Novo Holdings to acquire majority stake in Stingray Marine Solutions, a leading provider of aquaculture technology

COPENHAGEN, Denmark, Oct. 10, 2024 /PRNewswire/ -- Novo Holdings today announced that it has agreed to acquire a majority stake in Stingray Marine Solutions, a market-leading aquaculture technology company that provides advanced solutions for a more sustainable fish farming industry.

Stingray Marine Solutions ("Stingray"), founded in 2012 and headquartered in Oslo, Norway, specialises in intelligent aquaculture technology aimed at increasing sustainable salmon production. The company's product, the Stingray system, utilises a combination of camera vision, advanced proprietary software, and laser technology to remove sea lice from fish in a humane and efficient manner. This system not only improves fish health and welfare but also enhances operational efficiency for fish farmers by reducing the need for manual handling of the fish and the associated mortality.

Sea lice are the key driver of salmon health issues, directly or indirectly costing fish farmers €6–7 billion annually. However, traditional treatment methods have proven insufficient, harmful for the fish and are reducing growth.

Stingray's commitment to sustainability is reflected in its focus on operating in harmony with nature, offering solutions that align with environmental protection while ensuring high-quality fish production.

John Arne Breivik, CEO, Stingray Marine Solutions, said:

"Today marks a milestone in our company history as we welcome Novo Holdings to the owner group. With a passionate interest in sustainability and biology, we are confident that Stingray will thrive and grow under Novo Holdings' ownership, and we are excited to collaboratively deliver on our mission to develop and offer intelligent aquaculture technology that contributes to increased food production on nature's own terms."

The acquisition of Stingray marks Novo Holdings' Planetary Health Investments team's first investment in aquaculture technology, which has become a new strategic priority for Novo Holdings' Planetary Health Investments team due to its growth prospects, innovation potential and expected impact on planetary health.

Cynthia Kueppers, Partner, Planetary Health Investments, Novo Holdings, said: "We're pleased to invest in a company that not only offers an innovative aquamarine technology solution to address industry needs but also places sustainability at the forefront of its approach – a pressing factor in the marine and aquaculture industries. The Company delivers substantial value for its customers and shows great potential for further growth, with opportunities to expand into new areas of data and analytics and precision farming. Stingray's solid business model positions them well for long-term success. The leadership team has demonstrated impressive vision and expertise, which further reinforces our confidence in the company's future."

Novo Holdings' Planetary Health Investments team spans three continents (Europe, North America and Asia), and invests in areas where science and technology can deliver returns while tackling global challenges, including feeding a growing world population, fighting climate change and drought, or creating sustainable cities. Planetary Health Investments is also committed to investing in Green Tech scaling – tested solutions that can be scaled up relatively quickly – to amplify the meaningful impact of innovative and sustainable technological solutions for the benefit of people and the planet.

DNB Markets advised Novo Holdings and Carnegie advised Stingray and the sellers.

About Novo Holdings A/S

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk 

About the Novo Nordisk Foundation

Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people's health and the sustainability of society and the planet. The Foundation's mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.