Dundee-based Ace Aquatec, the aquaculture technology company, has secured an investment from cleantech investor Earth Capital Limited (ECL) to grow its current portfolio of products and markets.
Ace Aquatec said ECL joins existing investors Aqua-Spark, one of the biggest blue growth investment funds, “with a shared mission to move the aquaculture industry towards more healthy, sustainable, and affordable production.”
Ace Aquatec specializes in acoustic systems for marine and aquaculture application and electric stunning systems for fish farms.
“The group will benefit from ECL’s experience and support with senior investment manager, Bradley Jones, joining the Ace Aquatec board,” said the Dundee firm.
Wider changes to the Ace Aquatec board see Chris van der Kuyl appointed chair and Nina Santi joining the board as a non-exec director.
Van der Kuyl is principal of existing investor Chroma Ventures and Nina Santi is also a senior advisor at INAQ AS, a business strategy advisory firm specialising in the seafood industry.
The Dundee firm has raised more than £10 million since its series A investment with Aqua-Spark and Chroma Ventures.
Ace Aquatec has offices in Scotland, Norway, Canada, and Chile, and is now a team of 30.
ECL’s Jones said: “We are excited to be partnering with Ace Aquatec, a key player in the aquaculture industry, on the next stage of its development journey.
“Championing sustainable practices and setting high welfare standards paves the way to ensuring that seafood farming becomes one of the biggest opportunities to responsibly feed a growing population.
“Sustainable farming aligns perfectly with Earth Capital Limited’s mission to advance technology within the energy, food, and water sectors while driving towards a net-zero future.”
Ace Aquatec CEO Nathan Pyne-Carter said: “Earth Capital Limited shares our outlook and passions – namely, the critical importance of technology to drive sustainable food production.
“Together we can tackle one of the world’s most pressing issues by providing sustainable and responsible protein for a growing world population.
“The team’s support and expertise will help us scale the business and take another huge step forward in the development of high-welfare products for the global seafood industry.
“We are also excited to welcome Bradley Jones to our board, whose deep knowledge and strategic insights will be invaluable in guiding our future growth.”
Josien Bakker, investment manager at Aqua-Spark said: “Since our first investment in Ace Aquatec, we’ve known they had the vision to transform the sector by developing products that make fish farming more humane while protecting the environment.
“They have built a well-known brand, due to the company’s accessibility and scientific evidence.
“Its growth since then is proof that breakthrough technologies are being embraced by farmers, processors, and supermarkets pushing for improved fish welfare across the entire industry.
“We’re looking forward to partnering with Earth Capital Limited, a fund committed to sustainable technology that will spotlight how much we can do to improve the welfare of fish across the industry.”
Van der Kuyl said: “On behalf of the board, I am delighted to welcome Nina to Ace Aquatec.
“Nina is an accomplished and transformative executive with extensive experience in operations and technology management within the aquaculture sector.
“The board will also benefit from her strong scientific research capability and innovation experience.”
Santi said: “I am excited for the opportunity to join the board of Ace Aquatec. They are a great team dedicated to the support of the company.
“Ace Aquatec provides key solutions that the industry really needs and is well positioned for further growth.”