April 30, 2024
Hello from Ketchikan, Alaska! We have some great updates to share with you this month, but first, make sure you're signed up for our emails by clicking here!
Financing Update:
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We're happy to announce that we've recently been approved for up to $1,000,000 in low-cost debt financing to help fund our startup costs!
This attractive financing is available to us from the State of Alaska and is part of a program that encourages the growth of agriculture and mariculture in the State. We'll be using the loan proceeds to help pay for anchors, buoys, ropes, and chains for our kelp cultivation array, and for processing we'll use the funding to purchase a dehydrator, mill, and other kelp processing equipment.
This significant investment not only supports our kelp cultivation and processing operations, but is also a reflection of the growing recognition of kelp as a sustainable and healthy supercrop. We're still negotiating the exact terms, but we expect to finalize the agreement in the coming weeks and to deploy the funds over the next 3 to 9 months.
Learnings from Korea:
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A nori sheet machine in Seoul, South Korea
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Nick had the opportunity to travel to South Korea this month to learn about cultivation and processing from experts in their mariculture industry. South Korea is a global leader in the industry and is the largest exporter of kelp and seaweed products in the world.
Seaweed and kelp were everywhere in South Korea! From food to cosmetics, seaweed and kelp are deeply ingrained in the culture of the nation. The sheer number of seaweed-based snacks, dishes and beauty products was astounding, demonstrating the huge demand for innovative, sustainable, and healthy products.
South Korea has prioritized both public and private investment into the mariculture industry over the last few decades, resulting in a ton of learnings and processes for maximizing value creation with kelp. We look forward to staying in touch with our South Korean counterparts and applying some of the best learnings and practices from South Korea to our farm and processing operations.
Meeting Rep. Peltola and Buying a Boat!
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Earlier this month we had the opportunity to connect with Alaska's only Member of the House of Representatives, Rep. Mary Peltola. We caught up with Rep. Peltola in Ketchikan to introduce ourselves and share a bit about our plans for Pacific Kelp Co. She was excited to see a new business, especially a mariculture business, launching in Alaska. She supports the mariculture industry and looks forward to seeing us create local jobs, invest in the community, and grow our operations over the coming years!
We also continued to lay the groundwork for our operations in Ketchikan this month. We completed our first major equipment purchase, buying a 24' work boat that was originally built for the Coast Guard. This boat is in great condition and is an ideal platform for us to work off of for the foreseeable future. Over the next few weeks we'll be making some upgrades in preparation for her work as a kelp farming boat! That includes installing new engines, a crane, and some smaller quality of life upgrades (like new seats!)
We do need some help with her name... so send us an email with your ideas to info@pacifickelp.co!
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Best,
Pacific Kelp Co. Team
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