Katahdin Salmon, Inc (KS) seeks $8.5 million (net $6 million in this raise) to progress its first facility to construction-ready status. KS is developing innovative new US production of Atlantic Salmon with cutting- edge land-based recirculating aquaculture systems (RAS).
Series A capital raise of $100 million is scheduled in 2024 for phase 1 build-out with targeted construction start in 2024. Production of high-quality salmon in the latest generation of contained RAS designs (Recirculating Aquaculture Systems)– to protect the fish and the environment
A strong environmental stewardship story: secured the only salmon-producing location in the US with a 100% renewable local power supply behind the meter. Will recycle and value-enhance all waste resources on-site creating a full circular recycling model – no allowance for fish meal in feed products
The five-year development cycle for phase 1 (5000 metric tons) in Maine will release a strong expansion capability with excellent financial scaling benefits. Management has developed more land-based farms internationally than anyone in the US at scale – significant experience and execution capabilities
The salmon market was valued at $21 billion globally in 2021 and is expected to grow to $27 billion by 2027
Salmon is among the top two products in seafood market growth in the US, with a very positive outlook for continued high growth in the next decade
The Atlantic salmon consumer market is $10 billion in the US, yet more than 90% of fresh salmon is imported – the majority is airfreighted into the US
The market has grown substantially and is expected to grow more than 6% annually in the future
Land-based production (RAS) is the only viable path to material domestic supply growth because permits for ocean farming are hard to obtain in the US
The location in Maine has several permits grandfathered in, environmental investigations completed, and access to an abundance of clean water – supported by a welcoming community
The site is located in a low-conflict area away from the coast, has large connectivity savings, and is pre- excavated for the construction of tanks and piping systems (when the lagoon is decanted)
The site and company approach provides lower risk, faster time to market, and lower capital threshold to create a high-value growth company in the US salmon aquaculture segment
Katahdin Salmon leverages the latest advances in RAS technology and production know-how to reduce risk and increase performance at a manageable scale
Innovations to push biosecurity and environmental stewardship further toward higher self-contained water recycling levels
The founders have developed more domestic and international RAS land-based aquaculture projects than anyone in the US – and have been some of the most visible international executives in the segment over the past decade
Marianne Naess – Founder, CEO and Board Director
Was EVP Commercial in Nordic Aquafarms Inc with responsibilities for the California project, chief of staff, commercial development, and company communications in the US. Prior to joining Nordic, held various C-suite positions in strategy, business development, commercial & HR in international companies such as McKesson and Aker Solutions. Over ten years as a management consultant at EY and Anderson responsible for several larger restructuring programs. BA in Communications and Master’s degrees in International Development and Planning and public administration. Resident in Maine.
Erik Heim – Founder, Executive Chair, and Executive Advisor
Founder of Nordic Aquafarms in 2014, CEO, and President of Nordic Aquafarms, the pioneer in land-based aquaculture in Norway that has expanded internationally. Built the company over 10 years to become known for quality, integrity, and superior products. Previously held various executive positions in the financial services industry, including SVP and VP positions ranging from BU responsibility to corporate strategy in Norway’s largest insurance company. Five years as a business consultant at Accenture. BA in Communications, MBA, and MA in international business anthropology. Resident in Maine.
William Ginn – Independent Director
Business strategy consultant – served in senior leadership positions in both non-profit organizations and businesses. Founded Resources Conservation Services, managing recycling programs for industrial clients. After selling the company, worked for New Zealand’s Nature Conservancy’s Asia and Pacific program. Upon returning to the U.S., managed large forest conservation transactions for TNC which was chronicled in his book, Investing in Nature. Chief Conservation Officer of the Nature Conservancy and Executive Vice President. Founded NatureVest, a partnership that brought over $200 million in investment into conservation problems worldwide. Resident in Maine.
Lars-Henrik Roren – Independent Director
CEO of Integrated Wind Solutions, providing maintenance and services to the offshore wind industry. 30 years of experience in investment banking and asset management, focusing on energy markets. Held several senior positions, among them Head of Equities of Formuesforvaltning, Head of Equity Capital Markets and Head of E&P research of SEB Markets, Investment Director of SEB Wealth Management Norge, and Chairman of the Board of Nordic Aquafarms AS. MSc in Business Administration from Copenhagen Business School. A resident of Norway, the largest capital market for salmon farming.