Poseidon designs clean-tech systems for the aquaculture industry.
Poseidon Ocean Systems Ltd.
Canadian aquaculture technology firm Poseidon Ocean Systems has secured CAD 20 million (around EUR 13.5m / USD 14.7m) in backing from Export Development Canada (EDC), a move the company says will support wider deployment of its aquaculture technologies and increase its manufacturing capacity.
EDC, a federal financial Crown corporation, provides Canadian exporters with financing and advisory support intended to reduce risks and facilitate global growth. Guillermo Freire, Senior Vice President of EDC’s Mid-Market Group, said the agency viewed the company’s systems as part of a broader shift towards cleaner aquaculture.
“Poseidon’s innovative aquaculture technology is helping fish farmers worldwide boost yields while significantly reducing their carbon footprint,” he said, arguing that “Poseidon’s solutions not only relieve pressure on wild fisheries but also position Canada as a hub for clean-tech aquaculture exports."
The company said the funding will help it respond to increasing demand for fish welfare technologies with systems that can be deployed rapidly.
The aquaculture technology specialist also indicated the funds would support improving efficiency of its existing oxygenation and life support equipment while further developing sector-specific solutions that contribute to an "integrated end-to-end life support system" for aquaculture.
Announcing the news in LinkedIn, Poseidon highlighted the Chilean market as particularly significant.
"In Chile, Poseidon is fast becoming the go-to provider for on-site end-to-end fish life support systems combining aeration and oxygenation, thanks to the quality, reliability, and cutting-edge innovation of our solutions. This market trust reflects our dedication to deliver technologies that protect fish populations, enhance operational efficiency, and contribute to a more sustainable industry," the company said.
Founded in Campbell River in British Columbia, Poseidon Ocean Systems now operates in markets including Chile, Scotland, Norway and Australia. Last year, the company announced it had secured CAD 20.75 million in a Series B funding round, as well as formalising a distribution agreement with Norwegian aquaculture technology firm Fjord Miljø to reach new customers in Norway.
