Oceano Fresco

Installation of a sustainable off-shore clam farm

Investment overview

Impact category

Blue economy

Investment type

Loan

Yearly interest

Term

months

Risk level

B-

Oceano Fresco wants to install an off-shore clam farm. The installation will happen in 2020 and will occupy 100 ha, 5 km from Lagos/ Alvor coast, in the south of Portugal (Algarve). The structure will be composed of submersed horizontal cables, on which lanterns (plates wrapped in a mesh) will be placed and where the clams will be cultivated. The farm is fundamental to complete the biological cultivation cycle because, after the spawning and hatchery phase, clams need to grow-out until the adult edible size, promoting environmental sustainability, raising the satisfaction level and the security level for the final consumer. At the off-shore farm, they find the perfect conditions to complete the cycle, with a natural source of food and perfect abiotic conditions

Besides that, Oceano Fresco is building a bio marine center in Nazaré to produce the clam seeds that will be cultivated in the Algarve’s farm, the first clam off-shore farm in the world, allowing control of all of the value chain.

The nursery will have a total investment of 3,1M€, of which 1,5M€ were secured by the MAR2020 program and 800K€ by the company's own capital. Puromar wants to fund the rest of the amount via various campaigns with Goparity.

This first tranche of funding will be used to order the cables, chains, concrete blocks and buoys that are needed to set up the farm.

Click here to read the article "Can the ocean feed us sustainably?" written by the promoter.

What is the impact?

Direct:

In the next 50 years, it is predicted that the search for protein will grow exponentially. The cultivation of clams is one of the alternatives for the biggest sources of protein used nowadays with less environmental impact, as no chemicals or artificial feeds are used. The cultivation of clams, on the other hand, has a filtering function fighting aquatic pollution whilst capturing CO2 in the shell formation. Sustainable cultivation of the seas instead of only fishing will re-establish biodiversity and marine stocks. Once installed, the off-shore farm will have the capacity to capture 266,73 tonnes of CO2 per year, based on annual production estimated of 600 tonnes of clams.

Impact indicators
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44450

CO2 avoided per year

jobs

created by our projects

hectars

of sustainable water and land management

Contribution to the Sustainable Development Goals
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About the Promoter

About

PURO MAR - UNIPESSOAL, LDA

Puromar Lda is a subsidiary of Oceano Fresco SA and provides the service of the grown-out production in the open sea farm in the Algarve.

Oceano Fresco was founded in 2015 by Bernardo Ferreira de Carvalho. The company is focused on sustainable aquaculture of high-value bivalves (European clams), using scientific research and methods and an innovative approach in the systematic improvement of aquaculture. The company's motto is: “we can regenerate nature if we farm and eat better”. Oceano Fresco is led by a Board of five Directors with scientific, financial, and business experience, including launching and scaling up of start-ups. They are supported by a growing Operational Team (40 people) covering R&D, production, business, and several Advisory Board members with world-renowned fish breeding experts.

The company has built a state-of-the-art Biomarine Center, including a hatchery, labs, and offices in central Portugal, as well as a 100-hectare sea farm off the coast of the Algarve region. With these rare and complementary assets, the company will apply advanced selection and breeding methods to native European clam species of high nutritional and market value, which are presently being replaced in the market by their low-value Asian counterparts (low organoleptic value).

Oceano Fresco was founded in 2015 by Bernardo Ferreira de Carvalho (Founder and CEO).

Since then, the company is proud to have accomplished the following milestones:

(2015-16) Conducted a field study in key aquaculture countries that confirmed market potential;
(2015 onwards) Hired a highly skilled and experienced team covering R&D, production, and business;
(2015 onwards) Awarded €3.5 million in Portuguese and EU grants;
(2016-17) Completed proof-of-concept projects that confirmed the business model viability;
(2018) Signed a 25-year land lease concession for the BioMarine center location;
(2018) Obtained all the required licenses from the authorities to operate the hatchery;
(2018) Acquired a fully licensed, 30+20-year concession for off-shore farming with 103ha;
(2018) Established a 5-member BoD combining plant and fish breeding with business experience;
(2018-2020) Raised €7.5 million in seed and A rounds from 2018 to 2020, from institutional and individual investors;
(2020) Set up the off-shore farm physical infrastructure in the sea;
(2020) Built a state-of-the-art BioMarine center, including a hatchery, labs, and offices;
(2020) Bought a 12-meter boat, that is based in the company's harbor in Lagos;
(2021) 2,5 million clam seeds ready to be sent to the off-shore farm in Algarve.

Promoter website

http://www.oceano-fresco.pt/

Team
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Business Model
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