Netherlands start-up Kelp Blue is seeking to raise between N$800 million and N$1.4 billion in equity and debt, as it moves to commercially develop the world’s first large-scale kelp farm in Namibia.
The firm is considering a blue bond with the Namibian Stock Exchange (NSX).
“Between N$800 million and N$1.4 billion, which we intend to raise in a combination of equity and debt in the coming two to five years we are tentatively considering Namibian (NSX) listed corporate blue-bonds as an instrument,” Kelp Blue Chief of Staff Greater Mukumbira told The Brief.
Under the De Beers partnership, the company said it has now received N$150 million in funding.
This week, the company and the Namibia Investment Promotion and Development Board (NIPDB) were awarded first runner-up in the Best Foreign Direct Investment (FDI) Project category for the Kelp Blue investment project.
“This award will add even more positive momentum to Kelp Blue’s ambition of restoring the health of the ocean through giant kelp cultivation. This will also lead to the ongoing generation of jobs in the local community as Kelp Blue continues to grow operations,” Mukumbira said.
The award was presented at the Annual Investment Meeting (AIM) event in Abu Dhabi, UAE.
Kelp Blue is a sustainable oceanic aquaculture enterprise founded in 2020 with headquarters in The Netherlands and operations in Namibia, which plans harvested kelp canopy year-round to produce sustainable agri-foods and bio-stimulants.
The enterprise is looking to fully operationalise its processing plant at Lüderitz by the end of June this year, which was completed at the cost of N$59 million (US$5 million), with a production target of roughly 150 tonnes of fresh kelp per hectare.
Kelp Blue collects cultivated kelp from the seaweed canopy to produce alternative agri-food, bio-stimulant, and textile products, and convert them into a variety of products, including bio-stimulants, at the new processing plant at Lüderitz.
Kelp Blue is currently developing a range of products based on Macrocystis, such as agri-feed to feed animals in order to increase productivity and stimulate digestibility.
According to De Beers, research has shown that kelp forests have carbon sequestration properties exceeding those of terrestrial forests and that they help sustain healthy marine ecosystems, providing food and shelter for countless species.
De Beers is a 50% partner of the Namibian government in marine-based diamond miner Debmarine Namibia and land-based diamond miner, Namdeb Diamond Corporation.
