OTAQ PLC
OTAQ Plc (OTAQ)
11 June 2024
Non-regulatory announcement
OTAQ plc ("OTAQ", or the "Company")
LPAS contract with Ireland’s Seafood Development Agency
OTAQ plc (OTAQ.AQ), the innovative technology company targeting the aquaculture and offshore markets, is pleased to announce a contract with Bord Iascaigh Mhara (“BIM”), Ireland’s Seafood Development Agency, for two of its Live Plankton Analysis System (“LPAS”) units to be installed on an initial rental through until the end of 2024.
One of these units will be deployed with a global seafood producer which has encountered Harmful Algae Bloom (“HAB”) events at its Irish sites in recent years resulting in significant stock losses.
Recently launched by OTAQ, LPAS is a powerful tool for farmers to help combat the rising threat of HAB. By integrating specialised AI technology to automate the identification and quantification of harmful algae and streamline monitoring processes, LPAS saves time, enhances accuracy and frequency, and will assist in standardising practices across the industry. LPAS marks a significant advancement in safeguarding aquaculture against devastating HAB events.
Damien Toner, Aquatech Business Manager at BIM commented: “A key part of BIM’s role in supporting the growth and sustainability of Ireland’s seafood industry is to assess and promote new technologies that will assist farmers manage their operational risks and efficiencies. Following trials of LPAS Beta units during 2023, we see the vital benefits LPAS brings in streamlining and enhancing algae monitoring in production areas and therefore we are pleased to be progressing our relationship with OTAQ to the benefit of Irish farms.”
Richard Beesley, Chief Commercial Officer at OTAQ plc commented: “The Aquaculture industry is increasingly challenged by the threat of Harmful Algal Blooms, which can devastate fish populations and lead to significant financial losses for farms worldwide. While daily monitoring has been the traditional response, it presents notable challenges. Since 2021, we have worked closely with farmers, industry bodies and academia to identify and develop a viable solution to address these challenges.”
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About OTAQ:
OTAQ is a highly innovative technology company targeting the aquaculture and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition. OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway. OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena. The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.
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| ISIN: | GB00BK6JQ137 |
| Category Code: | MSCL |
| TIDM: | OTAQ |
| LEI Code: | 213800CZGMYB5XTUXJ52 |
| Sequence No.: | 326989 |
| EQS News ID: | 1921857 |
| End of Announcement | EQS News Service |
