© KIME Akva
Ocean 14 Capital Fund - a Luxembourg-based private equity impact investment fund - has entered into an investment agreement with KIME Akva - a Norwegian cod farming operation. The partnership aims to establish cod aquaculture as a viable alternative to dwindling wild cod stocks, addressing the growing pressure on global fish protein supply.
Wild Atlantic cod populations in the Barents Sea face steep declines due to unsustainable fishing practices, and this is reflected in quota reductions - 20 percent in 2024 and an anticipated 25 percent in 2025. These reductions, coupled with falling global cod catches, which have dropped 42 percent over the past eight years, have driven demand for farmed alternatives to supplement wild catches. In light of this, KIME Akva's innovative approach to farming cod in its natural Northern Norway habitat offers a critical solution.
KIME Akva, headquartered in Finnsnes, has been positioning itself as a leader in the field since its establishment in 2020. The company aims to produce up to 24,000 tonnes of harvest-weight cod annually by 2030, scaling operations through the development of nine aquaculture sites and in-house juvenile production for quality assurance.
“Farming cod in their natural environment is not only profitable but also a sustainable response to the global need for fish protein,” explained Ørjan Jensen, CEO of KIME Akva. “With the support of Ocean 14 Capital Fund, we aim to lead the sector in innovation and operational efficiency while reducing reliance on wild stocks.”
The Ocean 14 Capital Fund’s investment will accelerate KIME Akva’s operational expansion while supporting sustainability initiatives, such as improving Forage Fish Dependency Ratios (FFDR) and Feed Conversion Ratios (FCR). These metrics are crucial for reducing the reliance on wild fish stocks in feed and improving overall resource efficiency.
Additionally, the partnership will explore regenerative waste production models and efforts to reduce plastic pollution in cod farming operations. These initiatives aim to address environmental concerns linked to feed production and farm energy consumption, ensuring KIME Akva’s farms align with long-term sustainability goals.
With global fish consumption rising at an annual rate of 3.0 percent - outpacing population growth - and 35.4 percent of fish stocks currently fished at biologically unsustainable levels, KIME Akva’s work represents a critical step toward meeting the global demand for sustainable seafood.
“We are excited to partner with the strong team at KIME to provide a sustainable, high-quality supplement to wild cod, stocks of which are under pressure for a variety of reasons. Through our partnership with KIME, the Ocean 14 Capital Fund gains a foothold in the most efficient operator, with a well-structured team and leadership, in a market that is rapidly intensifying,” concluded Max Holtzman, Principal at Ocean 14 Capital.
