GM salmon farmers will use credit facilty to improve its Albany, Indiana, site.
In a financial filing, AquaBounty – which is behind the outfit currently producing genetically engineered-fast growing salmon (AquaAdvantage) – reports that it has secured a USD 4 million loan from First Farmers Bank and Trust.
The loan is for AquaBounty Farms Indiana, a subsidiary of AquaBounty Farms. In June, the company celebrated the first commercial-scale harvest of conventional Atlantic salmon raised at its first farm in the United States.
AquaBounty will prepare for the first commercial harvest of its proprietary, genetically engineered AquAdvantage Salmon in the fourth quarter of 2020 at the Indiana Farm. This will be followed by the first harvest of GM-salmon at its Canada-based, Prince Edward Island Farm in the first quarter of 2021.
The AquaAdvantage USP is that it can grow faster, and AquaBounty says that its faster growth to harvest accelerates ROI in farm operations – which it says delivers 2x vs. conventional RAS salmon.