A Scarborough company that has found a way to improve ocean health by cultivating seaweed and shellfish is set to grow after securing a six-figure loan.
SeaGrown, which is based on the MV Southern Star on Vincent Pier has secure the loan from NPIF II - Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II).
The company, which operates a 25ha site in the sea off Scarborough, has completed a number of successful trials with windfarm operators as well as a £2.8m government demonstration project which found its technology could 'transform the seaweed industry'.
The funding will enable it to help expand its business and take on new commercial contracts.
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Seaweed can improve water quality, increase biodiversity and draw down carbon. Unlike current cultivation methods, SeaGrown's innovative Kelpedo system enables seaweed and shellfish to be grown at scale and wherever needed. The system has also been designed to be operated by fishing boats, providing diversification opportunities for local fleets.
Seagrown was founded in 2018 by Captain Wave Crookes, a former fisherman who has held senior roles in the Royal Navy and RNLI, and marine scientist Professor Laura Robinson, who met when working on the British Antarctic Survey.
The company sells a range of seaweed products in collaboration with other local businesses and runs a Plant a Tree in the Sea scheme to help corporate clients meet their sustainability goals. However, its biggest market could be ports, offshore operators and utility companies seeking ways to minimise their impact on the environment.
The company has worked with the two biggest windfarm operators, Orsted and RWE, and last year won an international biodiversity competition run by RWE.
The latest project, as part of a biomass programme run by the Department of Energy and Net Zero, found that Seagrown's technology could transform seaweed production from a cottage industry, positioning the UK to lead the way in Europe and develop a national 'blue carbon' capability.
The company currently employs 16 staff at its headquarters in Scarborough, but expects to double in size in the next two years and aims to open sites at other locations across the UK and Europe.
Captain Wave Crookes, founder and Operations Director, said: "As someone from a fishing family who has spent their life on the water, I have been saddened to see the state the oceans are in. Laura and I decided to dedicate our talents and experience to tackling this crisis. With the Kelpedo system now tried and tested and backed by scientific data, it is exciting to be able to roll it out to the wider world."
Andy Clough of Mercia Debt added: "There has been growing interest in cultivating seaweed in recent years as businesses start to recognise the benefits.
"Seagrown's unique system could drive rapid uptake by enabling cultivation at scale. The funding will help the company to take on new commercial contracts and establish itself as a key player in the UK's 'blue economy'."
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.