Miami, Florida-based Blue Star Foods Corp. announced that its subsidiary, Taste of BC Aquafarms, has submitted an application for an aquaculture license to the Department of Fisheries and Oceans. Taste of BC Aquafarms is seeking approval for a land-based recirculatory aquaculture system salmon farm.
The proposed facility, located in Campbell River, British Columbia, would annually produce 1,500 metric tons of head-on, gutted steelhead salmon, which is equivalent to 13 million meals of sustainably raised salmon. The facility will use Taste of BC’s module-based recirculating aquaculture system. Construction is anticipated to commence Q2 2023 with an investment of about $35 million.
“Since the government of Canada has committed to a transition of the ocean-based salmon farming industry to more sustainable and environmentally sensitive technologies, we are excited to be able to lead in the development of land-based salmon farming here in BC. Our approach certainly meets their objectives, and we anticipate strong support from DFO for this project.” said Steve Atkinson, managing director, Taste of BC Aquafarms.
“Salmon farming is a vital part of our economy here on Vancouver Island and we look forward to being a major part of its future. This is the first of several farms we intend to build.”
The proposed site is co-located with a local distillery and barley farm. The 380-acre site features fresh water with capacity for future expansion. The salmon farm would operate with zero discharge off-site by capturing the water and nutrient discharges from the facility to fertilize the adjacent crops.
“Our current facility in British Columbia has proven our technology, growing salmon since 2013 and harvesting since 2014, with an annual target of 100 MTs. This new proposed facility will be built in modules essentially replicating what our team has done successfully over the years, and will be situated on land that has ample room for additional expansion in the future,” said John Keeler, chairman and CEO of Blue Star Foods.
“The expected $35 million investment will come from government backed loans, grants and a special purpose vehicle we are in midst of forming. The SPV will be marketed through various networks that have had past success in raising money for infrastructure projects and companies. Of note, the capital requirement is needed over time and the SPV structure will have continuous closings, enabling us to access capital as it is needed. We expect to launch the SPV in January.”
