U.S. Markets close in 23 mins

Dutch firm proposes to build $110M fish farm in Maine

JONESPORT, Maine (AP) — A Dutch firm’s proposal to build a fish farm in Maine would make it the first in the country to cultivate yellowtail on a commercial scale.

Dutch-based firm Kingfish Zeeland said Tuesday that it has secured “strategic funding" to build a $110 million fish farm in Jonesport, the Bangor Daily News reported.

The firm, founded in 2015, has had success in cultivating around 500 metric tons of yellowtail annually in the Netherlands, where it opened a land-based recirculating aquaculture system in April 2018.

The company hopes to produce 6,000 metric tons in its Jonesport building and carve out a bigger share of the $1.24 billion national aquaculture market.

Ohad Maiman, the company's CEO, has said that expanding production to the U.S. is critical for its plan to sell more in the country's market.

The company currently sells only 10% of what it produces in the U.S. market.