WILSTAR INNOVATE AND BIRKELAND INVEST IN AVA OCEAN

Wilstar Innovate and Birkeland invest in Ava Ocean and non-invasive Norwegian scallop fishery. Ava Ocean is raising up to NOK 150 million in new capital and welcomes Wilstar Innovate AS and the Birkeland family as new shareholders. The funds will be used for the next phase of development of the company’s scallop fishery in the Barents Sea and for future international growth.

The investment is made through a private placement where Wilstar Innovate and the Birkeland family join as new owners. Parts of the capital raise were completed earlier this autumn together with existing shareholders led by Norselab, Hofseth International and Cinus.

“These are investors with a deep understanding of the ocean, challenging fisheries and with long-term investment horizons. For us this is as much about expertise and collaboration as it is about capital,” says Stian Tennfjord, Chair of the Board of Ava Ocean.

Shared experience from the Barents Sea

Wilstar Innovate is an impact investment company based in Oslo and owned by the Awilhelmsen Group. Awilhelmsen was founded in 1939 and is a Norwegian family-owned company with strong roots in maritime activity and a long term investment perspective.

“Ava Ocean combines new technology with respect for nature and marine resources. This fits well with our ambition to invest in solutions that create long term value at sea,” says Jean Guillaume Marquaire at Wilstar Innovate.

The Birkeland family, based in Austevoll, has long experience in Norwegian fisheries and they see strong potential in the northern areas.

“Since the 1980s we have been interested in the scallop fishery in the Barents Sea. What Ava Ocean has achieved with its technology and fishery so far is very exciting. We strongly believe in the project and look forward to being part of the journey,” says Arne Birkeland.

“Norselab has believed in Ava Ocean’s ability to fundamentally change how we harvest from the seabed since the company reopened the Arctic scallop fishery after more than 30 years of closure. We are very pleased to welcome Wilstar Innovate and the Birkeland family on the continued journey. Ava Ocean now has NOK 150 million in backing and a new harvesting vessel planned for 2026. Just as important is the deep industry insight the new investors bring which will be key as the company scales internationally,” says Maria de Perlinghi, Partner and Chief Impact Officer at Norselab.

Back in operation in spring 2026

Ava Ocean has developed a patented and award-winning harvesting technology that allows scallops to be harvested from the seabed in a gentle and efficient way. This technology enabled the reopening of the historic Arctic scallop fishery in the Barents Sea in 2023 after a more than 30 years ban on traditional dredging.

The company is currently converting a new vessel, the Ava Pearl, and plans to return to active fishing during spring 2026.

“It is great to have both Wilstar Innovate and the Birkeland family on board as we prepare to restart fishing. We have shown the potential of the harvesting system and are now working with investors who share our vision, understand the industry and know what it takes. This is an exciting next phase for Ava Ocean,” says Øystein Tvedt, Group CEO of Ava Ocean.

About Ava Ocean

Ava Ocean is a technology and seafood company that since 2016 has developed new methods for gentle harvesting from the seabed. The company’s patented technology has been developed in collaboration with leading marine research institutions and enables precise and efficient harvesting without negative impact on vulnerable seabed ecosystems. The technology made it possible to reopen the historic Arctic scallop fishery in the Barents Sea in December 2022 after more than 30 years of a ban on traditional dredging. Ava Ocean is currently converting a new vessel which is planned to resume fishing in spring 2026. In 2024 Ava Ocean received the Innovation Award at Nor Fishing for its harvesting technology.

About Wilstar Innovate

Wilstar Innovate AS is Wilstar’s financially focused impact investment platform, using innovation to create meaningful growth. Wilstar Innovate invests in innovative technology and sustainable solutions, with the aim of achieving competitive financial returns while acting as a catalyst for positive change.

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