Share
100% funded by 799 investors
Decarbonizing Congelagos IV
Lagos, PT
instalment
monthly
term
6 years
yearly interest
5.5%
risk rating
B-
913kW solar plant for the sustainable fish industry.
Description
Congelagos wants to bring a 360º 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.
After raising 375.000€ in their first, second and third campaigns this is Congelagos's fourth and last campaign to build a 913kW photovoltaic plant.
This is the largest solar energy project in Goparity’s history. The goal is to raise 500.000€ in four campaigns.
The photovoltaic plant is already being installed on the Congelagos complex in Lagos and will produce sufficient energy to power 35% of its fish processing and freezing operations.
The solar photovoltaic plant 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 solar panels, purchased partially with proceeds from the first campaign, were delivered in Congelagos:
After the second and third campaigns the installation process started at Congelagos:
If you understand Portuguese, you can check the videos below, by Youtube Roberto Jorge who has visited the project twice:
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 360º Sustainability vision through measures such as:
- Advocacy of zero food waste, by positioning itself as Portugal’s 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
36,51 t
CO2 avoided per year
272,5
MWh clean energy
Contribution to the Sustainable
Development Goals
Sustainable Development Goals
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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’s prices, Congelagos stands to save about €280,000 annually with the installation of this solar plant—a project ROI of roughly 2 years.
Download Key Investment Information Sheet
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’s 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 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 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.
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 & Beverages
Number of Goparity Loans
5
Women Shareholders
Yes
Website
https://congelagos.com/Updates
2022-10-21
First payment
First instalment was paid to all the investors
2022-09-15
100% funded
752 investors successfully raised 90.000€
2022-09-13
Changes in crowdlending amount
The Crowdlending amount was reduced from 125.000€ to 90.000€.
2022-08-17
Open for investment
This campaign will help avoid the emission of 51 tons of CO2 per year
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