The Kingfish Company is proud to announce five years of successful operational results, with continuous improvements and no mass mortality events. The company's interim CEO, Hans den Bieman, stated that they are now ready to launch capacity for phase 2 and are delighted to have started commissioning the hatchery in January. Furthermore, the company propose Vincent Erenst as CEO, effective February 6th, 2023
Market demand for Dutch Yellowtail is strong in both Europe and the United States, with The Kingfish Company's products being sold in 14 countries. In 2022, the company produced a record 1,511 tons of high-value yellowtail kingfish, resulting in an 82% increase in sales for the full year. Furthermore, the average sales price achieved increased by 14% to €13.1/WFE kg in 2022.
To meet the strong demand, The Kingfish Company has started the production of fingerlings for the pre-stocking of Phase 2, which is set to commence in Q1'23. The significant volume increase is expected to result in material improvements to unit economics, building on an already strong basis. Additionally, in January 2023, The Kingfish Company successfully completed an equity raise, raising gross proceeds of approximately €35 million through a private placement and a subsequent offering.
The US operation in Maine has obtained the local building permit from the Jonesport Planning Board in December, and is now fully permitted by Local, State and Federal regulatory agencies. The Company has successfully shipped broodstock to the US, and the fingerlings that were already shipped to the US are doing well and growing fast. With this expansion, The Kingfish Company is well-positioned to continue meeting the high demand for its high-value Dutch Yellowtail products.
About The Kingfish Company
The Kingfish Company is a leader in sustainable land-based aquaculture. It's Kingfish Zeeland facility in the Netherlands currently has an annual production capacity of 1,500 tons of high-quality and high-value Yellowtail Kingfish. The company is expanding and capacity is expected to reach 3,500 tons in Q1 2023. The Kingfish Maine facility is now fully permitted by local, state and federal regulatory agencies.
