Seaweed Solutions AS, a pioneer in seaweed cultivation, has secured NOK 46M (EUR 4.4M) in new funding from a number of private investors as well as World Wildlife Fund (WWF-US). This puts the company in a position to ramp up production and become one of Europe’s leading seaweed companies.
To lead the expansion, Ole Christian Norvik, an experienced leader in the aquaculture industry has joined the company as CEO, bringing broad management and production experience from land and sea based aquaculture for more than 20 years in companies like Mowi and NRS.
“After many years in traditional aquaculture I look forward to joining the exciting and climate friendly seaweed industry, working with the competent and experienced team at Seaweed Solutions. I believe we are well positioned in a growing sector and have all the elements for expansion in place. This will ensure supply of world-class raw materials that will contribute to a sustainable blue growth in the future.” says Norvik.
The board of directors is strengthened with 3 new board members: David Buckeridge (formerly with Paine Schwartz, and AstraZeneca), Kamel Gabriel El Khaloui (Scanbio, and formerly with Diana) and Alex Mayer Wolf (formerly with Nidera).
“Our new members bring experience, leadership and will support us on our growth journey. Their many years of experience from their respective fields will provide invaluable insights to continue transforming our business” says Hallvard Muri, Chairman of the board.
“Being able to make a positive impact on the ocean is deeply rooted in all the people working for our company. WWF’s participation in Seaweed Solutions is perfectly aligned with our mission. We are equally excited about the entry of an agribusiness-background strategic investor that brings experience from land-based crops and seed business that will bring valuable insight for Seaweed Solutions.” says Pål Bakken, Founder of Seaweed Solutions AS.
“Seaweed production has the potential to help address our planet’s dual climate and nature crisis,” says Paul Dobbins, Senior Director of impact investing and ecosystems services, at WWF-US.
“Seaweed is fast-growing and highly efficient at absorbing CO2 and other excess nutrients from the ocean. With minimal impacts on freshwater or land, its low carbon footprint can help mitigate the worst impacts of climate change while providing a nutritious source of food for our growing population”. “But unlocking the many benefits seaweed provides will only be possible by expanding farmed seaweed production. WWF is providing capital to Seaweed Solutions to support them as they deliver sustainable food and feedstock at a scale that will positively impact both people and the planet.”
About Seaweed Solutions
The company was founded in 2009 and the first to start farming seaweed in Norway with a vision to enable large scale ocean farming of seaweed. Seaweed Solutions AS is fully integrated with seed and seedling production in Trondheim and seawater operation at Frøya. Up to today the company has invested 24.5 million euros in research and development since its inception.