Sustainable aquaculture company SeaGrown has secured a six-figure loan for its seaweed and shellfish cultivation operation. The company prioritizes working with ports, offshore operators and utility companies hoping to minimize their impact on the environment through growth of seaweed and shellfish which can improve water quality, increase biodiversity and draw down carbon.
The company will use the funds to expand its business and take on new commercial contracts. The lender, NPIF II – Mercia Debt Finance, said the company has completed a number of successful trials with wind farm operators, as well as a £2.8m government demonstration project which found its technology could ‘transform the seaweed industry’.
Founded in 2018, SeaGrown said its Kelpedo system can grow seaweed and shellfish at scale and wherever needed. The system has also been designed to be operated by fishing boats, providing diversification opportunities for local fleets.
The company was founded by Captain Wave Crookes, a former fisherman who has held senior roles in the Royal Navy and RNLI, and marine scientist Professor Laura Robinson, who met when working on the British Antarctic Survey. The company sells a range of seaweed products in collaboration with other local businesses and runs a Plant a Tree in the Sea scheme to help corporate clients meet their sustainability goals.
NPIF II – Mercia Debt Finance, is managed by Mercia Debt as part of the £660 million Northern Powerhouse Investment Fund II (NPIF II). The fund covers the North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead. Its aim is to drive sustainable economic growth by supporting innovation and creating local opportunity for firms that might otherwise not receive investment and help to break down barriers in access to finance.
“As someone from a fishing family who has spent their life on the water, I have been saddened to see the state the oceans are in,” said Captain Wave Crookes, founder and Operations Director. “Laura and I decided to dedicate our talents and experience to tackling this crisis. With the Kelpedo system now tried and tested and backed by scientific data, it is exciting to be able to roll it out to the wider world.”
