Blue Limit AS secures first equity financing from Sarsia Seed AS.

Company will develop, document and sell a new special feed for PL Shrimp
May 26, 2007

Blue Limit AS secures first equity financing from Sarsia Seed AS

Blue Limit AS (BLAS) has been established by Dr. Anders Aksnes and Sarsia Innovation AS to develop, document and sell a new special feed for Shrimp Larvae (Post Larvae stage). The company is based on more than thirty years of aquaculture special feed R&D at Fiskeriforskning Bergen. Sarsia Seed AS together with Sarsia Innovation has agreed to invest up to 3 mnok during the next 12 months to initiate the commercial documentation and product roll-out internationally.

Blue Limit AS has patent applied and developed a new special feed for Shrimp Larvae. Initial tests have shown the product to provide improved survival for Shrimp Larvae compared to control diets. The product is now being tested in Sri Lanka, Thailand and P.R.China. Plans are being made to include tests in other South-East Asian countries and in the Americas.

Blue Limit AS has received support from the Norwegian Research Council (NFR) as part of a verification project and from Innovation Norway (IN) as part of an incubator-program prior to this first major equity financing round. In total the company is estimating investments less than 30 million for building facilities and operations until cash positive.

The founder Dr. Anders Aksnes is a nutritionist with more than 100 publications and app. 20 years of active R&D and Consulting to Norwegian national aquaculture and feed industries and authorities and to international organisations and companies. He has also participated in and been project leader and supervisor for a number of international aquaculture development projects.

Blue Limit AS has prioritised Shrimp Larvae feed as the first stage in the international development before it intends to commercialise the technology within several related international aquaculture feed products.

Fiskeriforskning Bergen is the Norwegian National R&D centre for aquaculture feed. The institute has a staff of 40 and is a world leading aquaculture feed R&D institute working with feed development towards a range of species.

Sarsia Seed AS is an early stage Seed Fund investing in the Biotech and Energy sectors in Norway.