Land-based salmon farming pioneer and loss-making biotech company to establish joint venture on by-products.
Atlantic Sapphire and Hofseth Biocare (HBC) announce today the signing of a Letter of Intent to establish a joint venture in Miami, Florida. The intention of the JV is to build and operate a facility in Miami to produce valuable by-products from salmon off-cuts supplied by Atlantic Sapphire.
HBC’s proprietary intellectual property will be leveraged to produce refined products such as salmon oil, proteins and calcium products for the feed, pet and human consumption market.
“Utilizing the whole fish has been our vision since we founded HBC in 2009 and with our plants in Norway now running at stable, high volumes, a joint venture with Atlantic Sapphire is a right step in the direction of being a global producer of nutrition from fish off-cuts. Over the last couple of years, we have built unique IPR and competence ready to be applied both in different parts of the world and on different species,” Roger Hofseth, CEO of HBC, said.
“Refining Atlantic Sapphire salmon off-cuts on-site into high quality products ensures that 100% of Atlantic Sapphire salmon is processed into value-added products. This development aligns with Atlantic Sapphire’s vertical integration and sustainability strategy. We see a large potential in developing the US market”, said Johan Andreassen, CEO of Atlantic Sapphire.
Atlantic Sapphire and HBC aim to enter into a definitive agreement in Q1 2020, begin limited production in Q4, 2020 and increase output once Atlantic Sapphire begins 20,000t (HOG) annual production.