Big Akwa's planned rainbow trout facilities in Alby Industrial Park, central Sweden.
Image: Big Akwa.
Swedish food-tech company Big Akwa has announced the opening of a new investment round seeking up to SEK 20,993,760 (EUR 1.8m / USD 1,9m) to support the continued development of its land-based aquaculture facility at Alby industrial park in mid-Sweden.
The facility, once completed, will have the capacity to produce 6,000 tons of fish annually, contributing to the company’s vision of circular and resource-efficient food production.
“We look forward to welcoming new and existing investors to join our journey towards efficient and circular food production," Big Akwa co-founder and CEO Elena Petukhovskaya said in a press release announcing the launch of the funding round.
Investors must commit by February 15, 2025, and can purchase a minimum of 45 shares at a share price of SEK 1,098 (EUR 94.4 / USD 99.9). The raised capital will be used to further develop the project and fuel Big Akwa's growth strategy, the company said.
The company has previously undertaken three funding rounds, the most recent of which closed on 8 June 2024, raising SEK 6 million (EUR 516,000 / USD 546,000).
Founded in 2020, Big Akwa is known for its innovative approach to land-based fish farming, integrating industrial symbiosis by using by-products from nearby process industries, and green energy from an neighbouring green hydrogen plant, planned to be built by the British company, Renewable Energy Systems (RES). Big Akwa will use waste heat and oxygen from the RES hydrogen plant to maintain fish water at optimal temperatures, and to oxygenate it.
The company took the step of becoming a publicly-traded company in June this year. Announcing the news, Big Akwa said the transformation aimed to enable it to attract new investors and strengthen its financial position for future expansion, as well as increasing the company's visibility, thus creating more opportunities for collaborations and business ventures.
"Becoming a public company reflects the growing interest of investors in sustainability," Chairman of the Board, Mats Lundqvist, said at the time. "We are proud to offer our solutions to a broader market and continue to grow with the support of our shareholders."