EIB supports Oceanloop with 35 million euros

Oceanloop expands with EU support - Munich-based startup develops shrimp farming technology and aims to build the European market for sustainable, animal welfare-friendly aquaculture.

Luxembourg / Munich, November 7, 2024 - The European Investment Bank (EIB) is providing EUR 35 million to Munich-based startup Oceanloop to further expand its indoor shrimp aquaculture business. The financing is part of the EU's InvestEU program, which supports high-risk investments in pioneering technologies.

Expansion and new large-scale facility on Gran Canaria

Oceanloop is developing sustainable land-based aquaculture systems (RAS) for shrimp farming that offer a high-quality and environmentally friendly alternative to imported shrimp. With the EIB funds, Oceanloop plans to expand its pilot plant in Kiel to increase its annual capacity from the current 5 to 60 tons. The company also plans to build a large-scale indoor farm on Gran Canaria, which will produce 2,000 tons of prawns per year.

Local shrimp production for the European market

Founded in 2012, the start-up already operates two pilot plants in Munich and Kiel. Oceanloop supplies prawns directly to supermarkets, restaurants and end consumers via its sister company Honest Catch. Oceanloop's innovative technology makes it possible to monitor the entire breeding process and precisely control the condition and growth of the shrimp using AI and computer vision. The company is thus setting new standards in terms of animal welfare, sustainability and efficiency.

Oceanloop shows how modern technology can make shrimp farming more environmentally friendly and efficient. The reduction in water consumption and CO₂ emissions supports environmental protection and provides a high-quality, protein-rich food source.

Nicola Beer, Vice-President of the EIB

The European market is currently heavily reliant on shrimp imports as demand for this popular seafood is high worldwide. Oceanloop's technology offers a local alternative and supports the growing interest in climate-friendly, resource-efficient protein sources. With modular and location-independent aquaculture systems, the company also aims to expand globally and establish a sustainable, controlled alternative to conventional shrimp farming.

Focus on the circular economy and renewable energies

In order to further promote the circular economy, Oceanloop plans to use technologies to recycle waste into biogas and organic fertilizers as well as to use renewable energies such as wind power and solar energy for self-sufficiency. The aim is to reduce the amount of waste while keeping the environmental impact of shrimp farming as low as possible.

Overfishing and uncontrolled aquaculture endanger the security of supply. We are delighted to have the support of the EU to scale up our technology and secure European shrimp production in the long term.

Fabian Riedel, founder and CEO of Oceanloop

Fabian Riedel, founder and CEO of Oceanloop, emphasizes that the increasing demand for animal proteins requires sustainable solutions.

InvestEU: Support for innovative technologies

The loan is part of the InvestEU program, which aims to support investments of over 372 billion euros in innovative technologies by 2027. In this way, the EU is contributing to the development of climate-friendly and digital solutions that meet the requirements of the modern economy.