A novel way to harvest seafood whilst protecting fragile ocean habitats and carbon sinks is a step closer thanks to investment from the Ocean 14 Capital Fund.
Norwegian technology and seafood company, Ava Ocean, has been awarded up to €10 million to help the company take its non-invasive harvesting gear for species such as scallops and sea cucumber to international markets.
Chris Gorell Barnes, co-founder of Ocean 14 Capital called the investment in Ava Ocean ‘significant’. “The global export market for scallops is worth an estimated US$2.5 billion,” he said, “but most of the scallop fishing industry uses dredging methods which have a devastating effect on seabed ecosystems and biodiversity.
“The technology developed by Ava Ocean can be rolled out on a global scale and could put an end to harmful seabed practice forever.”
Bottom-dwelling species are most commonly harvested through dredging but this practice harms the seabed and surrounding ecosystems and has been banned in Norway for the past 30 years.
Ava Ocean has developed technology which combines a smart water-flow system with camera technology to precision-pick target seafood, leaving the seabed and bycatch unharmed.
After trials with the Norwegian Institute for Marine Research, the Norwegian government granted Ava Ocean the first licence to harvest Arctic Scallops in the Barents Sea in more than three decades.
“The global potential for our solution is immense,” said Øystein Tvedt, chief executive, Ava Ocean. “With the support of the Ocean 14 Capital Fund, along with our existing investors, we are well-positioned to scale our operations for international growth and to further develop our innovative solution.”
The Ocean 14 Capital Fund, which is working to clean up the world’s oceans, has so far raised €160 million, smashing its target of €150 million.
Other interests for the fund include shrimp-breeding technology specialist, SyAqua, Brazil-based tilapia producer, Tilabras and Dutch yellowtail producer, The Kingfish Company.
