Novo Holdings, the largest shareholder in Danish pharmaceutical heavyweight Novo Nordisk, has announced the acquisition of a majority stake in Stingray Marine Solutions, a leading aquaculture technology company based in Oslo, Norway.
Stingray, founded in 2012, makes robots that use cameras, proprietary software, and laser technology to remove sea lice from salmon.
The acquisition is Novo Holdings’ first investment in aquaculture technology through its Planetary Health Investments team, a strategic move that reflects its interest in growth sectors with sustainability at their core, according to a press release from the company.
Sea lice are a major challenge in the salmon farming industry, costing farmers between €6–7 billion annually.
“Today marks a milestone in our company history as we welcome Novo Holdings to the owner group,” said John Arne Breivik, CEO of Stingray Marine Solutions. “With a passionate interest in sustainability and biology, we are confident that Stingray will thrive and grow under Novo Holdings’ ownership, and we are excited to collaboratively deliver on our mission to develop and offer intelligent aquaculture technology that contributes to increased food production on nature’s own terms.”
Cynthia Kueppers, Partner at Planetary Health Investments, echoed this sentiment: “We’re pleased to invest in a company that not only offers an innovative aquamarine technology solution to address industry needs but also places sustainability at the forefront of its approach. The leadership team has demonstrated impressive vision and expertise, which further reinforces our confidence in the company’s future.”
Stingray Marine Solutions is expected to benefit from Novo Holdings’ global reach and resources as it continues to develop its technologies. The acquisition highlights the potential for growth in the sustainable aquaculture sector, with a focus on improving fish health and operational efficiency.
Financial details of the deal were not disclosed. DNB Markets advised Novo Holdings, while Carnegie advised Stingray and the sellers.
