Farming news

AquaBounty to sell its Indiana facility

The company is looking for financing alternatives to strengthen its balance sheet and increase its cash position.

Credits: AquaBounty
February 14, 2024

AquaBounty Technologies has been exploring a wide range of financing alternatives to strengthen its balance sheet and increase its cash position and has decided to sell its Indiana farm operation.

The Indiana land-based, recirculating aquaculture facility has been growing AquaBounty’s GE Atlantic salmon since 2019 and has succeeded in its objective to demonstrate the company’s ability to grow and sell its salmon in the market. With construction on its Ohio farm site roughly 30% completed, the company plans to prioritize the financing alternatives necessary to resume and complete its construction, while the proceeds from the sale of its Indiana farm are expected to provide needed liquidity to AquaBounty’s balance sheet.

Sylvia Wulf, CEO of AquaBounty said, “We have been focused on securing funding for our near and long-term needs so we can continue to pursue our growth strategy. Deciding to sell our Indiana farm was a difficult one for us. We have built a strong operation there with a passionate and experienced team, and I want to take this opportunity to express my gratitude to our team members in Indiana for the job they have done over the last eight years to transform the facility and create a well-run operation. Our focus will be on harvesting the remaining GE Atlantic salmon for sale over the coming months to ready the farm for a new owner. We are proceeding to pursue additional funding across multiple financing alternatives with the goal of securing our cash requirements in the coming months.”