The company grows salmon that have been genetically modified in a bid to improve their growth rates and reduce the time from hatch to harvest to 18 months © AquaBounty
The recirculating aquaculture facility has been growing AquaBounty’s genetically modified AquAdvantage salmon since 2019 and has a capacity to produce 1,200 tonnes a year. However, the company now says that it will prioritise the construction on its 10,000 tonne capacity Ohio farm site, which is roughly 30 percent completed, as the projected costs have been increasing to nearly $500 million.
Sylvia Wulf, chief executive officer of AquaBounty said in a press release: “We have been focused on securing funding for our near and long-term needs, so we can continue to pursue our growth strategy. Making the decision to sell our Indiana farm was a difficult one for us. We have built a strong operation there with a passionate and experienced team, and I want to take this opportunity to express my gratitude to our team members in Indiana for the job they have done over the last eight years to transform the facility and create a well-run operation. Our focus will be on harvesting the remaining GE Atlantic salmon for sale over the coming months to ready the farm for a new owner.
“We are proceeding to pursue additional funding across multiple financing alternatives with the goal of securing our cash requirements in the coming months.
“As always, I look forward to providing my fellow stockholders with an update in the near future.”
