AquaBounty announces closure of its last AquAdvantage salmon hatchery at Bay Fortune

USA, 12 December 2024 | Company is now focused on selling assets to generate cash and exploring strategic options for its Ohio farm project

Granja de salmón transgénico de Aquabounty

Aquabounty Technologies, the pioneer behind the transgenic salmon AquAdvantage, has announced its decision to wind down operations at Bay Fortune, its last remaining fish farming facility.

This decision, which entails a significant reduction in the workforce and the departure of key management figures, highlights the company’s ongoing struggle to maintain operations and liquidity constraints.

David Frank, AquaBounty’s Chief Financial Officer and Interim CEO, confirmed the closure, stating that they had “prioritised keeping Bay Fortune operational,” but that “insufficient liquidity” had forced the company to cull the remaining fish and “significantly reduce staff.” Over the past year, Frank explained, the company had attempted to raise capital through the sale of farms and equipment but had been unable to secure sufficient funds to maintain its facilities.

Significant management changes have accompanied the closure. CEO Dave Melbourne resigned on 6 December 2024, according to the company statement, while COO Alejandro Rojas and Chief Officer Melissa Daley left the company as their roles were eliminated.

The company is now focused on selling assets to generate cash and exploring strategic options for its Ohio farm project. “We remain committed to updating stakeholders as we assess alternatives,” Frank added.

Aquabounty’s decision underscores the challenges facing the aquaculture industry, particularly for companies working to scale genetically engineered solutions. Stakeholders will be monitoring the company’s next steps closely as it navigates financial and considers the future of its remaining assets.