In July, the company announced a deal with Mowi Canada West to trial its technologies at the company’s Monday Rock salmon farm off Vancouver Island.
Vancouver-based aquaculture technology company Poseidon Ocean Systems has secured $20.75 million in Series B financing, led by sustainability focused venture capital fund Ecosystem Integrity Fund (EIF), with participation from InBC Investment Corp. and additional support from Export Development Canada.
The financing aims to bolster Poseidon’s manufacturing capacity and facilitate the growth and delivery of their Life Support Systems and Hybrid Sea Cage Systems, designed for salmon farming operations.
These technologies aim to enhance yields, lower operating costs, and improve environmental outcomes.
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Poseidon’s aquaculture technologies include the “Flowpressor” and “Oxypressor” systems, which produce a high rate of oxygen flow, and the patent-pending “Depth Charge” system, which fully dissolves supplied oxygen into the water. This ensures continuous availability of oxygen for the fish while maximizing efficiency and reducing energy consumption and emissions.
With customers including major salmon farmers globally, the funding will enable Poseidon to deepen relationships with Canadian, Chilean, and UK farmers, and explore new markets.
In July, the company announced a deal with Mowi Canada West to trial its technologies at the company’s Monday Rock salmon farm off Vancouver Island.
Poseidon equipped the salmon farming giant’s site with a 15-meter-deep barrier shield, along with perimeter air bubble curtains, oxygen systems, and real-time environmental monitoring technology. These shields aim to shield the farm from the surrounding environment and maintain optimal growing conditions for the fish.
Jamie Gaskill, Chief Executive Officer of Poseidon, views this funding as pivotal for targeting business growth areas and enhancing manufacturing capabilities to meet evolving environmental and regulatory demands.
“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,” said Gaskill.
Fort Capital Partners served as financial advisors, while CR Lawyers LLP and Whiteboard Law provided legal counsel to Poseidon in the Series B financing.
