The round was led by World Wildlife Fund (WWF) which invested USD 850,000
Ocean Rainforest Closes Investment Round led by World Wildlife Fund
Saturday, August 15, 2020, 17:10 (GMT + 9)
Ocean Rainforest, the Faroe Islands company bringing new technologies and processes to seaweed farming in the North Atlantic, announces the closing of its USD 1,500,000 investment round.
This new investment round will enable Ocean Rainforest to scale farming operations, utilizing its novel farm technology designed to withstand the demanding conditions of the North Atlantic. The round was led by World Wildlife Fund (WWF) which invested USD 850,000.
Seaweed farming requires no freshwater, arable land, fertilizers, or pesticides. As the farms operate, they perform positive ecological services within the farm waters and the surrounding water column. Seaweed is highly efficient at absorbing CO2 from the ocean, reducing ocean acidification. By absorbing CO2 and nutrients from the sea, seaweed farms create a cleaner water column while producing the highly nutritious biomass used in Ocean Rainforests’ products.
Olavur Gregersen, CEO of Ocean Rainforest, announced: “This investment by WWF and others will allow Ocean Rainforest to deploy new farms at scale, enabling the company to meet the growing demand for its products. But most importantly, it is an affirmation of our sustainable approach to cultivating seaweed in our ocean waters, improving people’s wellbeing, and making a unique and positive contribution to our blue planet.”
Carter Roberts, President, and CEO of World Wildlife Fund in the United States, announced: “Rising global demand for food, fiber, and fuel – as well as where and how global industries obtain vital commodities – puts increasing pressure on nature. WWF recognizes that we cannot solve these challenges alone. We’re excited to support this project because seaweed cultivation holds the potential to reduce these pressures and contribute to a more balanced relationship with nature.”
Ocean Rainforest is based in the Faroe Islands and brings more than ten years of experience in seaweed cultivation in open ocean conditions. Through its U.S. based subsidiary, Ocean Rainforest is also leading a demonstration project for seaweed cultivation offshore of California, USA. By applying science, innovation, and expertise in growing and processing seaweed for market segments within food, feed, and cosmetics, it is internationally recognized as a key pioneer in this developing industry.
Ocean Rainforest location in the Faroe Isl.
WWF is one of the world’s leading conservation organizations working in nearly 100 countries, with the support of 5 million members worldwide.