Poseidon designs cleantech systems for the aquaculture industry.
Poseidon Ocean Systems Ltd.
Poseidon Ocean Systems Ltd has announced the completion of a $20.75M Series B financing led by the Ecosystem Integrity Fund. InBC Investment Corp and Export Development Canada also contributed to the investment.
The funding will help the company to increase its production of Life Support Systems and Hybrid Sea Cage Systems. Thanks to these technologies, salmon farming operations suffer lower operating costs and allow better environmental outcomes.
In addition, Poseidon will be able to establish more business relationships with clients of Canadian, Chilean, and UK farmers and therefore expand into new markets.
Poseidon CEO, Jamie Gaskill explained why this financial movement means so much for the company: "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 to 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," he added.
Moreover, EIF Managing Partner James Everett indicated: "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."
Finally, CEO of InBC Jill Earthy mentioned the importance of investing in local business: "InBC's investment into Poseidon is backing a British Columbia company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world to be more productive, sustainable, and resilient while meeting the increased global demand for sustainable protein."
Through a statement published on its website, Poseidon confirmed that Fort Capital Partners acted as financial advisors, CR Lawyers LLP and Whiteboard Law served as legal counsel to Poseidon in the Series B financing.
Poseidon Ocean Systems (Poseidon) is a Canadian full-service aquaculture engineering and technology provider. Poseidon specializes in fish welfare and life support systems. The company is headquartered in Campbell River, Canada with an additional office in Puerto Montt, Chile.
In 2023, Mowi collaborated with Poseidon testing a selection of its technologies to improve fish welfare and performance and reduce interactions between wild and farm-raised fish.