Investment company Blue Future Holding has acquired the remaining 67.2% of the shares in GreenFox Marine AS, with the goal to expand into new markets and reach further growth. Previously, Blue Future Holding owned 32.8% of the shares in the Norwegian technology company.
“Blue Future Holding is a long-term strategic owner that aims to continue investing in our technology. They have extensive knowledge about the global fish farming industry and the advantages of sorting salmon by gender, including insight in previous full-scale tests. The acquisition provides many new opportunities for both the company and our technology, and at the same time strengthened our position to recruit required competency into key roles,” GreenFox Marine CEO Erling Aspen said.
Blue Future Holding Managing Director Odd Magne Rødseth added: “GreenFox Marine has a technology with the potential to improve fish health within industrial fish farming, making it a natural addition to our portfolio. We believe in further growth for the company and have great confidence in the team at GreenFox Marine.”
GreenFox Marine’s patented machine combines ultrasound and artificial intelligence (AI) to examine the internal organs and structures of fish. The first commercially available machine automates high-speed gender sorting of salmon smolt from 30 grams and upwards.
The company is already delivering standalone machines sorting up to 3,600 fish per hour, whilst developing new products with significantly higher sorting speed. The current machine has an accuracy of 96-99%. This technology is currently being used on salmon but is also applicable to other fish species.
Studies indicate that a dozen other species within fish farming can be gender sorted through the GreenFox machine. It is also suitable for examining other organs and internal characteristics of fish.
The new collaboration strengthens the position of both parties within fish health and welfare, and marks an important step in delivering disruptive solutions to the global aquaculture industry.
Rødseth said Greenfox Marine has a broad and forward-looking expertise, with the documented ability to develop and commercialise technological solutions addressing crucial challenges within fish farming.
“We are looking to invest in companies utilising ‘enabling’ technologies aimed at solving critical challenges within fish health and welfare, like artificial intelligence, biotechnology and nanotechnology,” Rødseth said. “GreenFox Marine responds well to this mission, by developing technology that improves productivity and fish welfare through artificial intelligence and medical-grade ultrasound.
“In addition, the technology has enormous potential beyond gender sorting, including early detection of critical health parameters such as heart health, kidney disorders, spinal deformities and sexual maturity.”
GreenFox Marine and Blue Future Holding explained that like other forms of livestock farming, gender-separated production offers significant benefits for both the fish and the farmer.
Fish in gender separated enclosures experience faster growth, lower mortality rates and less injuries. Also, fish farmers can optimise their production through differentiated harvesting times, light regimes, locations and other measures.
With new land-based or closed-production systems, along with rising seawater temperatures, they believe that monitoring sexual maturation will be crucial in the coming years for both fish health and product quality.
“Fish farmers can also reduce the time fish spend at sea, thus reducing the risk of lice on the fish,” Aspen said.
Furthermore, the solution has a potential for identifying health changes in farmed fish at an early stage. It also offers fish health mapping as an integrated part of the gender sorting process.
“So far, we have primarily focused on detecting kidney disorders (nephrocalcinosis) and early sexual maturation. If this is detected early enough, measures can be implemented quickly. We can also look for spinal deformities of the fish,” Aspen added.
GreenFox Marine has also made progress in mapping heart health to identify deformities by using AI and ultrasound.
The solution from GreenFox has been in the market for almost three years. Aquaculture companies in Norway, the UK, and the Faroe Islands are already using it.
“This is an exciting time for GreenFox Marine, and we are ready to maintain our position as a market leader in high-speed solutions utilizing ultrasound and AI,” Aspen said.
Blue Future Holding is fully-owned by German EW Group, which also owns AquaGen and Genomar, and has partial ownership in several other companies within the aquaculture industry.
