Company: Kelp Blue
Industry: Seaweed Production
Overview: Kelp Blue will cultivate giant kelp in nutrient-rich waters 3-10 kilometres off the coast of Namibia, near Lüderitz. The seaweed canopy will be sustainably harvested to produce alternative agri-food, bio-stimulant and textile products.
Kelp is a fast-growing seaweed and has the ability to sequester more CO2 than terrestrial forests while boosting marine biodiversity and improving fish stocks and generating additional ecological benefits, including counteracting ocean acidification and de-oxygenation.
Kelp Blue’s business model will add value across the entire kelp value-chain. The introduction of offshore engineering innovations and novel processing technologies will reduce overheads and increase scalable process efficiencies. Economic development will be promoted through the creation of value-added products in Namibia for local consumption and export.
The USD 60m investment will be provided by a mix of international and local sources through Climate Fund Managers and EOS Capital.
Status: Signed 2020, pilot to commence 2021