© Ocean Rainforest
Triodos’ investment into the Faroese seaweed farming industry - the group’s first investment into the sustainable aquaculture industry - raises the total capital raised by Ocean Rainforest to € 2.5 million. Other notable shareholders include Katapult Ocean, Twynam, and WWF.
Founded in 2007, Ocean Rainforest was ahead of the curve, seemingly anticipating the massive boom in global seaweed production that was to come in the following years. Driven by the idea that growing seaweed in the ocean would take up CO2 and mitigate climate change, cultivation began in 2013 after years of research and trials. Today the company employs 25 people and expects to produce 400 tonnes of seaweed biomass by the end of 2024, making it the largest cultivated seaweed producer in Europe.
“Ocean Rainforest addresses three impact pillars: from an environmental perspective, cultivating seaweed at scale is associated with significant enhancement of marine biodiversity and water quality. Seaweed-based fertilisers and animal feed also contribute to the sustainable agriculture transition. From a consumer perspective, consumption of seaweed-based products improves the digestive system and brings anti-inflammatory and other benefits,” said Adam Kybird, fund manager at Triodos, in a press release.
“Finally, from a socio-economic perspective, the company creates positive impact for coastal communities, creating jobs and positioning the Faroe Islands at the forefront of sustainable seaweed cultivation,” he added.
Ocean Rainforest has also begun to expand its reach, cultivating giant kelp in Santa Barbara, California, as part of a research and development project. The company recently applied for permission to transition this to commercial cultivation.
“We see the investment by Triodos Food Transition Europe Fund as a confirmation of our business strategy and our purpose to improve people’s wellbeing and make a unique contribution to our blue planet. With the funding provided by Triodos we will be able to further scale our production and capitalise on the huge potential of this global growth market while contributing even more to our sustainability goals,” said Olavur Gregersen, Ocean Rainforest co-founder and chief executive.
