Summa Equity Fund II (Summa) and Longship Fund II 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 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 program, 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,” said 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,” said Martin Gjølme, partner at Summa.