The investment is led by Ag
Capital Canada
(ACC), a private equity fund based in Ontario,
with additional follow-on investment from Export
Development Canada
(EDC).

Over the past two years, Poseidon
has introduced two key aquaculture innovations, both with a focus of improving
quality and safety of salmon farming operations. The first, the floating Trident hybrid
steel cage system, has been designed for higher energy locations.

The second, called the Flowpressor
compressor system, was designed
to improve water quality while reducing diesel fuel consumption at off-grid fish farms by up to 56
percent.

“We can lower capital costs, shrink equipment space requirements
and drive higher profits for our customers around the world, while also
delivering environmental returns for the planet,” explained Rick Segal, CEO of
Poseidon Ocean Systems. “That’s the operational and financial advancements of integrating
Poseidon’s engineering, mechanical, and software systems.”

“We were able to check all the boxes with this investment,” said
John Lansink, managing partner at Ag Capital Canada. “We are impressed by
Poseidon’s technologies and management team. The company is in a growth
position, ready to capitalise on a macro trend to meet global protein demand.
Poseidon’s systems can cut operating costs and improve efficiency for the
industry – and create healthier fish.”

“The Poseidon leadership team brought their technologies to market
amazingly quickly. Their culture of collaboration with stakeholders, commitment
to developing their products within Canada and strong relationships
with global customers and partners were key factors driving us toward closing
this partnership agreement,” he added.

Poseidon’s
leadership team is comprised of Rick Segal, formerly of Microsoft and Samsung, as
well as co-founders Heather and Mathew Clarke.

“Ag Capital Canada was the perfect choice to lead our Series A, as
they are focused on food production in Canada, the advancement of ag
technologies and entrepreneurship,” said Heather Clarke, CFO and co-founder of
Poseidon. “The partners bring a wealth of hands-on experience, particularly in agricultural
systems deployment – and they are fully Canadian.”

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