Additional executives for Atlantic Sapphire include Christi Dimon, Thue Holm, Dharma Rajeswaran, Cristina Espeje,
Mario Palma, Eric Meyer, and Ole Christian Norvik. Details of the company executives and media coverage have been provided in the attached spreadsheet. In addition, details of the company's strengths, weaknesses, opportunities, and threats have been provided below.
- After scouring company profiles, media publications, news publication, press releases, and social profiles, we were able to identify 7 additional c-suite executives for Atlantic Sapphire.
- According to the company Facebook page, Christi Dimon is the company's Farm Director.
- Additionally, the company's leadership team includes the following members:
- Thue Holm: CTO & Co-Founder
- Dharma Rajeswaran: COO
- Cristina Espeje: Director of Human Capital
- Mario Palma: Director of Aquaculture
- Eric Meyer: Director of Operations
- Ole Christian Norvik: Managing Director, Atlantic Sapphire Denmark
- After scouring the company news room, media publications, and news publications from 2018 to the present, we were able to find several publications from Global publishers and North American publishers. However, through this search, we were unable to find any relevant publications in that time period from South American publishers or publications specific to South America. Findings have been provided in the attached spreadsheet.
- Atlantic Sapphire has focused for the last few years on growing their land-based farm in Miami, Florida. The company expects to see its first batch of 3.6 million commercial salmon from their "Bluehouse" facility at the end of 2020 with an expected capacity of 220,000 metric tons annually by 2030.
- The Bluehouse facility has increased the company's revenue from $4,000 USD in the first half of 2018 to $2.02 million in the first half of 2019. In addition, the company holds $262 million USD in assets.
- With the expansion of the company's facility, Atlantic Sapphire is on track to see an increase in production with projected production being at 10,000 tons by 2022.
- Growth in production is projected to reach a 54% increase by 2024.
- By implementing land-based farming, the company ensures better water quality management which eliminates the risk for disease and parasites in their fish.
- Land-based farming also reduces regulatory limitations that are placed on companies that use sea-based net pens to reduce over fishing.
- The company offers a more direct supply chain from facility to distribution to customer as opposed to the typical 9 step distribution chains of sea-based farming.
- Based on the location of the facility, the company can provide the following benefits:
- Atlantic Sapphire has seen several losses over the last two years in terms of operating revenue. In the first half of 2019, they saw an operating loss of $5.6 million USD. This was an increase of loss compared to the total loss in 2018 being $8.9 million USD and in 2017 being $6.34 million.
- In 2019, the company faced a harvest delay in their Denmark facility which resulted in an increase of debt transaction fees and overall decrease in revenue.
- The company is facing several increased opportunities with the introduction of the Bluehouse facility in Miami, Florida. They expect to be able to maintain their core focus on farming while increasing efficiency and creating new revenue streams.
- Vertical integration opportunities include the following:
- Sustainable power
- Value-added ingredients
- Packaging material
- Secondary processing
- The company expects to see these opportunities maximized through "third party relationships, joint ventures, and including off-balance sheet financing opportunities."
- In addition, the company expects the growth from the facility to allow them to achieve the following:
- Advance US 2a buildout (+10kt HOG in 2021)
- DK + US phase 1 funding
- Bridge loan payoff
- Additional equity or other investments
- Atlantic Sapphire is aiming to increase land opportunities by acquiring an additional 35,000 acres in Miami, Florida to expand the Bluehouse facility.
- Challenges that the company faces that they will have to address in both their Denmark and United States facilities include the following:
- Overall RAS system testing and optimization
- Training of employees and establishing operational protocols
- Feed trials for performance and physical quality
- Fish movement and logistics
- Any changes in facility water quality or environmental factors could seriously impact the time of harvest and the quantity and quality of the harvest.
- Increasing the size of the farming system leads to higher risk mortality rate increase and increased KPIs.
- The company's system is completely dependent on quality groundwater. They mitigate this risk by choosing optimal locations for their facilities.