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Seaweed-for-feed company raises £6 million

Biotechnology Feed ingredients Seaweed / Macroalgae +7 more

Ocean Harvest Technology, which produces animal feed additives from seaweed blends, has listed on the Alternative Investment Market (AIM), raising £6 million in the process.

Ocean Harvest Technology sources much of its seaweed from Vietnam

After processing, the seaweed is used as an ingredient in feeds for a number of species, including shrimp and salmon

Ocean Harvest Technology was founded in 2005 on the belief that an investment in research and development would result in the ability to create seaweed ingredients that would deliver a number of specific benefits across multiple animal species, based on the polysaccharides and other bioactive ingredients present in particular species of seaweeds.

The company delivered product revenue of €2.5 million in 2022, a 67 percent increase on the prior year, and says that it continues to see strong demand for its products.

“The company has a market leading position in a multi-billion dollar market with substantial barriers to entry. The directors remain confident in achieving further significant revenue growth in 2023 and look forward to driving further commercial progress across the group,” it stated in a press release.

Mark Williams, CEO, Ocean Harvest Technology, added: “Today’s listing is an important milestone for Ocean Harvest Technology and will assist the rapid growth of the group. The funds raised will enable the group to continue to strengthen its global sales team and build out its supply chain. We will also continue to invest in R&D to innovate and enhance our existing customer offering in the fast growing markets the group operates in."

Since its establishment, the group has been building a portfolio of intellectual property and has had commercial success in selling its products as ingredients to improve the efficiency, profitability and sustainability of the animal feed chain, by delivering improvements in animal gut health.

It has also focused on the growth of its global seaweed supply chain. Harvested seaweeds are transported to the group’s facility in Vietnam where they are processed into OceanFeed feed ingredients for multiple species of animals. The directors estimate that the group has spent over €20 million to date in R&D and commercialising its products.

The company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam and has a team of over 40 full-time employees.

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