US crab importer Blue Star Foods Corp. is getting into the land-based salmon farming business.
Blue Star has announced a plan to buy Nanaimo, British Columbia-based Taste of BC Aquafarms, a seven-year-old farmer. The companies said they have signed a term sheet "subject to certain closing conditions".
Taste of BC "has proven their technology in a model farm module designed to grow 100 metric tons of steelhead salmon per year", according to Little Cedar Falls, Taste of BC's brand.
John Keeler, the CEO and president of publicly-traded Miami, Florida-based Blue Star, said in a press release that land-based farming wii "meet the gap between the growing global demand of salmon and a supply that is limited by its environmental impact".
"They’ve built a proven and scalable model and we are excited to strategically fund their next level of growth and use our sales platform to market their delicious, sashimi-grade, steelhead salmon,” Keeer said of Taste of BC.
Steve Atkinson, Taste of BC's president, said that he believes the company's farming recirculating aquaculture system (RAS) farming model can be successfully scaled.
"We took a different approach than others in developing RAS for salmon production. First, we wanted to develop a proven, successful culture system, and now we are looking to deploy this system in multiples. Our modular design strategy works and is highly scalable," he said. "I see no reason why the RAS salmon production in BC cannot potentially exceed 100,000 metric tons annual production in the next two decades. Along with Blue Star, we intend to be leaders in this new industry."
Blue Star, which suffered through a divisive management shakeup in 2019, finished that year with a $5.1 million net loss on sales of $23.8m, the company revealed in an annual report.
December 29, 2020 at 04:53AM
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US crab importer Blue Star Foods to buy Canadian salmon RAS farmer - Undercurrent News
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