EcoSea’s debt financing will contribute to the exports of Chilean innovation and reduction of ocean pollution in the coast of Chile. November 12, 2020
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IDB Lab, the innovation laboratory of the IDB Group has recently approved new debt financing of US$750,000 to the Chilean company EcoSea Farming SpA. EcoSea, an innovative aquaculture company based in Chile is a Venture Capital-backed business, and a pioneer in sustainable offshore fish farming in Latin America.
This medium-term debt financing will allow EcoSea to expand its sales to fish farmers in Chile and internationally. EcoSea designs and assembles fishnets made of copper alloy that are sold, leased, or financed, to industrial fish farmers together with an IoT application that monitors sea life inside such fishnets. Copper has also some properties that have positive effects on fish health, contributing to a reduction in the need for antibiotics. In addition, EcoSea’s fishnets are 100% recyclable and lasts 10 years on average.
As a result, this loan operation is expected to contribute to: (i) Increase the production and adoption of innovative copper alloy aquaculture technology and containment systems in LAC; (ii) Foster the efficiency, productivity and growth of the aquaculture sector in LAC; (iii) Contribute to reduce ocean and marine pollution in the Latin America and Caribbean region.
EcoSea is a sustainable aquaculture company that addresses the increasing need for efficient and ecofriendly fish farming alternatives worldwide. EcoSea’s solutions are based on copper alloy fishnets that are 100% recyclable that last for more than 10 Years and are accompanied by IoT applications for fish life monitoring. EcoSea is based in Chile and exports its solution to other Latin American countries and Asia.
For more information: please visit https://ecoseafarming.com/
About IDB Lab
IDB Lab is the IDB Group’s innovation laboratory to promote development through the private sector by identifying, supporting, testing and piloting new solutions to development challenges and seeking to create opportunities for poor and vulnerable populations in the LAC region. To fulfill its role, it engages and inspires the private sector and works with the public sector when needed. www.bidlab.org/en