The former AquaBounty on Prince Edward Island facility, now vacant, as acquired by Kelly Cove Salmon.
Photo: Cooke.
Canadian salmon giant Cooke announced yesterday that it has taken over the operations of the defunct AquaBounty Canada Inc. in Prince Edward Island (PEI). It has done so through its subsidiary, Kelly Cove Salmon (KCS) - Cooke's Atlantic Canadian salmon farming division - which will be responsible for managing the operations following the acquisition.
As a first step, KCS has already rehired seven of AquaBounty's former employees, who had been laid off following the hatchery's closure announced in December 2024 due to a lack of financial liquidity, which included a reduction in the workforce and the exit of several senior management members.
In announcing the acquisition, Cooke has remarked that, although AquaBounty focused on land-based biotech farming and was best known for the development of its Genetically Engineered (GE) salmon, it does not farm or sell any GE seafood products and has no plans to do so with this acquisition.
"Cooke supports transparency for consumers and has 'egg to plate' traceability capability to demonstrate the origin of its product," the release stated.
According to the statement, Kelly Cove Salmon intends to produce large smolts for stocking its existing ocean salmon farming sites in Atlantic Canada. For that aim, it will rely on AquaBounty's assets, which include a series of four buildings on Prince Edward Island, including a hatchery facility with modern egg incubation and a high-tech laboratory in Bay Fortune.
In addition, assets include another modern hatchery at Rollo Bay, a new large recirculating aquaculture facility (RAS), and a second unfinished building to house another large RAS unit, which KCS has already announced it intends to complete.
"Our freshwater science and fish health team will take the necessary time to thoroughly assess the capabilities of these newly acquired R&D and fish rearing facilities," Glenn Cooke, CEO of Cooke Aquaculture Inc., explained.
"This evaluation will include a detailed analysis of the infrastructure, resources, and expertise. Hybrid systems involving a mix of efficient land-based hatcheries and ocean farming are the responsible and sustainable way to grow local salmon for food," he continued.
In doing so, the Canadian family-owned company further reinforces its assets to the growing trend in salmon farming to invest in what is commonly referred to as post-smolt to improve the sustainability of operations. Releasing larger smolts to the sea increases productivity, increases survival rates, and generally improves the welfare of the fish.
The post-smolt bred at the former AquaBounty facility in Bay Fortune, PEI, will join Kelly Cove Salmon to be grown in Bayside, New Brunswick. After years of pursuit, Cooke got the green light to move forward with the construction of this post-smolt Atlantic salmon aquaculture facility in April 2023.
In addition to these two hatcheries in Prince Edward Island and New Brunswick, Cooke has farming operations with expansion plans in Nova Scotia and, also in PEI, it has operated its True North Salmon smoked salmon processing plant in Charlottetown since 1997.
Thus, in its release, Cooke noted that this strategic acquisition through KCS marks a significant milestone in its ongoing commitment to invest in Atlantic Canada to expand operations, create local jobs, and promote the sustainability of the aquaculture industry through innovation and technology. Something that has been welcomed by local authorities.
"Our community is delighted to see a family seafood company known for its investments in rural coastal areas and its provision of stable, year-round employment acquire these assets," said Souris-Elmira MLA, Robin Croucher, Minister of Education and Early Years. "It's fantastic to see Cooke expanding its presence on PEI, taking over these operations, and preserving jobs."
"Our government recognizes that the sustainable development of both the aquaculture and shell fishing industries is essential to the prosperity of PEI, especially our rural communities. We are pleased to see a strong organization doing business in PEI and helping grow our island's world-class reputation in the seafood sector," added Zack Bell, Minister of Fisheries, Tourism, Sport and Culture.
Regarding its plans for Prince Edward Island, Kelly Cove Salmon added that, in addition to raising large smolts at Bay Fortune, it also plans to begin utilizing a new shipping route via well boat at the Port of Souris.
This port, one of the largest in PEI, is home to a commercial fishing fleet of 40 vessels and offers safe unloading and berthing for more than 15 transient fleets, in addition to an ice factory, water and electricity services.
Moreover, it also houses the Centre for Aquaculture Technologies Canada, which occupies 22,000 square feet of the facility, where it conducts R&D and contract research (fish health, nutrition, molecular biology, etc.) for the aquaculture industry.
"We are thrilled to have KCS establish new vessel operations at the Port of Souris," said Andy Daggett, General Manager of Souris Harbour Authority Inc. "This will further strengthen our working waterfront and enhance our community's economic vitality."
"The addition of KCS's operations not only brings new opportunities for local businesses but also reinforces our commitment to supporting the maritime industry," added Peter Warris, Executive Director of the Prince Edward Island Aquaculture Alliance which represents local farmers of the sea. "We look forward to a prosperous partnership that will benefit the entire island."
