AQUABOUNTY TECHNOLOGIES PLAN 10,000 METRIC TON SALMON FARM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced that it has identified Mayfield, Kentucky as the potential location for its planned large-scale farm for the Company’s proprietary AquAdvantage salmon.
The new farm will be AquaBounty’s first large-scale commercial facility with a planned 10,000 metric ton annual production capacity – or about eight times the size of its currently operating farm in Albany, Indiana, which has a 1,200 metric ton annual production capacity.
Mayfield, in Graves County, Kentucky, is the leading location after an exhaustive nationwide search spanning approximately 230 sites. Evaluation criteria for the Company’s third farm included sufficient water and wastewater volumes, low electricity prices, proximity to major population centers, availability of skilled labor pools and a stable, supportive political environment.
“We are pleased to have identified a site in Mayfield as meeting or exceeding all selection criteria for our third farm,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “The Graves County community and site location met all suitability and technical requirements. At both the state and local level, we found a welcome economic environment and favorable incentives for our business.”
“We now are negotiating details of the potential purchase, conducting due diligence, and are moving forward as quickly as possible to finalize the transaction. This milestone positions AquaBounty to rapidly expand our geographic footprint and meet our long-term production goals, creating value for our shareholders,” concluded Wulf.
Construction is expected to begin in 2021 and the company anticipates the farm will be ready for commercial production to commence in 2023. The facility will potentially bring approximately 70-90 new jobs to the region.