Key Takeaways
- Pacifico Aquaculture has secured project financing from Equilibrium Capital and significant equity investment led by Butterfly Equity.
- The funding will be directed towards Pacifico’s nursery facility in Baja, California, scaling production of its sustainably raised striped bass.
- Pacifico is the world’s sole commercial producer of ocean-raised striped bass and has a growing demand in the $290 billion global aquaculture market.
- Pacifico holds a four-star Best Aquaculture Practices (BAP) certification and is endorsed as a Good Alternative by the Monterey Bay Aquarium Seafood Watch program.
- Partnerships and support for this initiative emphasize the importance of sustainable aquaculture in North America’s future.
Pacifico Aquaculture, a leading name in the realm, announced its partnership with Equilibrium Capital for project financing. Furthermore, Pacifico has also received a considerable equity investment from a consortium spearheaded by Butterfly Equity and a prominent U.S. public pension fund.
This financial injection is earmarked to fund Pacifico’s nursery facility situated in Baja, California, entirely. It is a step forward in amplifying its production capacity, a move necessitated by the burgeoning demand for sustainably raised striped bass.
Pacifico, established in 2010, boasts a unique proprietary technology, positioning it as the singular commercial producer of ocean-raised striped bass globally. This premium fish species holds a significant stake in the vast $290 billion global aquaculture industry. The striped bass’s exceptional appearance, flavor, and texture have made it a top favorite among American wild catch fish consumers. Yet, factors like overfishing, restrictive quotas, and seasonality limit its availability. Pacifico’s sustainably raised striped bass promises customers a consistent year-round supply. This commitment cements its place in North America’s culinary scene, enjoying endorsements from Michelin-star chefs, restaurateurs, and retailers. The company is primed for a substantial market expansion.
Furthermore, Pacifico’s commitment to sustainability is evident. It is the first marine fish farm in Mexico to be graced with the prestigious four-star Best Aquaculture Practices (BAP) certification, a pinnacle in the BAP program. Additionally, the Monterey Bay Aquarium Seafood Watch program recognizes Pacifico as a Good Alternative.
Per-Roar Gjerde, Pacifico’s Chief Executive Officer, expressed his enthusiasm, “We are thrilled to partner with Equilibrium and to receive continued support from Butterfly as Pacifico reaches an exciting inflection point in its growth.” He further elucidated the plans, mentioning the vision to “build a state-of-the-art nursery facility and unlock 20,000 metric tons of annual production capacity to meet the world’s growing demand for healthy, nutritious seafood.”
The financial intricacies reveal that Equilibrium, a dominant player in controlled environment agriculture investment, will manage the complete financing for the nursery project. Billund Aquaculture is slated to provide the recirculating aquaculture system (RAS) technology for the nursery. Meanwhile, Butterfly, in collaboration with a leading U.S. public pension fund and other participants, will offer equity commitments.
Nick Houshower of Equilibrium highlighted the pivotal role of “next-generation aquaculture.” He expressed, “Pacifico is a trailblazer in sustainable aquaculture, and we look forward to this nursery project allowing them to take their production capabilities to new heights.”
Dustin Beck of Butterfly mirrored this sentiment, stating, “We cannot be more excited to partner with Equilibrium, who shares our vision to build Pacifico into a world-class aquaculture platform under Per-Roar’s strong leadership.”
Image provided by Leo W. Kowal
