Eastern Pacific Shipping owner Idan Ofer is investing up to $90m in Norwegian aquaculture technology company AKVA.
Described as an environment, social and governance (ESG)-driven investment, it is being made through Israel Corp, a Tel Aviv-based investment company in which Ofer is the controlling shareholder.
AKVA is a technology developer focused on solving biological and ecological challenges in the worldwide aquaculture sector.
The company's investment strategy focuses on leveraging innovation and technology to significantly reduce the aquaculture sector's carbon footprint.
“The joint project of Israel Corp and AKVA provides food security while using innovative technology to significantly reduce our carbon footprint," Ofer said in a rare media statement.
"The project also substantially reduces food waste and encourages sustainable nutritional consumption — thus expanding the commitment of companies such as the Israel Corp and AKVA towards a greener future.
"We are dedicated to a sustainable economy that is resilient and equitable, providing a good quality of life for everyone. Today, not only do we invest in better resources for sustainable food, but we also invest in the future of our planet. There are plenty [of] fish in the sea, but we only have one planet, and it is our duty to protect it.”
The investment is in line with others in Ofer's growing portfolio of ESG investments, such as Eastern Pacific Shipping’s $6bn alternative marine fuel programme and his $800m investment in US-based Competitive Power Ventures (CPV), a sustainability-driven power generation development and asset management company.
