PT Aqua co-founders Ian Sutton and Paul Coyne accepting the BIM Aquatech Business of the Year award from Caroline Bocquel, CEO, BIM, and Richard Donnelly, Director of Development and Innovation Services, BIM.
Photo: BIM
Ireland’s aquatech industry, now valued at €165 million and supporting over 900 jobs, is on the verge of significant expansion, according to speakers at the recent Blue Ambition 2025 Aquatech Innovation Conference, organised in Dublin by Irish seafood development agency Bord Iascaigh Mhara (BIM).
Conference attendees were informed that the number of aquatech companies in Ireland has almost doubled in recent years, growing from 42 in 2016 to 76 in 2023 - and that with the right investment and support, the sector has the potential to create cutting-edge technologies with global impact.
A highlight of the event was the 2025 BIM Aquatech Business of the Year award, given to Dublin-based aquafeed specialist PT Aqua. The company, founded by Ian Sutton and Paul Coyne, develops bespoke, premium feeds for aquaculture, including a soft feed with high moisture content and extended shelf life that benefits species such as cod and halibut.
Handing over the award, BIM's Director of Development and Innovation Services - and soon to be interim CEO - Richard Donnelly described PT Aqua as “a shining example” of Ireland’s aquatech leadership, saying the company’s focus on innovation and customer service distinguishes it within the sector.
In a press statement following the conference, Minister of State at the Department of Agriculture, Food and the Marine, Timmy Dooley, said Ireland’s growing aquatech sector “has enormous potential” and is “ideally placed to become a global centre of excellence for aquatech.” According to the Minister, aquaculture remains “the fastest-growing food production sector in the world,” driven by innovation, with Irish firms already exporting their expertise to markets including Canada, Norway, Chile, Vietnam and Ecuador.
“Through programmes like BIM’s Aquatech Innovation Studio, we are supporting ambitious companies to develop solutions that enhance seafood production, create high-value employment, and protect our marine environment,” Dooley added.
Sarah Jane Larkin, Director General of the Irish Venture Capital & Private Equity Association (IVCA), told the conference that Ireland has “all the right ingredients to lead this next wave of blue innovation.” She pointed to the country’s skilled workforce, island geography, and access to global markets as advantages that could help position it as a hub for aquatech investment.
“Ireland’s aquatech industry is expanding rapidly and is ripe for investment,” Larkin explained, adding that companies emerging from BIM’s innovation programmes show that “Ireland isn’t just participating in this space but is shaping the future of global aquaculture.” She also noted that relying on foreign direct investment can leave the economy vulnerable, arguing that domestic innovation and investment are key to building resilience.
BIM’s Aquatech Innovation Studio 2025, delivered with aquaculture accelerator Hatch Blue, recently supported eight high-potential start-ups through a six-day programme offering mentoring, investor training, and access to the national aquatech network. Donnelly said the initiative has supported more than 60 companies over the past seven years, helping to create over 200 high-value jobs and attract €16 million in investment.
He added that Ireland’s combination of “research excellence, supportive policy, and investor engagement” makes it one of the most attractive locations worldwide for aquatech start-ups. “The sector is on the verge of huge growth,” he said.
A €15 million investment from the Ireland Strategic Investment Fund in Hatch’s Blue Revolution Fund was highlighted as an important mechanism to back early-stage aquaculture and aquatech ventures, BIM said.
