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Current annual production capacity at its Kingfish Zeeland facility is 1,500 tons of high quality and high-value yellowtail kingfish.

The Kingfish Company Raises €32M for Completion of Phase 2 and Path to Profitability

  (NETHERLANDS, 7/26/2023)

The Kingfish Company N.V. has successfully raised EUR 32 million in an unsecured convertible loan. The Company experienced significant support and interest from both existing shareholders and new investors to participate in the Convertible Loan. The majority of the Convertible Loan is allocated to existing key shareholders, while EUR 11 million will be allocated to the sustainability-focused Ocean 14 Capital Fund on the key terms and conditions set out below.

Expansion is underway and capacityin the Netherlands is expected to reach 3,500 tons. Kingfish Maine is now fully permitted by local, state and federal regulatory agencies.

Ocean 14 is an impact fund investing in venture and growth companies and technologies that offer sustainable solutions for the ocean. The Ocean 14 team has over 25 years of aquaculture industry experience including significant experience with RAS technology, further complementing the Company’s list of reputable investors.

 
The Kingfish Company's operation sets a new bar for sustainability practices, using only the highest grade sustainable feed, or growing itsYellowtail antibiotics free in pure optimal conditions; providing the natural pristine environment required to produce the highest quality of healthy and sustainable premium fish.

The net proceeds from the Convertible Loan shall be used for the purpose of making the Company’s operations cash-positive and finance completion of the Company’s expansion of production capacity in its facilities in Zealand, the Netherlands (“Phase 2”), as well as general corporate purposes.

The background and rationale for the Convertible Loan is described in the Company’s annual report for 2022 and the business update presentation published on April 20, 2023, stating that the Company aims to strengthen its liquidity position by raising additional equity or debt during 2023.

 Vincent Erenst.

“The successful placement of the Convertible Loan will secure the completion of Phase 2. We are in the process of more than doubling our production capacity to meet the increasing demand for Dutch Yellowtail. The proceeds from the Convertible Loan will provide full funding for the expansion until we reach positive cash flow from operations and sustainable profitability,” said Vincent Erenst, Chief Executive Officer of the Kingfish Company.

“Production in the first of two grow-out systems in Phase 2 began in May 2023. The new facility has been running very well since the start and we are proud to have increased biomass by more than 100 tons in just over one month time. This is a testament to the advanced design and the skills of our team.”, said Mr. Erenst.

According to the revised project plan and timeline, the harvest volume from the farm in Zeeland will start to increase in the first quarter of 2024. Steady state production is expected in the course of 2025. Estimated capex for Phase 2 remains unchanged at EUR 95 million.

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high-value yellowtail kingfish. Expansion is underway and capacityin the Netherlands is expected to reach 3,500 tons. Kingfish Maine is now fully permitted by local, state and federal regulatory agencies.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

Solar panels on the roof of the Kingfish Zeeland site in Kats, The Netherlands.

The Kingfish Company’s main product at present, the yellowtail kingfish (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

To read the key terms of the convertible loan click here.

Source: The Kingfish Company

Previous News

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Information of the company:
Address: Oost-Zeedijk 13
City: Kats
State/ZIP: (4485 PM)
Country: Netherlands
Phone: +31 (0) 113 74 54 61
E-Mail: [email protected]
More about:


Location:


Approval / Accreditation / Certified / Oversight by...
E.U.  SGS  BAP/Best Aquaculture Practices  ASC-Aquaculture Stewardship Council 



 


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