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Aquaculture

SUMMA EQUITY AND LONGSHIP JOIN FORCES IN LAND-BASED FISH FARMING

SUMMA EQUITY AND LONGSHIP

Summa Equity and Longship join forces in land-based fish farming. Longship brings Summa Equity on board as an investor in Nofitech, a leading turn-key supplier of recirculating aquaculture systems (RAS), to support growth opportunities in land-based fish farming.

Summa Equity Fund II (Summa) and Longship Fund II have invested in Nofitech, a Norway-based turnkey supplier of land-based fish farming facilities, services, and equipment.

Technological advancements have enabled aquaculture farmers to grow fish in land-based recirculating aquaculture systems (RAS). This has increasingly become the dominant technology for smolt and post-smolt production, as well as for full grow-out. Nofitech’s module-based RAS solutions allow aquaculture farmers to increase their production by bringing parts of- or the entire growth cycle onto land, providing better fish health and environmental impact, and speeding up the production cycle.

Longship Fund I invested in Nofitech in 2018 and initiated – in cooperation with management and the founders – a transformation that has allowed the company to become the leading provider of post-smolt RAS solutions.

Nofitech’s mission is to provide the most cost-efficient, environmentally-friendly, and well-performing RAS facilities. With standardized turnkey solutions and equipment, Nofitech’s RAS modules are well proven and offer high operational security. In combination with our training programme, market leading automation, a revolutionary production prediction system and no-waste solutions to be launched in the near future, we are well-positioned for further growth, says Bernt Østhus, partner at Longship.

For Summa, Nofitech marks their second major investment in the aquaculture sector:

The aquaculture industry is key for solving global challenges, such as shifting to sustainable diets and increasing resource efficiency in production and consumption. Nofitech fits our thematic investment approach well and has a sustainable approach to enabling land-based aquaculture, says Martin Gjølme, partner at Summa.

Nofitech was established in 2011 by the founders Geir Løvik and John Hestad.

As founders, John and I could not be more pleased to see what Nofitech has turned into in this short period of time. We look forward to the continued cooperation with Longship, and welcome Summa to this joint effort to further develop RAS solutions for the future, says Geir Løvik.

Over the last 3-4 years, Nofitech has developed from a small founder-led business to a mature and professional organisation. Longship and Summa bring exactly the skills, experience, financial strength, and capabilities required to support us on our continued growth journey, and we are excited to have them on board, says Robert Hundstad, CEO of Nofitech.

Nofitech’s business aligns with Summa’s focus on supporting the UN Sustainable Development Goals, specifically ‘#2 Zero hunger, ‘#3 Good health & wellbeing, ‘#12 Responsible consumption and production, ‘#13 Climate action and ‘#14 Conserve and sustainably use the oceans, seas, and marine resources.

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