Blue Future Holding's Odd Magne Rodseth (left) with GreenFox Marine CEO Erling Aspen.
Photo: GreenFox Marine.
Blue Future Holding, a seafood investment company owned by Germany's EW Group, has become the sole owner of Norwegian aquaculture technology firm GreenFox Marine, the companies have announced.
The Norwegian technology company, which has developed a patented high-resolution ultrasound technology which can identify "specific critical features" on fish at early stages of development, is currently focused on the gender sorting of salmon smolt, using a combination of medical ultrasound and artificial intelligence.
According to GreenFox Marine, its high-speed solution, which can screen up to 3,500 fish per hour, can also analyze other organs in fish to detect abnormalities, enabling early interventions. The technology can identify issues such as heart deformities, nephrocalcinosis, and early maturation in fish weighing between 30-120 grams.
While currently in use for salmon, the solution can be easily adapted for other species, the technology firm says - and this wider potential has proved attractive for Blue Future Holding. "We see significant potentials also for other applications that can improve fish welfare and efficiency in industrialised aquaculture," the investment company stated in a LinkedIn post announcing the acquisition.
Blue Future Holding already owned 32.8% of shares in the company prior to its full acquisition this month, and its parent company EW Group also owns one of GreenFox Marine's main collaborators, the salmonid genetics firm AquaGen.
Led by CEO Erling Aspen, GreenFox Marine was established in 2020 as a spin-out company from Norwegian industrial control technology firm Greenfox. According to the Greenfox Marine website, the team’s expertise covers electronics development, high-resolution ultrasound, mechanics automation and artificial intelligence (AI).
"Blue Future Holding is a long-term strategic owner who wants to invest further in our technology. They also have a lot of knowledge about the benefits of sex-sorted salmon farming through their global presence and previously carried out full-scale tests," Aspen said, in a Norwegian language press release.
"The acquisition gives us opportunities for further development of both the technology and the company, as well as opening many new doors for us. We are then also in a better position to recruit important expertise in several key roles," Aspen added.
"Having been minority owners for almost three years, we have seen how Greenfox Marine is in the forefront of this technology and we now look forward to assist Erling Aspen and team in speeding up the development and commercialisation of existing and new applications!" Blue Future Holding stated.
Blue Future Holding recently made a major investment in Icelandic land-based salmon farming company LAXEY, leading a 40 million euro funding round in April this year, and holding a seat on the board.
The investment company also recently divested all of its shares in Florida land-based salmon firm Atlantic Sapphire, amounting to 2.42 million shares representing 3.95% company ownership, worth NOK 2.17 million (USD 210,000 / EUR 190,000).
Blue Future Holding is owned by EW Group, a German family-owned holding company with more than 250 subsidiaries in the life sciences sector, which according to its website, "focuses on research and innovation-driven operations at the beginning of the value chains", with an emphasis on food security, sustainability, animal welfare and health.