Ocean 14 Capital has entered into an investment agreement with AION, the Aker BioMarine spin-off. The agreement, carried out by Ocean 14 Capital and Aker BioMarine, will be financed through a NOK 40 million convertible loan facility. Both parties will distribute this equally.
Consequently, Aker BioMarine will book a gain of around USD 6 million as other operating income in the second quarter of 2022. According to a press release, the investment of around USD 10 million will be treated as shares in associated companies.
So, the initial phase for AION will consist of growth and working capital. Besides, Ocean 14 Capital will take operational control. Thus, it will have both a majority of the voting rights and board representatives towards the next financing phase.
Regarding the investment, Matts Johansen, CEO of Aker BioMarine said: "With their innovation focus on sustainable ocean solutions, we bring onboard the right competence. We also drive to take AION to a new league. I am confident that AION will benefit from the experience, network, and industry insights that Ocean 14 brings. They have a highly skilled and reputable team and form an ideal partner for AION."
In addition, Chris Gorell Barnes, Partner in Ocean 14 Capital remarked that AION is a company with a "leading role in industrial plastic circularity, offering impactful solutions with digital traceability to large brand customers". He concluded: "Ocean 14 Capital will contribute to scaling commercial solutions to mitigate the plastic pollution problem."
Finally, Runa Haug Khoury, CEO of AION, mentioned the scale of circular plastics with a digital platform tracing materials. "There is a need to move to more sustainable consumption. Businesses play a crucial role in the transition to a circular economy," she ended.
Ocean 14 Capital is a private equity firm investing in companies that are working to achieve the United Nations' Sustainable Development Goal #14 "Life Below Water". It is a partnership between the co-founders of the Blue Marine Foundation, the Gottschalk family, and Pontos Aqua. It combines investment, impact, and industry experience.
AION aims to become a leading circularity player. Within robust plastic fractions with a scalable and technology-agnostic business model, Circularity as a Service (CaaS). The company provides flexible and traceable end-to-end services in the field of circularity on plastics. Along with a documented sustainability effect for its customers.
Further, it works with a network of suppliers in the physical value chain, selecting the partners that best suit the specific loop. The company has several customers across various geographical markets and industries, and the company's longer-term growth ambition is to reach above NOK 500 million in revenue by entailing circular product offerings and services through the tech platform AION Loop.