EIB Backs Oceanloop’s Sustainable Aquaculture Expansion with €35 Million Investment in Land-Based Shrimp Farming
(IN BRIEF) The EIB has provided Oceanloop with a €35 million loan to support the expansion of its sustainable shrimp farming technology, allowing the company to grow operations in Germany and establish a large-scale farm in Gran Canaria. This investment aligns with EU sustainability goals and supports Oceanloop’s mission to offer a high-quality, climate-friendly alternative to imported seafood.
(PRESS RELEASE) LUXEMBOURG, 7-Nov-2024 — /EuropaWire/ — Munich-based food-tech company Oceanloop has secured a €35 million loan from the European Investment Bank (EIB) to scale up its innovative, sustainable aquaculture technology. This EIB venture-debt investment, backed by the European Union’s InvestEU guarantee programme, will support Oceanloop’s plans to expand operations in Germany and establish a large-scale shrimp farm in Gran Canaria, Spain. Oceanloop’s approach provides a high-quality, eco-friendly alternative to imported seafood, allowing for controlled, land-based shrimp farming through its recirculating aquaculture system (RAS).
The funding will drive two major projects: Oceanloop will expand its Kiel R&D facility’s annual capacity from 5 tonnes to 60 tonnes and construct a 2,000-tonne annual capacity shrimp farm in Gran Canaria. Established in 2012, Oceanloop supplies sustainable, traceable shrimp to restaurants and supermarkets through its sister company, Honest Catch. The company’s technology integrates computer vision and AI for real-time monitoring, enhancing animal welfare and resource efficiency.
With shrimp being the world’s most farmed seafood species and the EU largely reliant on imports, Oceanloop’s modular, scalable aquaculture systems help meet demand for climate-friendly protein. The company’s circular economy approach includes waste reduction and renewable energy generation, aiming to minimize environmental impact.
EIB Vice-President Nicola Beer highlighted the importance of Oceanloop’s innovations in meeting sustainable food demands, saying, “Their technology provides new ways to produce eco-friendly seafood on land, reducing water use and CO2 emissions.” CEO Fabian Riedel noted that EU support helps Oceanloop bring its sustainable aquaculture solution to an industrial scale, addressing risks in global seafood supply chains due to overfishing and climate change.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Its key priorities are climate and the environment, development, innovation and skills, small and medium companies (SMEs), infrastructure and cohesion. It works closely with other EU institutions to foster European integration, promote the development of the European Union and support EU policies in more than 140 countries worldwide.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.
Oceanloop is an aquaculture technology company with two innovative operational land-based shrimp farms in Munich and Kiel, Germany. Oceanloop farms enable the production of high-quality, antibiotic-free and sustainable seafood proteins anywhere in the world. The Oceanloop platform technology is species-independent, modular, software-controlled and scalable. Oceanloop significantly reduces its use of resources and environmental footprint compared to conventional farms. As a worldwide pioneer in recirculating aquaculture technology, Oceanloop’s vision is to build sustainable land-based fish and shrimp farms around the world and thus contribute to the decarbonization of the food industry.
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Publish date : 2024-11-07 05:35:00
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