China-based agriculture technology and organic food company Sino Agro Food has announced a joint venture that will lead to the construction of a 300,000 metric ton (MT) vannamei farm.
Sino Agro’s wholly-owned subsidiary, Capital Award, has licensed its A-Power Technology, a self-contained water treatment and recirculating aquaculture system, to Glory Ocean Development, and signed a Sino Foreign Joint Venture agreement with a group of business partners.
The first phase of the project is estimated USD 149.6 million (EUR 108.9) for construction, development, consulting and license fees and is expected to last two years.
"I am very pleased and gratified to make this announcement today. The license agreement represents a culmination and a beginning at the same time. It validates our technology and the success of our current indoor fish and prawn farms, which, in a sense, have served as demonstration farms,” said Solomon Lee, Sino Agro CEO. “The agreement is a major marker in the Company's growth and stature. I look forward to reporting more details as further approvals materialize, and project activities progress."
