December 2024 Update

December 31, 2024

Happy New Year's Eve from Ketchikan, Alaska! We have a great year-end recap and some exciting updates to share with you, but first, make sure you're signed up for our emails by clicking here!

Q1 - Moving to Ketchikan

We started off 2024 with a big move up to Alaska's First City, Ketchikan! We chose Ketchikan as the home for Pacific Kelp Co. because it is located in an excellent area for kelp farming, has great infrastructure for kelp processing, and, as we've confirmed over the last year, is a great town to live in!

During the first quarter of the year, we looked for more ways to get involved in the local mariculture community and found a great opportunity in the Alaska Fisheries Development Foundation Startup Accelerator. Joining the AFDF accelerator has given us the opportunity to work closely with its network of early-stage founders, investors, and strategic partners. Over the last 12 months, this collaboration has yielded invaluable insights, strengthened our business strategies, and accelerated our growth trajectory.

Q2 - Financing Update and Processing R&D

During Q2, we began to lay the groundwork for our future kelp operations. We secured a seven-figure debt financing agreement with the State of Alaska to help fund our startup costs, and we began to draw upon that funding in 2024 as we started purchasing kelp processing equipment.

To inform our operational plans, we traveled around the world in Q2 to learn from more experienced and established kelp processors. We took a trip to Korea, which boasts one of the largest and most advanced kelp economies, to learn more about how they process their kelp. Following our trip to Asia, we took a much more local trip to Kodiak, Alaska, to participate in the Greenwave Kelp Processing Workshop, where we learned about particle size reduction and got to see some awesome equipment in action! We rounded out Q2 with a trip to Maine to learn about kelp dehydrating from our east-coast colleagues.

Q3 - Beginning Pilot Operations

Building on our learnings from Q2, Q3 marked the beginning of our pilot operations in Ketchikan. We began to trial several different pieces of equipment and processed a few thousand pounds of kelp, learning a ton along the way!

We spent as much time as possible over the summer getting out on the water and familiarizing ourselves with the archipelago around Ketchikan. We took several trips down to our future farm site, collected a ton of data, and studied the natural kelp beds.

We also launched an exciting research partnership with Rutgers University during Q3 with a project titled SVEAP: Sustainable Value-Added Products from Kelp. This exciting research project is ongoing and examines novel conversion pathways for turning Alaskan Giant Kelp into value-added bioproducts and low-carbon fuels.

We finished Q3 with a few local conferences. Notably, Seagriculture USA was in Ketchikan for the first time. We had a great time connecting with farmers, processors, scientists, investors, regulators, and government officials to discuss the future of the mariculture industry and the challenges ahead.

Q4 - Laying the Groundwork to Scale-Up in 2025!

In the last quarter of the year, we hit some crucial milestones that will enable the expansion and scaling of our operations.

Obtaining our kelp farming license from the State was the last major regulatory obstacle before we could begin kelp farming, making it a top priority for us over the past 18 months. That said, we are excited to announce that the State of Alaska has granted Pacific Kelp Co. an aquatic farming license! While there is still considerable work ahead before we can start harvesting kelp, this marks a significant milestone toward our goal.

During Q4, we also moved in to a new facility in town. This brand-new facility is the perfect location for our kelp processing line. With ample space to house the equipment that we've purchased, oceanfront access, and plenty of room to expand, we are well situated for the near future. We expect to get our processing line up and running in early 2025 ahead of the 2025 kelp farming season. We hope to be able to process not only our own farmed kelp in 2025, but also kelp grown by other Alaskan farmers!

Sneak Peek at 2025

While we are still negotiating final terms and can't yet make a full announcement, we are pleased to share that we have been awarded a grant that will significantly boost our research and sales capabilities in 2025!

This half-million-dollar award enables us to study the efficacy of some of our kelp-based products in partnership with leading research universities. We expect to significantly expand our market penetration and grow the overall demand for Alaskan kelp and Alaskan kelp-based products with the learnings from these rigorous, multi-year research studies!

Stay tuned for a full announcement!

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Best,
Pacific Kelp Co. Team