British company invests in Canadian Blue Lion Labs.
In a statement on the London Stock Exchange, OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, has invested CAD 300,000 (EUR 204,000) equity investment in Blue Lion Labs.
The Canadian data management and software company developing solutions to multiple water-quality challenges, including real time monitoring of harmful organisms in water.
Following completion, OTAQ will hold approximately 10 per-cent of Blue Lion’s issued ordinary share capital.
OTAQ also develops SealFence, a deterrent system designed to deter seals and sea lions from salmon farms.
The two company’s have signed cooperation and licensing agreements which will allow OTAQ to incorporate Blue Lion’s specialty in artificial intelligence technology to analyse plankton monitoring data at fish farms.
This will build on and accelerate the development of the OTAQ’s own plankton/algae bloom early detection system, with a view to achieving commercialisation within the next 18 months. As part of the agreement, OTAQ’s CEO, Phil Newby, will take a seat on the board of Blue Lion and will help to support its growth.
The company is continuing to acquire and invest in small and medium-sized marine technology companies to take “advantage of the continuing growth in the salmon farming and aquaculture industry”.