October 25, 2024 - Finnforel, a leading aquaculture technology company headquartered in Finland has accepted the investment from Mitsubishi Corporation (MC) to accelerate expansion of land-based fish farming projects globally.
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| Finnforel Gigafactory in Varkaus © Finnforel |
Through this investment from Mitsubishi Corporation, Finnforel will develop their farming of rainbow trout, which is suitable cold-water fish species for Recirculating Aquaculture Systems (RAS). These systems employ advanced biofiltration to allow control of all essential environmental factors and ensure stable, safe and clean indoor conditions, while efficiently recirculating and reusing water within a closed system, ensuring zero biowaste and minimum wastewater. The usage of recirculating aquaculture systems facilitates year-round fish production, irrespective of environmental conditions.
Finnforel's Gigafactory concept is covering also processing and packaging of consumer fish products onsite. Finnforel's solution allows to minimise the number of parties involved in the logistic chain and cut transportation time. This will naturally guarantee ultimate freshness of fish products delivered to consumers and lower the cost. Concept also supports local food systems and reduces the carbon footprint associated with long-distance transport.
Founded in 2015, Finnforel is an innovative aquaculture technology company that currently operates recirculating aquaculture systems facilities in Finland, with a total production volume of 3000 tonnes per year. Through a high degree of vertical integration from hatchery to farming and packaging, Finnforel achieves significant efficiency and scale, demonstrated in its ambition to multiply its capacity through global expansion by 2032.
Pekka A Viljakainen, Co-Founder and Chief Executive Officer of Finnforel Group, said: "Finnforel's mission is to save the seas and feed the planet. This huge mission requires strategic partners and shareholders, with whom we can deploy our technological and operational knowledge to all continents. I believe that in future Recirculating Aquaculture Systems (RAS) play a crucial role in enhancing food security by enabling efficient, sustainable and reliable production of fish where execs nutrition and waste will not end up in the seas. That is why we developed our Finforel Gigafactory with zero percent waste policy, to be implemented there were the consumers are. We are very proud to have Mitsubishi, with a global distribution channels, talent and resources to support our Finnforel's journey."
According to the UN Food and Agriculture Organisation (FAO), aquatic foods constitute 15 percent of the world's animal protein intake. Global apparent consumption of aquatic foods per capita amounted to 20.6 kilograms in 2021, having more than doubled over the past 60 years. FAO projects that consumption will increase by a further 12 percent by 2032. In 2022 and for the first time in history, global aquaculture surpassed capture fisheries as the main producer of aquatic animals, with aquaculture production reaching an unprecedented 94.4 million tonnes. Simultaneously, consumer groups and environmental agencies around the world have raised the importance of changing the current fish farming and fishing methods towards fully sustainable, zero percent waste/environmental emission concepts.
Akihiko Soga, Division COO, Marine Products Division of Mitsubishi Corporation said: "We are pleased to join Finnforel's journey through this investment. We deeply empathise with Finnforel's vision to develop sustainable protein supply through their gigafactory concept, in which they handle feed manufacturing, farming, processing and product branding integrally. MC will continue to strengthen our farming business and contribute to sustainable supply of food resources and addressing societal needs.
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The Aquaculturists
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