European food fund invests in seaweed processor Ocean Rainforest

Triodos Food Transition Europe Fund has taken a minority equity stake in Ocean Rainforest, a Faroe Islands-based sustainable seaweed grower and processor.

Thanks to several shareholders and investors, Ocean Rainforest's accumulated capital amounts to €2.5 million. Among them are Grantham Foundation, Builders Vision, Katapult Ocean, Twynam, and WWF.

This is Triodos' first investment in the sustainable aquaculture sector. The fund has identified a market with global growth potential due to seaweed's positive impact on biodiversity and its carbon capture capacity.

"From a consumer perspective, consumption of seaweed-based products improves the digestive system and brings anti-inflammatory and other benefits. Finally, from a socio-economic perspective, the company creates positive impact for coastal communities, creating jobs and positioning the Faroe Islands at the forefront of sustainable seaweed cultivation," Adam Kybird, Fund Manager of Triodos Food Transition Europe Fund, explained.

Moreover, Olavur Gregersen, CEO and co-founder of Ocean Rainforest indicated: "We see the investment by Triodos Food Transition Europe Fund as a confirmation of our business strategy and our purpose to improve people's wellbeing and make a unique contribution to our blue planet."

About Ocean Rainforest

Founded in 2007, Ocean Rainforest envisioned a massive global demand for sustainable seaweed grown in the ocean that could capture CO2 and mitigate climate change.

After trials and research, the company began cultivating in 2013. Now, it has 25 employees and expects to produce 400 tons of seaweed biomass in 2024 (240 tons in 2023).

As the largest producer of cultivated seaweed in Europe, its market niches include cosmetics, food ingredients, animal feed, bio-stimulants, and nutraceuticals.

WeAreAquaculture spoke to Ocean Rainforest CEO Olavur Gregersen about building up his pioneering seaweed company, and how he sees the future of the seaweed industry worldwide.

In addition to its activities in the Faroe Islands, Ocean Rainforest grows giant kelp in the US offshore Santa Barbara, California under the first R&D permit for seaweed cultivation in federal US waters.