Stingray's technology combines stereo machine vision, advanced software and high-precision laser to target and kill parasites that infect farmed fish.
Photo: Stingray.
Life science investment firm Novo Holdings, the holding company for Danish multinational pharmaceutical company Novo Nordisk, with assets of EUR 149 billion, has acquired a majority stake in Norwegian aquaculture technology provider Stingray Marine Solutions.
Founded in Norway in 2012, Stingray Marine Solutions specializes in intelligent aquaculture systems for salmon farming. Its flagship technology, the Stingray system, employs a combination of camera vision, proprietary software, and laser technology to eliminate sea lice from salmon without harming the fish. According to the company, their approach not only reduces fish mortality but also lowers operational costs for fish farmers by minimizing manual handling.
The impact of sea lice on salmon health is a significant concern for the industry, costing salmon farmers an estimated €6-7 billion annually.
Traditional methods are proving to be both inefficient and detrimental to fish welfare, Stingray contends, and its solution is already in use by some of Norway's major aquaculture players. Cermaq announced last year it would be rolling out Stingray's laser technology at farms in Nordland and Finnmark, and more recently Nordlaks confirmed it would be installing the technology in up to 30% of its farming sites.
"Today marks a milestone in our company history as we welcome Novo Holdings to the owner group," said Stingray Marine Solutions CEO, John Arne Breivik, in a press release.
"With a passionate interest in sustainability and biology, we are confident that Stingray will thrive and grow under Novo Holdings' ownership, and we are excited to collaboratively deliver on our mission to develop and offer intelligent aquaculture technology that contributes to increased food production on nature's own terms," Breivik added.
According to Novo Holdings, the acquisition represents the Planetary Health Investments team’s first foray into aquaculture technology, described as "a new strategic priority for Novo Holdings' Planetary Health Investments team due to its growth prospects, innovation potential and expected impact on planetary health".
"We're pleased to invest in a company that not only offers an innovative aquamarine technology solution to address industry needs but also places sustainability at the forefront of its approach – a pressing factor in the marine and aquaculture industries," said Cynthia Kueppers, Partner in Planetary Health Investments, Novo Holdings.
"The Company delivers substantial value for its customers and shows great potential for further growth, with opportunities to expand into new areas of data and analytics and precision farming. Stingray's solid business model positions them well for long-term success. The leadership team has demonstrated impressive vision and expertise, which further reinforces our confidence in the company's future," Kueppers added.