Pareto Securities has recently completed a placement in Stingray Marine Solutions AS in which the company wanted to obtain USD 2.3/3.4 million to strengthen its investments in technology for the aquaculture industry. But the offering was increased due to great interest and ended at about USD 5.2 million in new investment, giving Stingray a solid capital ahead, said Stingray in a statement.
The company produces an Optical delousing (Optical Sea Lice Treatment™)using a camera vision, advanced software and laser, that can remove individual sea louse from the fish in a gentle and efficient way.
Optical delousing is a new, gentle and sustainable method for controlling the amount of sea lice in net pens. Using camera vision, software and laser allow for fully automatic louse removal from the fish.
Investors have gotten closer insight into the company's breakthrough technology and the development for automated lice counts and safer biomass measurement.
The Stingray node.
"We now see that farmers increasingly are aware that loss of profit, as a consequence of repeated manipulations by delousing, and is just as important as the direct and indirect treatment costs," said CFO of Stingray Marine Solutions, Geir Inge Rødseth.
Rødseth also said that those who now focuses on the revenue side as well as the expenditure side, in a short time enough to conclude that investments in the Optical Sea Lice Treatment will get a very fast return and profit.
The company revealed that has been joined by investors from Trondheim, Bergen, Stavanger and Oslo, many of them already have significant investments in the aquaculture industry.
Investor Grunde Eriksen, the investment company Altitude Capital, who represents several of the new investors, said that he is convinced by Stringway's innovative technology and highly skilled employees.
"We believe that Stingray will provide important solutions and increased profitability for both individual farmers and automation of the entire industry", said Grunde Eriksen, who is impressed with the continuous improvement of Stingray's technology.
Stingray is a gentle alternative that improves fish welfare. With eye-protection embedded in the software and a laser that is custom-made for this purpose, optical delousing will set a new standard in automatic treatment and delousing of fish in their natural habitat.
"Now we support the company so it can grow further and help the aquaculture industry forward," he added.
"Pareto has been an advisor and facilitator in the process and we have been impressed by Stingray, their teams and ambitions, which we seem to share with the strong investors who have joined the team", says Kristoffer Jordheim, from Pareto.
Stingray Marine Solutions' CEO, John Arne Breivik said, "We look forward to developing the company further with new solutions, international commitment and not least contribute to increased profitability for all the farmers who use the Stingray's technology."
About Stingray Marine Solutions AS
Stingray's optical delousing.
Stingray Marine Solutions AS is based on entrepreneur Esben Beck's patented idea from 2010 for the removal of sea lice by means of camera vision and laser.
It all began in his basement back in 1999. After over 10 years of deliveries to demanding oil, gas and offshore customers, it became natural to start investing in their own products.
Beck Engineering chose to establish and develop its own sea lice project, and design, produce, develop software, perform tests and installations at their own premises and based on internal resources.
Stingray Marine Solutions AS is the subsidiary of Beck Engineering, and from 2013 onwards, they continue to develop the project that has already gained significant recognition from various sources.