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125.000 ‚ā¨

funded by 889 investors

Decarbonizing Congelagos

Location Pin Svg
Lagos, PT

instalment

monthly

term

6 years

a year

5.5%

rating

B-

913kW solar plant for the sustainable fish industry.

Description

Congelagos wants to bring a 360¬ļ sustainability model to the fishing market. It focuses on processing undervalued, abundant species captured sustainably, minimizing waste, and acting as an always-ready buyer of Portuguese fish. Now Congelagos is decarbonizing its industrial operations.

This is Congelagos's first campaign to build a 913kW photovoltaic plant. 

This is the largest solar energy project in GoParity‚Äôs history. The goal is to raise 500.000‚ā¨ in four campaigns.

The photovoltaic plant that is to be installed on the Congelagos complex in Lagos will produce sufficient energy to power 35% of its fish processing and freezing operations. The facility was pre-engineered for solar panels on its rooftop and is ready for installation.

The solar photovoltaic plant to be installed at the Congelagos factory has an output of 913kW and will produce over 1500 MWh per year. This plant can supply the equivalent of 405 European households per year on average (at its peak output). That means avoiding the emission of more than 202 tons of CO2, which is equivalent to planting more than 9200 trees.



This is the largest plant ever funded through GoParity, and its implementation is part of Congelagos's sustainability strategy. This installation will substantially reduce the Company's dependence on fossil fuels, allowing it to cut 35% of the energy it consumes from the grid. In addition to this decrease in dependency from the grid, the project represents considerable savings in energy costs and a significant step in the decarbonization of the Portuguese economy. This project is especially relevant at a time of geopolitical tensions over global energy interdependence, underscoring the need for investment in energy efficiency, self-reliance, clean energy and more sustainable productions.


The Impact

Direct:

  • Contributing to the decarbonization of the economy, helping to avoid the emission of CO2: with an estimated clean energy production of 1500 MWh per year, the entire solar plant will help avoid the emission of 202 tons of CO2 per year, equivalent to planting 9200 trees.
  • Energy cost reduction: the decentralized energy production through renewable sources, on the consumption site, eliminates distribution costs, making this a more competitive option than reverting to the national grid. Furthermore, the decreased dependency of the company on the national grid, makes it less vulnerable to price fluctuations and fiscal charges.

Indirect:

  • Sustainability commitment practices: congelagos has committed to being a sustainable business with a 360¬ļ Sustainability vision through measures such as:
    • Advocacy of zero food waste, by positioning itself as Portugal‚Äôs market-maker of fish, ready to buy all fish, particularly species that are undervalued and traditionally rejected at sea and wasted, transforming them and placing them in markets that value them;
    • Minimizing the environmental impact of its production and products. The factory does not produce polluting gas, applies policies of minimizing energy and water consumption, and uses reusable consumables whenever possible; 
  • Promotion of industry innovation: congelagos invests a substantial portion of its revenues in the development of innovative, sustainable, and healthy products. Congelagos works closely with the University of the Algarve, CoLab B2E and other development partners, developing new products and sponsoring sustainability studies, particularly of Atlantic chub mackerel (Scomber colias). 
  • Promotion of marine equilibrium: congelagos stimulates the capture of species like mackerel and horse mackerel, which are traditionally rejected and abundant in Portugal. These species compete for resources and are predators of species in recovery. By stimulating their capture, Congelagos is contributing to the rebalancing of marine environments.
  • Promotion of sustainable marine economic activity: congelagos acquires fish previously validated by Docapesca (a Portuguese company owned by the Portuguese State and supervised by the Ministry of the Sea), which validates the legality of the captures. In practical terms, the purchase of species in their natural breeding seasons is avoided, and even in periods where fishing is authorized, the company only buys after careful verification of sizes and quantities. Fish purchases are made via direct agreements with small local purse seine boats, contracts with fishermen's cooperatives at a national level, and internationally working only with verified and certified sources.

Impact Indicators

Metrics Svg

50,71 t

CO2 avoided per year

Metrics Svg

378,5

MWh clean energy

Sustainable Development Goals

7 image
9 image
14 image

Financial viability

This 6-year loan will be used to install solar panels to produce energy for self-consumption and for selling the extra energy produced. Generated electricity bill savings from the use of the solar panels, as well as the proceeds from selling the energy to neighbors, will be used to pay for the loan installments.

On-site energy production through renewable sources eliminates distribution costs, making decentralized energy production a compelling value proposition, particularly for energy-intensive businesses looking to reduce dependency on the grid. At today‚Äôs prices, Congelagos stands to save about ‚ā¨280,000 annually with the installation of this solar plant‚ÄĒa project ROI of roughly 2 years.

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Guarantees

Pledge of equipment

The Promoter

About Congelagos - Transformação e Comércio de Produtos Alimentares, S.A.

Congelagos was founded in 2015 to meet the growing global demand for natural and convenient seafood-based diets. Its goal is to become Portugal’s fish processing leader through a clear commitment to health, innovation, quality of service, and sustainability.

The company’s founders Nuno Battaglia and Jorge Grave were raised in Lagos and have a synergetic relationship with the ocean. After successful careers, the two friends decided to develop a project that would bring innovation, sustainability, and development to the Portuguese fishing industry.

Located on a 4-ha plot in Lagos, in the southern coast of Portugal, Congelagos owns a state-of-the-art industrial facility equipped with a high-capacity cold generation system powered at 4MW, a 5,400t cold-storage warehouse, and highly automated fish-processing lines installed in a 7,700m2 building.

Congelagos has 5 main commitments:

  • The best fish: captured with care by experienced fishermen in Portuguese Atlantic waters.
  • Leading Innovation: compete globally through innovation and higher quality products that meet the demands of the most discerning seafood consumers
  • Long Lasting Partnerships: with the most representative fishermen‚Äôs associations and leading Portuguese sea management and research institutes
  • Transparency and rigour: through traceability systems, international certificates, and unannounced audits
  • Sustainability: lead by example with social and environmental responsibility

Congelagos S.A. is backed by investments from Algarve Partners, a regional investment firm, and BlueCrow SCR, a venture capital company focused on innovative, R&D-intensive projects in Portugal’s sustainability ecosystem, in the areas of bio-economy and innovative production technologies. BlueCrow invests in skilled teams with proven track records.

Congelagos is also one of the largest projects supported by Mar 2020, the EU incentive program for the development of Portugal’s blue economy.

Meet the team:

JORGE GRAVE

Jorge is a co-founder and on the board of directors of Congelagos and a Partner at Algarve Partners. A civil engineer by training, graduating at the top of his class from Instituto Superior Técnico, Lisbon, Jorge leads Algarve Partners’s real estate investments and portfolio businesses. Jorge is an avid freediver, having represented Portugal at various international CMAS tournaments.


NUNO BATTAGLIA

Nuno is a co-founder and Chairman of Congelagos and Chairman of Algarve Partners. Nuno co-founded HealthEquity (NASDAQ:HQY), a leading US consumer-driven healthcare company and administrator of Health Savings Accounts. He started his investment and management career at Leucadia National Corp (now Jefferies NYSE:JEF), an evergreen value fund operating globally, where he was Managing Director. Nuno loves spending time in the water, freediving and spearfishing or surfing.


ANT√ďNIO CASTEL-BRANCO

António is a Partner and Group CFO at Algarve Partners. He’s on the board of several portfolio companies, including Congelagos, BGE and NaturaFish, Portugal’s leading producer of natural seabass and seabream. He’s the former Regional Manager for the Algarve of Banco BPI. He earned his MBA from IE, Madrid. When he is not blending in with his four lively boys, he can be found on the court playing tennis or padel.

Business Model

Congelagos buys fish caught in the Atlantic and takes it to its state-of-the-art processing and freezing fish facility, which can compete both nationally and internationally, using advanced technologies and efficient production processes, while promoting environmental sustainability.

Its position and technology allow Congelagos to supply competitively-priced, high-quality seafood. The combination of these factors gives Congelagos a competitive advantage in the global market. 

Active since

2015

Fiscal country

PT

Operating In

Portugal

Industry

Food production

Number of Goparity Loans

4

Women Shareholders

Yes

Updates

2022-05-20

First payment

First instalment was paid to all the investors

2022-04-19

100% funded

887 investors successfully raised 125.000‚ā¨

2022-04-14

New target

The promoter decided to decrease this campaign crowdlending amount to 125.000‚ā¨. All the other offer conditions remain the same.

2022-03-25

Open for investment

This campaign will help avoid the emission of 101 tons of CO2 per year

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Goparity is an impact investment platform that connects companies looking to finance their sustainable projects, with individuals and entities who want to invest sustainably. We are growing, both in terms of size and impact generated. We were born in Portugal in 2017, but have since then financed projects and grown a large community of investors all around the world.

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© 2021 Goparity

Part or all of your original invested capital may be at risk and the return on your investment depends on the success of the project invested in. Consider all risks before investing and read the Key Investment Information Sheet (KIIS) for each investment, available at www.goparity.com. Power Parity, SA is a crowdlending platform authorized and supervised by CMVM (Portuguese Securities Commission). All payments, transfers and funds collection are assured by MangoPay SA, an electronic payments institution authorized and supervised by CSFF (Luxembourg Financial Authority) under the n¬ļ 8711.