AquaBounty Technologies, a pioneer in genetically modified fish farming, has announced the closure of its hatchery operations in Bay Fortune, Prince Edward Island. The decision marks a significant shift for the company, known for its innovative AquAdvantage salmon—a genetically engineered strain of Atlantic salmon designed to grow faster than conventional fish.
David Frank, AquaBounty’s Chief Financial Officer and interim Chief Executive Officer, confirmed that the company will wind down operations at its Bay Fortune facility, cull all remaining fish, and reduce its workforce substantially over the coming weeks. Frank acknowledged that despite efforts over the past year to raise capital through asset sales and financing, AquaBounty could no longer sustain its operations.
The closure of Bay Fortune, the company’s last operating farm, follows a series of financial setbacks. AquaBounty previously operated a Recirculating Aquaculture System (RAS) facility in Albany, Indiana, with a 1,400-ton annual capacity, and had begun constructing a larger RAS facility in Pioneer, Ohio. However, escalating costs forced a halt to the Ohio project. Efforts to generate working capital, including the sale of the Albany facility and a mortgage on the Pioneer farm, proved insufficient.
Adding to the upheaval, AquaBounty announced several leadership changes. Dave Melbourne, the company’s Chief Executive Officer, resigned, while Alejandro Rojas and Melissa Daley, the Chief Operating Officer and Chief People Officer, respectively, also departed as their roles were eliminated.
Frank indicated that the company would now focus on selling remaining assets, including its Ohio farm project, to generate cash. He emphasized the commitment to keeping stakeholders informed as they explore future alternatives.
AquaBounty’s closure highlights the challenges faced by companies attempting to balance innovation with financial sustainability. Despite its groundbreaking technology, the company struggled to scale its operations profitably. The closure underscores the complexity of building sustainable aquaculture solutions in a competitive and resource-intensive industry.
While the announcement signals the end of AquaBounty’s farming operations, the need for innovative approaches to global food security remains pressing. The company’s legacy will likely inspire future ventures in sustainable aquaculture, serving as a reminder of both the promise and perils of pioneering technology in the modern economy.