opportunities for the Fund to invest in. It shows well who the Fund is as O14C, and its purpose,” says Francisco Saraiva Gomes, Founding Partner and Chief Investment Officer of the company. “It’s a great protein, with a superior production system, highly leverageable through technology and convergent with coastal conservation, of which we know a lot, and where we are able to develop superior partnerships with the industry leaders. It’s a great impact growth thesis: the team is fantastic, we’re building at book value, and MITO’s sales are overbooked,” he added.

MITO is a high impact investment case for Ocean 14 Capital. Alongside nutritional benefits, clams are an exceptionally efficient, low impact protein. As filter feeders growing in the sediment of natural lagoons, clams require no feed, fresh water or antibiotics, and almost no physical infrastructure. As a result, clams produce less than 2kg of CO2 per 100g of protein, versus the European average of 13kg per 100g of animal protein, and 50kg per 100g of beef protein2.

In recent years, the European production of clams has declined due to lack of wildly sourced seed, as well as the abiotic stress and disease, resulting in a spat mortality rate of over 50%3. MITO supplies high quality clam juveniles that increase the production of low-impact and low-carbon protein by increasing the availability of clam seed, displacing farmer’s dependency on wildly sourced stocks, while simultaneously decreasing their mortality in grow-out and protecting the environment within the lagoon, which take pressure off the heavily overfished wild clam populations.

1 FAO: Global Aquaculture Production Quantity (1950 – 2020) for Ruditapes philippinarum and Venerupis decussatus

2 Internal analysis based on Kyung-Il Park et al. 2012, LCA of Scottish Mussels and Oysters, NZ LCA of Mussels and Clam, and Nemecek and Poore (2018)

3 EIT Food: Delta Futuro: Shellfish Juvenile Sustainable Production Model

13 June 2022, London. Ocean 14 Capital Fund, a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, has signed a deal to purchase a controlling stake in SyAqua from Golden Springs Group (GSG). SyAqua is a leader in genetics and early nutrition to the shrimp hatchery market, with a historical focus in Asia.

Ocean 14 Capital Fund’s debut investment capitalises on the intensification and sustainability trends in the shrimp farming industry. Despite significant progress in the recent past, the industry is still overshadowed by inefficient resource use of unsustainable practices. “SyAqua‘s technologies in genetics and nutrition have a powerful impact on sustainable intensification of the shrimp industry by reducing waste per unit of production and the ensuing externalities, says George Duffield, founding partner and chair of impact, for the Fund’s investment adviser, Ocean 14 Capital Ltd.

“We have ambitious plans for SyAqua and are tremendously happy for the Fund to be partnering up with Golden Springs Group and the SyAqua company’s management team,” said Francisco Saraiva Gomes, founding partner and chief investment officer, Ocean 14 Capital Ltd. “SyAqua is in growth mode, quickly increasing its performance by leveraging its superior market presence and tech platforms. Over time we plan to build SyAqua into a platform for sustainable shrimp technologies and we hope that the Fund will invest significantly more than its initial commitment of $12 million”.

“We are excited to be partnering with Ocean 14 Capital. They have already shown an incredible commitment to our team and business. Their knowledge, access and ability to execute, will help us to capture multiple growth opportunities. It’s a good period for SyAqua now. We are on growth mode we are already expanding our operational footprint and technology portfolio to better serve the needs of our customers” says Ricardo Mello, chief executive officer, SyAqua.

“It is with great enthusiasm and expectations that we witness Ocean 14 Capital’s first investment, as part of one of their key investment verticals to transform the shrimp industry into a more sustainable business. We are delighted to be a cornerstone investor of this vital and innovative fund,” says Claus Gregersen, CEO, Chr Augustinus Fabrikker.

SyAqua

SyAqua provides solutions for shrimp hatcheries and farmers, combining genetics and early-stage nutrition. The Company uses cutting-edge technologies in its breeding program and hatchery feeds manufacturing process to ensure its customers excel in technical and economic performance. SyAqua has operations in USA, Thailand, Indonesia and Malaysia with relevant commercial presence in several shrimp producing countries worldwide.

www.syaqua.com

Golden Springs Group

Golden Springs Group operates as an investment company. The company invests in sustainable aquaculture businesses.

www.goldenspringsgroup.com

Chr. Augustinus Fabrikker

Chr. Augustinus Fabrikker is the investment subsidiary of the Augustinus Foundation one the largest cultural foundations in Denmark. With assets of more than DKK 40 billion and more than 270-year-old history, Chr. Augustinus Fabrikker has extensive interests in the Danish business community and a strategy to be a long-term, committed, and value-adding asset owner.

https://augustinusfabrikker.dk/en/

What’s happening?

“Blue” foods including shellfish, fish and algae carry significant potential to improve global development if the appropriate policies and investments are adopted, according to a major global review. Professor Dave Little of the University of Stirling’s Institute of Aquaculture contributed to the Blue Food Assessment research, with five peer-reviewed papers produced as part of the project. He said small fisheries and aquaculture provide 90% of jobs in the sector and have a crucial role to play in local food security. The review examined how aquaculture can improve diet, protect livelihoods and reduce the environmental footprint of the food industry.

Why does this matter? At present, over 2,500 species and groups of shellfish, fish, aquatic plants and algae are either fished or cultivated as part of global food networks. Given global demand for blue foods is expected to double by 2050, fisheries and aquaculture have a large role to play in the sustainability and resilience of these systems.

Blue foods can play a significant role in delivering more sustainable diets globally. One of the five published studies explored the environmental performance of blue foods, with researchers finding major species produced in aquaculture such as carp and salmon have a lower footprint in comparison to chicken, which is considered the most efficient land-based livestock species. On average, most blue food stocks produced for human consumption generate fewer greenhouse gases, water pollution and require less resources than livestock.

Among aquatic foods, farmed seaweeds, bivalves and small pelagic species including sardines generate the least greenhouse gas emissions, according to researchers. In addition, aquaculture farms for species such as oysters and mussels can simultaneously offer natural benefits, such as filtering excess nutrients from water and removing pollutants to improve water quality.

In another study, researchers evaluated the role of small-scale fisheries and aquaculture operations, which provide livelihoods for over 100 million people around the world and ultimately sustain one billion but are often overlooked in policy and decision-making. It highlighted that local seafood producers are more likely to survive shocks, such as the Covid-19 pandemic during which smaller actors were able to fill market gaps as larger producers scaled back international operations.

Despite some efforts from governments and organisations, including a fast-track plan for small fishing co-operatives in South Africa, and a framework aiming to enhance sustainability in Southeast Asian small-scale shrimp farms, the progress of small aquaculture operations is still hindered by disproportionate inaccessibility to resources, climate change risk and social exclusion. The analysis noted women as crucial actors in ensuring an equitable food sector, highlighting the gender inequalities that continue to undervalue them.

It’s worth also noting that while blue food systems can help improve global development with the right support, their benefits are climate-vulnerable. For instance, ocean-based aquaculture operations may be impacted by ocean acidification and changing species distributions, while land-based fisheries could see knock-on effects from regional droughts posing risks to freshwater supplies. It’s worth noting aquatic food systems in developing nations such as Africa, the Indo-Pacific and Southeast Asia are the most exposed to climate risks and food security.

It is important techniques are employed that take account of this and also minimise the environmental impacts of aquaculture. To curb water pollution, tech-based offerings are gaining interest, such as nanobubbletechnology by Moleaer that restores the health of aquatic systems and water quality in salmon aquaculture. Researchers are also working on solutions to reduce waste at source, for instance by developing biodegradable rope that can be composted, as well as creating less-polluting fish feed formulas.

Projects to repurpose aquaculture waste are also underway, with scientists at Hanoi University finding applications in biofuels, and in Singapore for biomaterials for bone repair. Some industry experts have also suggested bolstering fish populations could be used as a natural climate mitigation measure to remove large quantities of atmospheric CO2 in a similar fashion to land-based forest ecosystems. Finally, organisations are working alongside Indigenous communities – which possess often overlooked traditional and cultural knowledge – to minimise the environmental impact of fisheries by utilising low-impact techniques such as hook and line.

Source: University of Stirling

What’s happening? An Oceans of Energy development off the coast of the Netherlands has become the first aquaculture project powered by floating solar technology. The 50KW PV-powered plant, developed in collaboration with the Seaweed Company, extends across six square kilometres and builds on the Zon-op-Zee pilot which ran in 2019. The seaweed farm is part of the European H2020 United project designed to encourage “sustainable and multi-use offshore systems” in EU waters.

Why does this matter? Growing at 8% a year, the seaweed market is gaining interest globally and expanding rapidly in areas including the US and Europe due to potential applications in several sectors.

The Oceans of Energy multi-use offshore development utilises space in between its photovoltaic (PV) panels to grow seaweed, which is collected by the Cultivator – an offshore harvesting machine that is expected to produce around 15,000 kg of seaweed, which would absorb around 1.8 mt of CO2. The high-wave floating PV panels powering the farm are built for stormy conditions, and can operate under 13-meter-high waves.

Other multi-use offshore developments are being explored in European waters. The European Union’s H2020 United Programme, which supports the Oceans of Energy project and which launched last year, aims to demonstrate the viability and advantages of combining offshore energy projects with aquaculture or tourism, through five real-life pilot applications. Other pilot sites supported by the project include flat oyster bed restoration and seaweed cultivation at an offshore farm operated by Parkwind in Belgian waters. The aquaculture of flat oysters is expected to aid the restoration and growth of natural oyster reefs, which will be encouraged by the scour material used around the wind turbine foundations.

Elsewhere, Dutch firm Van Oord has planned to install eight oyster reef structures at the Borssele offshore wind farm as part of a project designed to revive oyster populations and marine biodiversity in the North Sea.

Co-locating aquaculture developments, such as seaweed farming, with offshore projects can prove to be economically beneficial by taking advantage of unused marine spaces, and can also provide affordable access to food, energy and jobs to remote communities.

There are many potential uses for algae alongside human consumption. These include reducing emissions from livestock – firms such as Australia’s FutureFeed are looking to commercialise an Asparagopsis seaweed-based livestock feed additive, which successfully reduced methane emissions from cattle by over 80% in trials. Seaweed is being developed into biodegradable packaging by Oceanium for food products as a plastic alternative. Meanwhile in the UK, researchers from the University of Liverpool are investigating the anti-viral qualities of seaweed and future uses in sustainable disinfectant products, while researchers from the University of Exeter and Bath have converted the invasive seaweed Sargassum into bio-oil.

From a market perspective, the future of these sea plants looks promising. The European seaweed market is forecast to be worth €9bn ($11bn) by 2030 – and regenerative seaweed farming can play a possible role in a green post-pandemic recovery as well as in the European Green Deal. In Australia, the industry could be worth AUD 1.5bn ($1.2bn) by 2040. The private sector is also taking an interest – a WWF’s seaweed farming project received a $100m grant late last year from Jeff Bezos’ $10bn Earth Fund in recognition of its environmental benefits.

It’s important however this growth comes with checks to make sure there are no adverse consequences to the wider marine environment – the ecological consequences of large offshore seaweed farms are still relatively unknown.

Source: Recharge

Why does this matter? There has been much talk of the importance of a “green recovery” from Covid-19, with leading economists highlighting how green investment would be the most effective means of stimulating economies emerging from the pandemic.

When it comes to coastal states, the High Level Panel for a Sustainable Ocean Economy highlights the economic returns that would come from investing in a “bluer” ocean. The panel’s recent report finds that reforming subsidies to end overfishing and investing in sustainable aquaculture would generate benefits of $6.7tn over the next 30 years, or around $10 in benefits for every $1 spent. For states with tropical coastlines, restoring mangroves would generate jobs and return $3 for every $1 spent from enhanced fisheries and greater storm protection.

From a marine energy perspective, offshore wind investors can generate $17 on every $1 spent under the right conditions, according to the analysis. Decarbonising international shipping can also reap long-term rewards, with shifting to greener fuels returning $2 to $5 on every $1 spent over the next three decades.

While the report has long time horizons, the authors point to benefits for certain investments beginning to accrue over the next five years.

Others point to the opportunities a “green-blue” recovery can bring. In the US, the Ocean Climate Action Plan has outlined a “Blue New Deal” that can aid ocean health while generating prosperity, addressing inequality and tackling climate change.

In the EU, the European Commission’s Blue Economy Report highlights the sector’s importance and potential contribution to the bloc’s green recovery plans. It talks about the continued decoupling of aquaculture and fisheries growth and greenhouse gas emissions, as well as emissions-reduction progress in the maritime sector and the large potential for “blue jobs”.

The Economist Group’s World Ocean Initiative (WOI) points to the substantial level of blue finance needed to build out offshore wind farms, transition to greener shipping and restore coastal ecosystems. However, the WOI highlights that, while there is investor interest in financing ocean sustainability, redirecting existing capital and attracting new private finance is hindered by a lack of understanding of blue finance risks and opportunities.

Despite this enthusiasm, it’s been highlighted that government coronavirus stimulus packages worldwide are still heavily fossil fuel-focused, and analysis indicates only 1% of approved stimulus spending is supporting sustainability or climate-friendly initiatives. With international talks on hold, and the window of opportunity for action on ocean health narrowing, touting the economic benefits of a blue recovery could help shift the tide.

Sources:

High Level Panel for a Sustainable Ocean Economy

The Guardian

https://www.theguardian.com/environment/2020/jul/13/oceans-panel-presses-coastal-states-to-invest-in-blue-recovery

Aquaculture conversion of Indonesian mangrove forests has the largest impact on the ecosystems’ carbon sequestration abilities, removing 60% of soil carbon stocks and 85% of biomass carbon, compared to forest harvesting practices which removed most biomass carbon with minimal impacts on soil stocks. The study, published in Global Change Biology, analysed land-use and land-cover change (LULCC) over a 25-year period and compared carbon stocks between undisturbed forest and areas that had undergone LULCC.

Mangroves left to regenerate recovered previous carbon levels after 25 years. LULCC characteristics need to be incorporated in emission-reduction strategies involving mangrove restoration, the authors said.

Mangroves act as nurseries and feeding grounds for many aquatic and terrestrial species and stabilise shorelines against flooding and extreme weather. They are also excellent carbon sinks, particularly within their soils, and have been found to have greater carbon sequestration potential than terrestrial rainforest per hectare.

Mangroves, therefore, represent an excellent nature-based solution for tackling climate change and offsetting emissions.

Carbon sequestration in mangroves involves many uncertainties, such as variability between species or the impact of methane emissions on net carbon stocks, and a limited number of studies have fully considered the different factors involved. This makes it difficult to accurately valorise mangrove restoration initiatives.

This study adds new information regarding the impact of LULCC on blue carbon stocks in mangrove forests; the location of carbon-rich mangroves within blue mangrove forests; the level of carbon losses from different economic activities; and a timeframe for mangrove regeneration. All of this can inform mangrove conservation decision-making.

Corporates should be mindful that offsetting does not fully consider the complex carbon flows within marine ecosystems and the potential for LULCC to erase carbon savings. Mangrove restoration is not a “quick win” but something that requires long-term attention to achieve consolidated results.

Payments-for-ecosystems and carbon resilience payments, whereby coastal communities are incentivised to conserve mangrove forests, may represent a more sustainable form of corporate action, delegating mangrove guardianship to local stakeholders through a multi-factor approach.

Source: Global Change Biology

https://onlinelibrary.wiley.com/doi/full/10.1111/gcb.15056

Why does this matter? Integrated multi-trophic aquaculture (IMTA) provides a framework to develop sustainable fish farms, where circularity is introduced into the aquaculture process by farming species with complementary ecosystem functions in proximity to each other. This allows one species’ waste to be utilised as fertiliser and feed for other crops. This could result, for example, in the combination of farming finfish alongside seaweed or shellfish that re-capture the waste for their growth.

Despite the practice’s potential environmental and economic benefits, and its long-standing use in Asia, IMTA projects in Europe have been hindered by poor commercial performance. Academic research indicates this is due to a lack of support from funding agencies and industry, as well as relatively low R&D knowledge.

The EU’s ASTRAL project, part of its Horizon 2020 programme, aims to address this by developing IMTA production chains for Atlantic markets. The programme will build on the Belém Statement on Atlantic marine research between the EU, Brazil and South Africa, and it also includes Argentina, Brazil, France, Ireland, Nigeria, Portugal, Scotland, South Africa and Spain. It will bring together open offshore, flow-through inshore and recirculation labs with an aim of increasing circularity 60% compared to monoculture aquaculture.

If the project is a success it will increase the potential for revenue diversification among aquaculture producers. It forms part of the EU’s long-term Blue Growth strategy to support sustainable growth in maritime and marine sectors.

Of course in Europe, and elsewhere, aquaculture has taken a hit due to the Covid-19 pandemic. This has resulted in support packages from European member states to, at least partly, support the sector, most recently in Italy. Elsewhere in the Mediterranean, and amid Covid-19, Lebanon is looking to aquaculture as a means of improving its economic situation and food security – the country currently imports 90% of its seafood.

More broadly, analysis suggests the EU’s attempts to improve its aquaculture industry over recent years have struggled – even without taking into account the impacts of Covid-19. Initiatives focused on sustainable growth, such as the above, can perhaps provide longer-term value by focusing on sustainability.

ASTRAL also has a focus on improving and developing sensors, the Internet of Things and machine learning use in aquaculture. Companies are developing technology in this space, including CageEye which has created an autonomous feeding system that monitors fish with acoustic sensors and artificial intelligence, and Norway Royal Salmon which has partnered with Microsoft and ABB on an algorithm to track fish stocks.

Source: The Fish Site