BlueNalu has signed a lease for an expansion to its administrative, R&D and manufacturing space with a new facility in San Diego that is more than 38,000 sq. feet - a six-fold increase over the current space.
The larger facility will include a pilot-scale food production plant that will be designed for the commercial production of BlueNalu's various cell-based seafood products - including mahi mahi, red snapper, tuna and yellowtail - in its initial test markets.
The new location will also feature the first BlueNalu kitchen and demonstration space, providing up-close-and-personal culinary experiences with cutting-edge chefs and sustainable seafood ambassadors, as well as a peek into BlueNalu's production process.
Its products are designed to have the same taste, texture, and performance as conventional seafood in all cooking and preparation methods. BlueNalu recently demonstrated that its yellowtail product had the same culinary characteristics as conventional yellowtail in all preparation applications, with the ability to be prepared in the raw form, cooked form (seared, grilled, broiled, fried, and microwaved), and prepared via acidification (eg in ceviche, poke, and kimchi applications).
"The announcement of this new facility is an exciting milestone for BlueNalu, as it is our intent to launch our products in the marketplace during the second-half of 2021," said Lou Cooperhouse, CEO of BlueNalu.
"I am also pleased today to announce the hiring of Amir Feder as our CFO, who will work closely with me on investor relations, corporate governance and our long-term corporate strategy," he added.
Feder has an extensive background in corporate finance with more than 20 years of experience supporting founder-led innovative organisations through rapid development, including in the tech, media, entertainment and real estate industries.
"I am thrilled to join the BlueNalu team as CFO. It is a privilege to participate in this dynamic and market-disrupting company and fulfill BlueNalu's vision to positively impact global food security, ocean conservation and human health through innovation," said Feder.
"With our new larger facility and the impressive developments in our technology, this initiates phase three of our five-phase commercialization strategy. It is an exciting time as we are leading a new category of food innovation and poised for a successful market launch."
BlueNalu has also recently expanded its team in its project management, technology, product development, and engineering areas, and anticipates doubling its staff to approximately 50 team members during the next 9-12 months.
Major investment
BlueNalu's new facility and the expansion of its team follows recent news regarding the completion of its $20 million Series A round of financing. The company has attracted investors from 11 nations to date, originating from Asia, Europe, the Middle East, and North and South America. BlueNalu has also attracted strategic investments from Griffith Foods, a global product development partner to the food industry; Nutreco, a global leader in animal nutrition and aquafeed; Pulmuone, a global leader in healthy lifestyle and sustainable food products; Rich Products Ventures, the corporate venture arm of Rich Products Corporation, a leading multinational supplier of food products; and Sumitomo Corporation of America.
