Israel Corp., a listed Israeli investment company, will take a 15% stake in AKVA group and partner with AKVA in attracting investments for land-based projects based on AKVA solutions and technology. Egersund Group AS will still hold the majority ownership in AKVA.
AKVA and Israel Corp. have furthermore agreed to work towards establishing an investment platform for investments in land-based aquaculture facilities worldwide, using AKVA technology and solutions. The parties expect to contribute $10 million each to the platform or land-based aquaculture projects worldwide, with the goal of raising further commitments from co-investors and partners to reach a total of up to $100 million.
Knut Nesse, CEO AKVA said, “we are very pleased to welcome Israel Corp. as a long-term, strategic shareholder in AKVA. We believe that Israel Corp.’s global business experience and technology background will contribute to our goal to build a world-leading offering of technical and digital solutions within sea and land-based aquaculture. This transaction will enable AKVA to accelerate the execution of our current strategy, significantly step up our innovation agenda and transform our land-based strategy.”
Yoav Doppelt, CEO Israel Corp., said, “we look forward to working with AKVA to accelerate growth in sustainable food production and further develop AKVA's technological leadership within the aquaculture industry. Our discussions with AKVA convinced us that AKVA is a leading global player in the aquaculture industry, and best positioned to capture the global land-based opportunity.”