Media release For immediate issue
Japanese seafood powerhouse invests in Aussie red seaweed startup
Australian seaweed startup Immersion Group has welcomed a cornerstone investment from Nissui Corporation to accelerate the production of the native red seaweed Asparagopsis.
Proceeds from the investment will be directed into the construction of a new onshore Asparagopsis production plant near Geelong in Victoria, expected to create up to 30 new jobs.
Nissui Corporation chief executive Shingo Hamada said the investment was an important step for the company to capitalise on the growing momentum behind Asparagopsis as a methane-reducing feed additive for ruminant livestock.
“We see an incredible opportunity to produce Asparagopsis, targeting premium beef markets in Australia and Japan”.
Mr Hamada said the investment would facilitate the expansion of a new seaweed division at Nissui.
“Nissui’s existing marketing and distribution channels present an opportunity to develop a global Asparagopsis brand with Immersion Group, capable of servicing markets worldwide.”
Japan-based Nissui Corporation (TSE: 1332) was the second-largest seafood producer globally in 2022 based on revenues of $8 billion.
Immersion Group CEO Scott Elliott said the Nissui investment would allow Immersion Group to rapidly scale the company’s proprietary onshore production technique for Asparagopsis and move into other geographies globally.
“There are 1 billion cattle in the world, and to have a cornerstone investor and strategic partner in Nissui puts us at the forefront of servicing this unheralded demand.”
“Immersion Group was founded on a simple premise: we didn’t want to be the biggest Asparagopsis producer immediately, but we did want to be the best.”
Asparagopsis from the production plant will be directed into supplying trials in Australia and Japan. The proposed onshore plant will compliment Immersion Group’s existing operations in
Portarlington and Queenscliff on Victoria’s Bellarine Peninsula and Perth in Western Australia.
The company delivers its onshore work in partnership with the University of Western Australia and Deakin University.
ENDS
MEDIA CONTACTS:
Chriss Mannix, Soda Communications, 0418 408 035, [email protected]
Karen Strahan, Soda Communications, 0417 361 465, [email protected]
Key Facts:
- Immersion Group (founded by passionate and entrepreneurial aquaculturalists Scott Elliott and Dr John Statton) is headquartered in the Victorian coastal village of Portarlington.
- Immersion is one of the first Australian businesses to attain a licence to commercially grow Asparagopsis and is an emerging leader in the industry – a market that will be valued at over $1.5 billion in Australia by 2040 (according to AgriFutures).
- Immersion is a licensee of FutureFeed which has some big-name Australian investors, including Andrew Forrest, Woolworths and GrainCorp.
Contact details:
Chriss Mannix, Soda Communications, 0418 408 035, [email protected]
Karen Strahan, Soda Communications, 0417 361 465, [email protected]