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Aquarech, a trailblazing Kenyan fish farming startup, has triumphantly concluded a $1.7 million equity funding round, heralding a significant stride in its commitment to empower local small-scale fish farmers.

The funding, spearheaded by Aqua-Spark, a globally renowned aquaculture investment fund headquartered in the Netherlands, positions Aquarech to broaden its influence and provide crucial support to Kenyan fish farmers.

Established in 2019, Aquarech has introduced a groundbreaking mobile app platform that transforms conventional fish farming methods. This innovative platform establishes a direct link between farmers and suppliers of top-tier fish feed, mitigating challenges associated with securing high-quality feed.

Moreover, the app serves as an educational hub, offering valuable resources on best practices in aquaculture. This empowers farmers to optimize their productivity and profitability.

Aquarech’s commitment to bolstering fish farmers goes beyond mere access to quality feed and knowledge. The startup incorporates climate-smart precision fish-feeding techniques, facilitates market access, provides technical training, and extends financial assistance, including a noteworthy 90-day credit period for feed payments.

This holistic strategy effectively addresses the primary challenges faced by small-scale fish farmers, enabling them to adopt sustainable and profitable fish farming practices.

The $1.7 million funding round boasts contributions from prominent backers such as Acumen, Katapult, and Mercy Corps Ventures, underscoring the robust endorsement of Aquarech’s mission.

The fish farming and fishing companies in the besieged town of Grindavik are grappling to save their businesses from the looming threat of an anticipated volcanic eruption. The latest updates indicate that the town’s port, a vital hub for these industries, may be lost permanently, and the repercussions are expected to persist for years.

Reports highlight that earthquakes in the region have already inflicted extensive damage, raising concerns that magma, in its molten rock form, could breach the surface, causing further havoc. Iceland’s unique geology, situated on the Mid-Atlantic Ridge where the North American and Eurasian tectonic plates diverge, makes it highly susceptible to volcanic activity.

The impact of such eruptions is not only highly localized but also comes at a staggering cost. The Arctic char fish farming company, grappling with the aftermath, reveals that a processing factory has suffered severe damage. Arni Pall Einarsson, the Managing Director, lamented the emotional loss, emphasizing the challenging conditions on the ground. Despite significant fish losses, he noted that there remains a substantial biomass at the base, underscoring its inherent value.

Einarsson stated, “This is an emotional loss. The conditions on the ground are all very challenging. There is a lot of fish still at the station, which is of great value.”

Complicating the situation further, difficulties persist in accessing the affected sites, hindering the efforts to address the crisis. The logistical challenge extends to providing essential sustenance for the fish, as Einarsson explained, “At times like this you have to reduce feeding and reduce your sails accordingly.”

Collaboration between Matorka’s employees and the authorities is underway to devise the best strategies for mitigating the unfolding disaster. Trawlers that typically unload their catches at Grindavik are diverting to alternative ports unaffected by the eruption, illustrating the ripple effects on the broader fishing industry.

Grindavik, positioned near planned sites for several new Recirculating Aquaculture System (RAS) fish farms in the coming years, faces an uncertain future. While the eruption’s immediate impact is evident, decisions regarding the fate of these projects remain pending as the community grapples with the ongoing crisis.

Dublin-based tech innovator NanobOx, a distinguished spin-out from NovaUCD, has recently accomplished a significant feat by securing a substantial $1 million funding round. The investment drive, prominently led by The Yield Lab, positions NanobOx for its imminent market introduction scheduled for the upcoming year. The pioneering venture, co-founded by Dr. John Favier and Dr. Mohammad Ghaani, is at the forefront of developing a groundbreaking and patented nanobubble technology designed for water oxygenation.

This recent funding infusion is poised to play a pivotal role in propelling NanobOx forward as it strives to conclude ongoing field trials dedicated to applications in agriculture and aquaculture. The company’s distinctive nanobubble generators, known for their high energy efficiency, boast a patented design that significantly reduces the energy required for the oxygenation process. Notably, these generators can be seamlessly powered by either solar or battery sources, providing versatility and sustainability in their deployment.

Dr. Favier, a serial entrepreneur and the CEO of NanobOx, expressed the unique proposition of their technology, stating, “We uniquely generate nanobubbles from air that are enriched with oxygen, providing an oxygen-transfer efficiency of 90pc, compared to less than 20pc using conventional aeration.” The company’s technology is primed to address challenges in various bioprocesses that necessitate precise control of oxygen levels, including wastewater treatment, industrial bioreactors, and environmental remediation.

NanobOx’s initial focus involves designing first-generation products tailored for water treatment in agriculture and aquaculture, aiming to bolster yield and reduce input costs for these vital sectors. The company is actively engaged in ongoing field trials, collaborating with horticultural and aquacultural producers, and researchers on a global scale, spanning Europe, North America, and Asia.

Apart from The Yield Lab, the funding round drew participation from notable entities such as DeepIE Ventures and Growing Capital. This strategic investment aligns with NanobOx’s mission to usher in a new era of energy-efficient and scalable nanobubble technology, with the potential to make significant contributions to sustainable practices in various industries. As the company moves closer to its market launch, anticipation builds around the transformative impact NanobOx could have on oxygenation processes and associated energy costs.

The fisheries experts have highlighted the untapped potential of jellyfish in contributing to the income of fishermen and bolstering the national economy. According to the ICAR-Central Marine Fisheries Research Institute (CMFRI), the key to long-term success lies in sustainable management practices, ensuring quality control, securing domestic market acceptance, and adapting to the dynamic fishing and environmental conditions.

The director of CMFRI emphasized the promising prospects of jellyfish fishery amid increased fishing activities in coastal waters and the challenges posed by climate change. In 2021, India witnessed a substantial resurgence in jellyfish fishing, with a recorded landing of 11,756 tonnes (wet weight).

Gopalakrishnan, an expert in the field, highlighted the significant growth of the jellyfish fishery since 2005, with notable species like Rhopilema hispidum, Catostylus perezi, Crambionella annandeli, and C. orsini contributing to the industry. He underscored the need for initiatives to shift consumer behaviour and enhance public perception, promoting jellyfish as a novel and viable food source in the country.

Dr. J. Bindu, Head of the Fish Processing Division at ICAR-Central Institute of Fisheries Technology, presented insights into processing technologies and the rising trend of jellyfish exports. India exported jellyfish products amounting to Rs 1312.88 lakhs during 2022-23, primarily to China. Bindu noted that jellyfish consumption is prevalent in Asian countries such as China, Japan, Malaysia, South Korea, and Thailand, with China leading as the world’s largest producer and consumer, contributing to over 60% of global landings.

BENGALURU — The ornamental fisheries market in Bengaluru is experiencing substantial growth, contributing to an estimated monthly revenue of around Rs 100 crore, as reported by the Fisheries Research and Information Centre. The Karnataka Animal and Fisheries Sciences University (KAFSU) showcased popular ornamental fishes like Goldfish, Guppy, Sword Tale, Molly, and Widow Tetras at the recently organized Krishi Mela 2023 in the city.

Dr. Chethan N, a Fisheries Scientist at KAFSU, highlighted the remarkable transformation of the fisheries business in the past five years, citing a 15-20 percent rise. The market, once scattered, now boasts approximately 2,500 retail shops that are running profitable businesses, according to Dr. Chethan.

Goldfish emerged as the most sought-after ornamental fish, closely followed by Guppy, with the KAFSU selling nearly 800 small fishes within a day of the mela’s commencement. The fisheries business, encompassing both edible and ornamental fishes, has become more streamlined, and farmers are increasingly adopting pisciculture as an alternative source of income.

To further boost the fisheries sector, the state fisheries department in Karnataka is taking proactive measures. A recent training program targeted 50 farmers, aiming to educate them about the ornamental fish business. The program covered essential aspects such as creating a small ecosystem within their land, ensuring optimal breeding conditions for fishes, and using appropriate equipment to achieve desired results. These efforts are part of a broader initiative to bring Karnataka’s fishery business on par with well-established counterparts in states like Tamil Nadu and West Bengal.

In response to the escalating costs of fishmeal, two major Japanese trading companies, Marubeni and Sumitomo, have embarked on separate collaborations with insect protein firms, signalling a strategic shift in the country’s aquaculture sector.

Japan, the world’s second-largest consumer of fishmeal, heavily relies on imports from Peru for its yellowtail and sea bream aquaculture operations. However, with fishmeal prices soaring, there is a growing quest for viable alternatives. According to data from the World Bank on Peru’s fishmeal pellets with 65 percent protein, prices have surged from USD 376 (EUR 341) per metric ton (MT) in November 2000 to USD 1,760 (EUR 1,642) in February 2023.

On March 7, Marubeni, a diversified conglomerate with interests across various industries, including food and agribusiness, announced its intent to collaborate with Ÿnsect, a Paris-based producer of insect protein and fertilizers. The objective is to introduce insect feed to the Japanese market, addressing concerns about a potential supply-demand gap for fishmeal, a crucial aquaculture feed ingredient. Marubeni recognizes the necessity to explore alternatives to imported fishmeal, anticipating further price increases in the future.

Founded in 2011, Ÿnsect operates fully automated vertical farms producing lesser mealworms and yellow mealworms. With production sites in France, the Netherlands, and the U.S., including an upcoming facility in Amiens, France, slated to be the world’s largest vertical insect farm, the company is positioned as a key player in sustainable protein solutions.

On April 23, Sumitomo, Marubeni’s formidable competitor, announced a memorandum of understanding with Singapore-based Nutrition Technologies. The agreement, valued at approximately USD 100 million (EUR 93.4 million), aims to initiate sales in Japan of protein powder derived from black soldier flies for use in pet food and animal feed. Sumitomo, having invested in Nutrition Technologies in September 2022, envisions becoming the first major trading company to fully launch domestic sales of insect powder in Japan. The collaboration aligns with Sumitomo’s commitment to expanding the market for innovative products and contributing to stable and sustainable global food production.

Both Marubeni and Sumitomo’s strategic partnerships underscore a growing industry-wide recognition of the need for sustainable alternatives amidst challenges posed by the escalating costs of traditional fishmeal. These collaborations mark a pivotal step towards a more resilient and environmentally friendly future for Japan’s aquaculture sector.

Swiss multinational Nestle is set to introduce plant-based alternatives to white fish in Europe and Asia, expanding its diverse portfolio of plant-based products. The new offerings, including alternatives to breaded fish fillets, nuggets, and fingers, are crafted from a blend of soy, wheat, and peas.

Under the Garden Gourmet brand in Europe, Nestle will launch marine-style crispy fillet and marine-style crispy nuggets, both made with wheat and pea protein. Notably, these products carry a Nutri-score A in countries employing the front-of-pack labeling system. The launch will initially cover online and in-store availability in Germany, Spain, Italy, Australia, Poland, the Czech Republic, and Slovakia. Nestle has previously introduced Garden Gourmet Vuna, a plant-based tuna alternative, in Europe, starting in 2020.

In a move catering to the Asian market, Nestle recently unveiled crispy fish-free fingers under the Harvest Gourmet brand in Malaysia and Singapore. These soy and wheat-based alternatives are available for both retail and out-of-home consumption.

Torsten Pohl, Global Head of R&D for Nestle’s food category, expressed the company’s commitment to delivering innovative plant-based solutions that align with consumer expectations. Pohl stated, “During consumer testing, our products received high praise for the great taste and texture that is close to white fish. They also come with strong nutritional credentials, making them competitive in the marketplace.”

Nestle’s expansion into plant-based alternatives reflects the growing demand for sustainable and diverse food choices, with the company leveraging its expertise in plant-based proteins to offer appealing alternatives to traditional seafood products.

Bangladesh, a leading player in global hilsa fish production, is facing a pricing dichotomy in the international market. While the country commands prices ranging from Tk 900 to Tk 2,000 per kg, in Singapore, hilsa fish is priced between $7.5 and $10 (equivalent to Tk 600 to Tk 800 per kg).

Singapore, a significant importer of fish, meat, eggs, and vegetables from countries including Myanmar, Bangladesh, Pakistan, India, and Malaysia, sources a considerable portion of its fish imports, including hilsa, from Myanmar. Expatriates from Bangladesh, India, and Myanmar are the primary consumers of these fishes in Singapore.

Notably, in Singapore’s markets, a three-piece hilsa packet is being sold for $10, and after calculations, this translates to Tk 630 per kg for Bangladeshi or Indian expatriates. A larger-sized three-piece hilsa packet (500-700 grams) is priced at $14 or Tk 1131, placing the cost of 1 kg of hilsa fish between Tk 475-540.

While commodity prices in Singapore seem to reflect the dynamics of supply and demand, challenges arise from the fact that hilsa export from Bangladesh to Singapore is not approved. As a result, businesses like E-Hong Mini Mart are compelled to source hilsa from Myanmar. The managing director of E-Hong highlighted the need for pricing strategies that ensure profitability and break-even.

Despite being the top global hilsa producer, Bangladesh faces hurdles in exporting directly to Singapore due to the high cost and complications in the certification process. Importers cite the competitive pricing of fish in Myanmar and the lengthy certification timeline in Bangladesh as significant factors influencing their sourcing decisions.

The Export Promotion Bureau (EPB) data indicates a 21% decline in export earnings of frozen and fresh fish, including shrimp, amounting to $42.2 million in the last fiscal year. This underscores the need for strategic measures to address challenges in the international fish market and capitalize on Bangladesh’s position as a major hilsa producer.

Source: Business Post

Asian Development Bank (ADB) and the Bangladesh government sealed a loan agreement on Sunday, securing $106 million to enhance water resources management and agricultural productivity in the South Asian nation. The signing also included a grant agreement of $17.80 million from the government of the Netherlands, which ADB will administer, focusing on financing innovative pilot projects and consulting services that emphasize innovation.

The initiative, titled the “Climate and Disaster Resilient Small-Scale Water Resources Management Project,” aims to swiftly address climate impacts and bolster food security. The project involves the elevation and fortification of flood embankments, deepening channels to augment water retention, implementing efficient electric pump-pipe irrigation, and offering training and capacity development. ADB’s Country Director for Bangladesh, Edimon Ginting, emphasized the project’s focus on climate-smart agriculture, agribusinesses, and fishery development.

Ginting highlighted that the project’s overarching goal is to increase crop production, improve agricultural marketing, and expand fisheries and aquaculture production. The endeavour is anticipated to benefit the livelihoods of approximately 380,000 households, with a particular emphasis on supporting women and vulnerable individuals.

The project is positioned to build upon the success and insights gained from three previous ADB-funded participatory small-scale water resources management projects in Bangladesh. ADB outlined its commitment to scaling up investments and intensifying support for climate and disaster resilience, as well as food security. This will be achieved through the implementation of new and improved water resources infrastructures and services, with a specific focus on flood and drought risk management, drainage improvement, and the modernization of irrigation systems.