AMERICAN UNAGI RAISED $10 MILLION TO BUILD RAS FACILITY FOR COMMERCIALISING EELS AQUACULTURE

American Unagi raised $ 10 million to build RAS facility for commercialising Eels Aquaculture

By Amod Ashok Salgaonkar

In 2014, Sara Rademaker, Founder and President of American Unagi, cultivated a small quantity of baby eels, or elvers, in the basement of her Thomaston home. They grew to size and within a year she moved to a pilot facility in Franklin where she tested her vision of a viable commercial eel-based aquaculture. The company has started construction on a 27,000-square-foot eel aquaculture facility in Waldoboro, Maine in July 2021. The $10 million in financing is composed of $4.4 million of Series A preferred equity and $6.6 million of debt financing. Local Maine investors, including members of the Maine Angels, Maine Venture Fund, Coastal Enterprises, and other high net-worth individuals, provided the equity investment. Gorham Savings Bank and the Finance Authority of Maine provided the debt.

Sara Rademaker: Founder and President of American Unagi

Her research led her to eels. “I love everything about eels,” she said. “From an aquaculture perspective they are an incredible fish to grow. They’re hardy and they do well in these systems. From a culinary perspective, they’re an incredible fish to eat. They’re connected to all of these cultures around the world. I have a huge amount of respect for this species that I grow.” Maine is one of only two states in the US that support an elver fishery, the other being South Carolina whose fishery is significantly smaller.        

American Unagi plans to purchase 600 pounds of glass elvers annually. “That’s a blip of what the Maine fishery is, so there’s definitely opportunity to grow,” Rademaker said. In 2021, the quota for the elver fishery in Maine was set at 9,688 pounds. Once it is operating at scale, Rademaker said the Waldoboro facility’s adult eel output will be in the range of 500,000 pounds, which represents approximately 5% of the U.S. eel market.

American Unagi’s recirculating aquaculture systems (RAS) facility will be the first in the U.S. to grow Maine eels to market size. The equipment was designed by Netherlands-based ACE, an RAS design-build specialist with 30 years of industry experience. “We chose ACE because of its commitment to innovation and efficiency,” said Sara Rademaker. The facility, which will feature a series of tanks for different sized eels, will be completed by the elver season in the spring of 2022.

American Unagi raised $10 million to build RAS facility for commercialising Eels Aquaculture