| Project Detail |
The project concerns: i) the promoters research, development and innovation (RDI) activities 2024-2028 in Germany, including animal welfare and use of artificial intelligence; ii) the construction and operation of a sustainable recirculating aquaculture system (RAS) and processing shrimp production unit in the Canary Islands (Spain).
Additionality and Impact
The project is line with the InvestEU objective of Bioeconomy and Sustainable blue economy.
Oceanlooop Management GmbH aims to build and operate the first-of-a-kind large-scale in-land 2 000 tonnes per annum ("tpa") shrimp production farm addressing increased demand for sustainable production of shrimps in Europe with improved and innovative farming technologies. The company also aims to expand its existing RDI farm in Kiel to 60 tpa and intensify R&D activities for the period 2024-2028. These activities are related to shrimp genetics, feed, animal welfare, computer vision technology (for detecting biomass and stress levels), research on sludge carbonization, organic fertilizer, and medical-grade chitosan.
The project addresses the main market failures related to imperfect information in financing small companies. It involves investing in innovative production systems, including a combination of a raceway based Recirculation Aquaculture System for Whiteleg Shrimp and a special vertical arrangement to allow efficient volumetric shrimp farming. It aims to deliver the common good of providing a healthy and sustainable source of protein while respecting animal welfare and minimizing environmental footprint.
The use of innovation and a controlled environment for sustainable production generates social benefits, as this high product quality is combined with optimal resource efficiency and a reduced environmental footprint. The project will also support employment and economic activities along the supply chain in Arinaga, Gran Canaria (a Cohesion Area).
The technology supplier will develop its first complete commercial scale facility, vertically integrated from hatchery to the final processed product.
The EIB quasi-equity/ venture debts products is of a size and maturity that would be difficult to obtain in the market under current circumstances due to high interest rates and limited liquidity available from private investors. The EIBs financing is expected to attract other investors and help meet the financing needs for the project.
The project might not have been carried out by the EIB without the InvestEU support.
Objectives
Aligned with the European Green Deals emission reduction objective, the farm to fork strategy of the EU, the EU policy on fisheries and aquaculture, and the EC strategic guidelines for a more sustainable, resilient, and competitive aquaculture sector.
Sector(s)
Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
EUR 35 million
Total cost (Approximate amount)
EUR 139 million |
