Norway-based Remora Robotics bags €2.5M  to enhance aquaculture robotics technology

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Stavanger, Norway-based Remora Robotics, a company that specialises in aquaculture robotics, announced that it has secured kr30M (~€2.5M) in a fresh round of funding led by Grieg Kapital and Momentum.

The company says it will use the funds to enhance its autonomous net cleaning technology. 

 Remora Robotics also will be able to accelerate its technology rollout and drive sales expansion.

Opportunity to grow

Brage C. Amundsen, CEO of Remora Robotics, says, “The investment from Grieg Kapital and Momentum gives us the necessary room to manoeuvre in order to carry out our plans, and deliver on our service of always clean nets for our customers.”

According to him, the transaction also strengthens the collaboration between Remora Robotics and the investors. It also paves the way for future cooperation.

“With this capitalisation, we can increase the speed of the rollout of our technology, giving us the opportunity to scale sales,” Amundsen says. “We are bringing in two strong investors, both with a proven ability to drive forward successful companies through their methodical approach, and who have a good reputation for actively engaging in their investments.”

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“Remora Robotics has developed new and exciting technology for a global market,” says Lars Jørgen Loktu, Investment manager at Grieg Kapital. 

He believes that the company’s technology has the potential to enhance net cleaning efficiency and promote better fish health, which is crucial for the sustainable development of the farming industry.

“The investment fits our investment strategy well, with a focus on marine technology, and we see the technology and business model as future-oriented,” Loktu says. 

Momentum investment manager Christian Møgster adds that the company has been closely monitoring the market for automated and autonomous cleaning for a considerable period. 

Møgster highlights that this solution perfectly aligns with the company’s investment mandate and has the potential to enhance fish farmers’ growth, profitability and sustainability.

“We believe the team at Remora Robotics has what it takes to succeed with commercial rollout at scale,” Møgster says. “We are also happy to make the investment together with a competent and relevant co-investor in Grieg Kapital, and look forward to contributing to developing the company further together with the employees and other owners.”

Remora Robotics’ automated fish farm pen cleaning

Established in 2016, Remora Robotics is dedicated to automating fish farm pen cleaning.

Its technology features an autonomous submarine robot that can clean and evaluate fish farming cages while capturing essential data about the aquatic environment.

Remora Robotics has established partnerships with prominent research organisations in Norway, including SINTEF, the Norwegian Research Council, NTNU and Innovation Norway. 

In 2017, Remora Robotics conceived the idea of developing an autonomous marine version of the robotic lawnmower to clean nets in fish farms. It leveraged its existing expertise in remotely operated vehicles (ROVs).

The initial prototype underwent testing in 2018 but was ultimately abandoned due to its shortcomings. The company continued its efforts to refine the technology and make significant advancements.

By 2019, Remora Robotics extensively tested a functional prototype, which NORCE’s comprehensive report confirmed as effective in cleaning fish farming cages. This success led to Remora Robotics obtaining a patent for the innovative belt mechanism.

The company focused on developing an improved prototype in 2020. Collaborating with Sterling White Halibut AS, it conducted comprehensive tests to enhance further and optimise the technology for practical implementation.

In 2021, Remora Robotics achieved a significant milestone by manufacturing three devices tailored for further testing.

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