Earth Capital takes stake in Ace Aquatec
Cleantech fund Earth Capital Limited has backed aquaculture technology business Ace Aquatec, joining Aqua-Spark and Chroma Ventures as an investor in the company.
The sum invested has not been disclosed. Ace Aquatec said it would use the injection of capital to grow its current portfolio of products and markets.
As part of the deal, Bradley Jones Senior Investment Manager with Earth Capital, is joining the Ace Aquatec board.
Wider changes to the board see Chris van der Kuyl CBE appointed Chair and Nina Santi joining the board as a non-exec director. Chris van der Kuyl is Principal of existing investor, Chroma Ventures and Nina Santi is also a senior advisor at INAQ AS, a business strategy advisory firm specialising in the seafood industry.
Earth Capital’s Bradley Jones said: “We are excited to be partnering with Ace Aquatec, a key player in the aquaculture industry, on the next stage of its development journey. Championing sustainable practices and setting high welfare standards paves the way to ensuring that seafood farming becomes one of the biggest opportunities to responsibly feed a growing population. Sustainable farming aligns perfectly with Earth Capital Limited’s mission to advance technology within the energy, food, and water sectors while driving towards a net-zero future.”
Nathan Pyne-Carter, CEO of Ace Aquatec, said: “Earth Capital Limited shares our outlook and passions – namely, the critical importance of technology to drive sustainable food production. Together we can tackle one of the world’s most pressing issues by providing sustainable and responsible protein for a growing world population. The team’s support and expertise will help us scale the business and take another huge step forward in the development of high-welfare products for the global seafood industry. We are also excited to welcome Bradley Jones to our board, whose deep knowledge and strategic insights will be invaluable in guiding our future growth.”
The Dundee-based supplier of global aquaculture solutions has raised over £10m since its series A investment with Aqua-Spark and Chroma Ventures. Ace Aquatec has already shown strong growth in key markets including the UK, Europe, Canada, South America, and South East Asia and will use part of this additional capital to expand its presence and distributor networks in these markets. It will also provide a recruitment boost, with 10 jobs expected to be created including Engineering, Software and Sales support roles in Dundee and Chile.
The investment will also enable the acceleration of the firm’s development in innovative aquaculture technology solutions, including its Biomass Camera which has recently started production following successful trials. This underwater camera is designed to detect and quantify fish biomass automatically. It uses machine learning and artificial intelligence (AI) to produce accurate, real-time data on a range of fish species populations and distributions.
