During the project period, Nuas Technology has signed a letter of intent with a major European pet food player for the supply of oil, protein and fishmeal. We are also in negotiations with a player within the collagen regarding the delivery of bones. Altogether, the letters of intent are based on the volume we are planning for in a startup production. We have also had a close follow up dialogue with an existing partner, who has signed a letter of intent regarding location and rest raw material before the project started. We have mapped possible partners at the locations Senja, Rissa and Ålesund, and have had meetings with these either physically or digitally. Some of the meetings have taken place at conferences or network meetings.
We have given presentations at 2 conferences, where we have also presented Sumafood and Sumafood_BCOM. In Ålesund this was as part of a fisheries fair, and in Tromsø this was part of a seminar organized by Biotech North and the codfish network. We have also participated in a major conference in Ålborg in addition to several local network meetings in Trondheim. These have been good arenas for meeting potential customers and partners, as well as making known the possibilities in commercial production of marine residual raw material. Linkedin and other social media have become an important arena for making the company known and establishing contact with possible customers and partners. During the project period, we have published 11 posts to create attention. At the same time, we have increased the number of followers by around 30%.
Infrastructure is important for establishing commercial production. During the project period, we have applied for an extended discharge permit at Senja. Before the start of the project, we were also granted a discharge permit in Rissa, but this is now for appeal processing in the Directorate of the Environment. Through reports from consultants and feedback from potential customers, we have acquired more knowledge about the price level and market requirements for marine ingredients. This gives us a better basis for making good calculations. Based on the information we have obtained and the experience we have gained, we have drawn up a business plan that deals with the three locations. This provides a decision basis for the board with regard to when and where we can start commercial production. It has been concluded that both capital and access to residual raw material must be secured before the pilot plant can be moved and production started. At the same time, we have experienced that several factors have negatively affected the markets ability to invest. Globally, we have a financial market with great uncertainty and rising interest rates. In Norway, the so-called salmon tax has also had a negative impact on aquaculture companies. We believe that this is an important reason why we have not yet managed to secure a new investor and capital. Overall, Nuas Technology is more robust and mature to start commercial production after the project is completed.
Coordinator:
Frode Blålid