Siemens invests in Singapore Aquaculture Technologies

• SAT secures Series A financing from Siemens Financial Services totaling US$6.8mil
• To support sustainable food production for S'pore to achieve “30 by 30” goal by 2030

SINGAPORE Aquaculture Technologies (SAT) Pte Ltd, a pioneer in utilising closed containment systems for fish farming, announced the finalisation of a Series A financing round totaling US$6.8mil (RM28 mil)

[RM1 = US$0.237]

In a statement, the company said the main part of this equity investment comes from Siemens Financial Services (SFS) via Siemens Project Ventures GmbH - the financing arm of Siemens AG. 

It added that as SAT’s first institutional shareholder, the investment from SFS accounts for a significant minority stake in the company.

Founders Dirk Eichelberger and Michael Voigtmann said Siemens’ entry as a validation of their strategy to become the leading supplier of data and artificial intelligence driven aquaculture solutions, in addition to producing premium fish products under their BluCurrent label. 

“We are thrilled that Siemens, which started off as our technology partner, is now also invested in us as our first institutional investor,” said Eichelberger, who is also SAT's chief executive officer (CEO).

“Siemens is deeply committed to sustainability and this is reflected in both our investment and technologies,” said Steffen Grosse, CEO of Equity Finance at Siemens Financial Services. 

“By investing in SAT, we hope to further support sustainable food production and help Singapore achieve its “30 by 30” goal of 30% local food production by 2030.” he added.

To effectively buffer from supply disruptions, Singapore aims to produce 30% of its nutritional needs by 2030, according to the Singapore Food Agency.

SAT launched its first smart floating fish farm in February 2020. Unlike traditional fish farms, the solution is scalable and is equipped with a recirculating aquaculture system (RAS), a closed system that creates a controlled environment through a multi-level water treatment process, the company explained.

In addition, SAT claimed that the farm integrates a high degree of automation, an efficient solar energy management solution, self-regulated control cycles and artificial intelligence within a farm management information system to achieve a productive, scalable and environmentally friendly operation.

SAT said Siemens Digital Industries implemented an end-to-end digital solution for the smart farm, which included totally integrated automation with smart sensors and connectivity to the Internet of Things (IoT) operating system MindSphere.

A dedicated application helps to monitor operations and process data across a secure network, it added.

In parallel with the investment by SFS, Siemens has also signed a Strategic Collaboration Agreement with SAT, to partner the company in its future growth plans in Singapore and globally.