AquaBounty announced that it is making progress on leveraging and expanding its operational expertise internationally by entering into a non-binding memorandum of understanding with Noble Salmon, a company formed to build and operate a Recirculating Aquaculture System (RAS) salmon farm in the Republic of Georgia.
Noble Salmon was formed by the Benish Group, whose CEO, Meni Benish, is also a co-founder of Archi, a major engineering and real estate development firm in the Republic of Georgia. Benish is also the chairman of the Israel-Georgia Chamber of Commerce. Benish Group will contribute expertise in engineering, material sourcing and permitting to the project, while AquaBounty will provide its experience of operating RAS farms through rigorous operating procedures and incorporating the latest technologies into the design of those farms.
The combination of capabilities of the two companies benefits the construction and operation of a planned state-of-the-art RAS farm focused on producing Atlantic salmon for sale in nearby markets. This project will be the first instance of AquaBounty executing its strategy to enter additional salmon markets through local partnerships in a capital-lite structure.