Atlantic salmon eggs in and from the U.S.

Although the company has had broodstock under development since early 2023, it was not until last week that SalmoGen was launched. The result of a coalition of industry players, academic resources, and well-known investors, in a first development phase its goal is to develop a capacity of 25 million eggs annually. Eggs of U.S. origin, from an Atlantic salmon strain from Maine, will be destined for both domestic and international sales.

A missing link for the long-term development of salmon production in the U.S.

Salmon is the most widely consumed finfish in the United States and, despite imports, its production within the U.S. remains an important market opportunity. However, an independent supply of Atlantic salmon egg producers has been a missing link to its long-term development.

Non-American strains of salmon eggs have been imported into the U.S. with attendant biosecurity risks, and, in the face of this, each state has its own regulations. While in some states only one egg option has been approved, in others there have not even been egg options available, thus creating barriers in the domestic industry.

Therefore, finding a supply option for high-quality Atlantic salmon eggs in the U.S. was a market need and SalmoGen has arrived to fill it. The company is the result of an investment partnership between Walton-backed investment firms Cuna Del Mar and Builders Vision, the Penobscot Indian Nation, and Xcelerate Aqua, and is also financially supported by the Finance Authority of Maine (FAME).

Moreover, the company collaborates with some of the most experienced resources in the development of breeding programs both in the United States and abroad. U.S. partners include the universities of Maine, Idaho, and Maryland, as well as resources from the USDA, a strategic genetic partner that has been the source of the Maine Atlantic salmon strain. Center for Aquaculture Technologies, Innovasea, and Xcelerate Aqua are strategic development partners.

Cuna del Mar, Builders Vision, Penobscot Indian Nation and Xcelerate Aqua, backers of SalmoGen

Cuna del Mar had been contemplating an Atlantic salmon broodstock opportunity for years. The also Walton-backed investment firm Builders Vision - specializing in impactful companies that contribute to ocean health and sustainable food production, including aquaculture - was impressed by the company's social and environmental profile.

The Penobscot Indian Nation, meanwhile, has long been interested in aquaculture - they have also written a letter of recommendation for Marianne Naess' Katahdin Salmon project - and saw this project as a good fit for Indian Island. In their view, SalmoGen can not only be part of the solution for future aquaculture development in the U.S., but it also helps them expand their commitment to returning wild salmon to the Penobscot River.

The fourth partner, Xcelerate Aqua was also pleased to be part of an initiative that addresses a long-term need of the U.S. aquaculture industry and also a U.S. effort with many strong players involved. Not surprisingly, at the time of announcing the birth of Xcelerate Aqua both he and his partner, Marianne Naess, said that their goal was to create and invest in companies that pursue smart and efficient aquaculture growth.

Now, Xcelerate Aqua's managing partner, Erik Heim, says the breeding strategies employed at SalmoGen lead the way for the development of traits that will appeal to producers.

Asia and North America, key markets

"Broodstock has been under company development since early 2023," Erik Heim told WeAreAquaculture. The company has been developing broodstock since last year at two partner locations. SalmoGen's breeding facility is being developed on Penobscot Trust Lands in Maine in partnership with the Penobscot Indian Nation.

Just today, the first vaccination was carried out there. According to the company's LinkedIn page, up to 8000 fish have been vaccinated. In the first stage, the company's production capacity will be 25 million eggs per year, and the first product in the market is scheduled for 2027.

Its breeding development emphasizes performance in land-based systems, with both the U.S. and international markets in mind, but in conversation via email, Heim confirmed to WeAreAquaculture that the company is not locked into land-based systems alone.

Although created to produce Atlantic salmon eggs from the United States and in the United States, Erik Heim also commented that "sales will be international from day one," and confirmed his main destinations. "Asia and North America are key markets," he told us. The Xcelerate Aqua Managing Partner also said that SalmoGen has already entered into dialogue with its first interested customers.