Blue Star Foods announced that it has officially received an option from Beaufort County, South Carolina, to purchase land for its RAS expansion, specifically in its crab project.
Thus, the company is working closely with the South Carolina Department of Commerce to address an economic development plan and incentives specific to the project. For that reason, Blue Star is reviewing the summary of incentives with proposed tax breaks, reductions, and other incentives offered for the project to finalize the capital needed to build the facility. South Carolina's preliminary proposals offer up to USD 3 million (EUR 2,76 million) in incentives.
The Softshell crab facility operation aims to utilize Atlantic Blue crab as the primary source, targeting an annual production of 3.5 million crabs.
"We are thrilled to partner with Beaufort County, South Carolina in expanding our softshell crab RAS shedding operations, processing and cold storage facility," said John Keeler, Chairman and CEO of Blue Star Foods. "We are proud to be creating up to 48 new jobs over the next 3 years. Our Special Purpose Vehicle (SPV) financing will kick-off once we execute our agreement with Beaufort County. Moreover, along with USD 3 million in incentives, will enable us to access less dilutive capital to purchase the land and build our facility."
The available land spans 9.47 acres and has the capacity to accommodate a building of up to 100,000 square feet. A total investment of approximately USD 11,410,000 in real property (land and building) will be allocated for the new facility. Additionally, they will include tangible property such as machinery and equipment. The integration of a Crab Hatchery at the location will enable the establishment to achieve true vertical integration. This will position them as the largest Softshell crab facility on the eastern shore of the U.S.
Headquartered in Miami, Florida, Blue Star Foods Corp. is an integrated ESG seafood company that processes, packages, and sells high-value seafood products. The company claims to use best-in-class technology in both resource sustainability management and traceability, as well as environmentally friendly packaging. It also owns and operates the oldest continuously operating RAS full grow-out salmon farm in British Columbia.
