AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announces the
selection of Innovasea as the Recirculating Aquaculture Systems
(“RAS”) technology provider for its planned 10,000 metric ton farm
(“Farm 3”).
AquaBounty is pleased to announce the selection of
Innovasea, a global leader in advanced aquatic solutions for
aquaculture, as its RAS technology provider for Farm 3 and plans to
leverage Innovasea’s suite of solutions encompassing facility
design and equipment supply. Innovasea is a U.S.-based company
familiar with U.S. markets and regulations and has been designing
and building energy efficient, sustainable water treatment systems
for more than 25 years, providing solutions to optimize growing
conditions year-round regardless of facility location. Their
collaborative approach focuses on meeting the customer’s unique
requirements to address their specific needs.
As a further update on Farm 3, the Company
continues to make progress on the design and engineering work for
the facility, and based on advanced discussions with both its
technology provider and engineering firm, the Company now expects
the total build cost for Farm 3 will be in the range of $140 to
$175 million. The Company continues to expect construction to begin
in 2021 and anticipates the farm will be ready to commence
commercial production in 2023.
“We are pleased to announce Innovasea as our RAS
provider for Farm 3, combining best-in-class technology with our
experienced, passionate team,” said Sylvia Wulf, Chief Executive
Officer of AquaBounty. “Innovasea is a leader in the industry,
combining deep expertise in implementation with intelligent,
connected RAS technology used in tier-1 installations globally.
Leveraging their RAS solutions and our AquAdvantage salmon, we
believe we are building a next-generation, highly productive
facility that will serve as a model for the industry.”
“In addition, though we previously identified
Mayfield, Kentucky as our leading site for Farm 3, our subsequent
confirmatory diligence has indicated that an alternate top site may
be superior. The Commonwealth of Kentucky has been a tremendous
partner in this process, and one of our alternate sites is located
there. Our rigorous selection process has allowed us to
pursue two additional sites located in the Midwest to ensure we
have the optimal location for our farm,” added Wulf.
“Operationally, we continue to execute upon our
milestones, and I am proud of the AquaBounty team for the progress
they have made in 2020. With conventional salmon harvests on-going
and final preparations for the commercial harvest of AquAdvantage
salmon underway, I firmly believe we are in a better position than
at any time in our corporate history. I look forward to providing
our shareholders with updates on a revised Farm 3 location, first
harvest of AquAdvantage and more to come in the near-term,”
concluded Wulf.
About Innovasea
Fueled by leading-edge technology and a passion for
research and development, Innovasea is revolutionizing aquaculture
and advancing the science of fish tracking to make our oceans and
freshwater ecosystems sustainable for future generations. With 250
employees worldwide, Innovasea provides full end-to-end solutions
for fish farming and aquatic species research – including quality
equipment that’s efficient and built to last, expert consulting
services, and innovative platforms and products that deliver
unrivaled data, information and insights.
Learn more at Innovasea.com and follow Innovasea on
LinkedIn and Twitter.
About AquaBounty Technologies,
Inc.
AquaBounty Technologies, Inc. (Nasdaq: AQB) is a
leader in the field of land-based aquaculture and the use of
technology for improving its productivity and sustainability. The
Company’s objective is to ensure the availability of high-quality
seafood to meet global consumer demand, while addressing critical
production constraints in the most popular farmed species.
The Company’s AquAdvantage fish program is based
upon a single, specific molecular modification in fish that results
in more rapid growth in early development. With aquaculture
facilities located in Prince Edward Island, Canada, and Indiana,
USA, AquaBounty is raising its disease-free, antibiotic-free salmon
in land-based recirculating aquaculture systems, offering a reduced
carbon footprint and no risk of pollution of marine ecosystems as
compared to traditional sea-cage farming. For more information,
please visit www.aquabounty.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995, as amended, that involve significant risks and
uncertainties about AquaBounty, including the selection of
Innovasea as its RAS technology provider, our ability to execute an
agreement with Innovasea, expected build costs for Farm 3, the
anticipated date for the beginning of construction of Farm 3, and
the anticipated date on which Farm 3 will be ready to commence
commercial production, the performance of our existing and future
facilities, and statements related to our selection of a site for
Farm 3, our operational milestones, fish harvests and the timing of
future updates. AquaBounty may use words such as “expect,”
“anticipate,” “project,” “intend,” “plan,” “aim,” “believe,”
“seek,” “estimate,” “can,” “focus,” “will,” and “may” and similar
expressions to identify such forward-looking statements. Among the
important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are risks relating to, among other things, whether or not
AquaBounty will be able to raise capital, market and other
conditions, AquaBounty’s business and financial condition, and the
impact of general economic, public health, industry or political
conditions in the United States or internationally. For additional
disclosure regarding these and other risks faced by AquaBounty, see
disclosures contained in AquaBounty’s public filings with the SEC,
including the “Risk Factors” in the company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q, particularly those
concerning the difficulty associated with estimating build costs
and the risks that additional costs could cause our total build
cost estimates to be higher than expected, our reliance on third
party service providers, our limited experience constructing,
ramping up, and managing large, commercial-scale facilities, the
effects of the COVID-19 pandemic, and our need for substantial
additional capital to fund our business and development of our
farms. You should consider these factors in evaluating the
forward-looking statements included in this press release and not
place undue reliance on such statements. The forward-looking
statements are made as of the date hereof, and AquaBounty
undertakes no obligation to update such statements as a result of
new information, except as required by law.
Company Contact:AquaBounty
TechnologiesDave ConleyCorporate Communications(613) 294-3078
Investor Relations:Greg Falesnik
or Luke ZimmermanMZ Group - MZ North America(949)
259-4987AQB@mzgroup.us
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