BREAKING NEWS – Kingfish raises €32m to wrap up Dutch expansion
Land based fish farmer the Kingfish Company announced today it has successfully raised €32m euros (£27.4m) through a convertible loan. The funds will partly be used to complete the expansion of the group’s facility in the Netherlands.
The yellowtail kingfish producer said it had received significant support and interest from both existing shareholders and new investors participating in the loan issue.
Most of the convertible loan is allocated to existing key shareholders, while €11m (£9.4m) will be allocated to the sustainability-focused Ocean 14 Capital Fund (“Ocean 14”) on a number of key terms and conditions.
Ocean 14 is an impact fund investing in venture and growth companies and technologies that offer sustainable solutions for the ocean.
The Kingfish Company said: “The Ocean 14 team has over 25 years of aquaculture industry experience including significant experience with RAS technology, further complementing the Company’s list of reputable investors.”
The business, which is also building a large yellowtail farm on the US East Coast, said the net proceeds will be used to make the company’s operations cash-positive and finance completion of its expansion of production capacity in operations in Zeeland, in the Netherlands.
CEO Vincent Erenst said: “We are in the process of more than doubling our production capacity to meet the increasing demand for Dutch yellowtail.
“The proceeds from the convertible loan will provide full funding for the expansion until we reach positive cash flow from operations and sustainable profitability.”
He added: “The new facility has been running very well since the start and we are proud to have increased biomass by more than 100 tonnes in just over one month’s time. This is a testament to the advanced design and the skills of our team.”
According to the revised project plan and timeline, the harvest volume from Zeeland will start to increase in the first quarter of 2024. Steady state production is expected in the course of 2025. Estimated capital expenditure (Capex) for Phase 2 remains unchanged at €95m (£81m).
Vincent Erenst
