US $20.75m cash injection for Poseidon Ocean Systems

Poseidon Ocean Systems, the Canadian company behind the Trident sea cage system, has completed a US $20.75m (£16.3m) capital raising exercise.

The Series B funding round was led by Ecosystem Integrity Fund (EIF) and joined by InBC Investment Corp., along with additional investment support from one of Poseidon’s existing shareholders, Export Development Canada.

Poseidon said the funds raised will expand the company’s manufacturing capacity and support growth. The company produces aeration systems and hybrid sea cage systems for fish farming, including the Trident cage system (pictured). Its customers include some of the world’s largest salmon farmers, and the funding will, the company said, enable Poseidon to continue expansion into global markets, “…deepening their relationships with Canadian, Chilean and UK farmers, and expanding into new markets”.

Jamie Gaskill, Chief Executive Officer of Poseidon said: “This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements.”

EIF Managing Partner James Everett commented: “An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries. EIF is excited to lead Poseidon’s Series B financing, as we believe the company’s innovations can play an important role in minimising environmental impact and improving fish health.  We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth.”

Fort Capital Partners acted as financial advisors and CR Lawyers LLP and Whiteboard Law served as legal counsel to Poseidon in the Series B financing.