AquaBounty Announces Receipt of New Withdrawal and Consumptive Use Water Permit from the Ohio Department of Natural Resources

Rhea-AI Summary

AquaBounty Technologies announced the issuance of a new Water Withdrawal and Consumptive Use Permit by the Ohio Department of Natural Resources, allowing water withdrawal of up to 5.25 million gallons per day at its Pioneer, Ohio farm. The Company will relinquish its previous permit from earlier this year. CEO Sylvia Wulf expressed satisfaction with the decision, highlighting AquaBounty's commitment to community engagement and sustainable aquaculture. This development marks a significant step forward in AquaBounty's operations in Ohio and its focus on environmental sustainability.

Positive

• New permit allows water withdrawal of up to 5.25 million gallons per day, enhancing operational capacity.
• CEO highlights community engagement and responsiveness to local concerns, fostering positive relationships.

Negative

• None.

New Key Water Permit Authorizes Water Withdrawal of Up To 5.25 Million Gallons Per Day

MAYNARD, Mass., Oct. 04, 2022 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the Ohio Department of Natural Resources (ODNR) Division of Water Resources has issued a new Withdrawal and Consumptive Use Permit to AquaBounty Farms Ohio LLC, enabling necessary water use at the Company’s Pioneer, Ohio Farm.

This permit authorizes water withdrawal up to 5.25 million gallons per day (MGD) and the consumptive use authorized by the permit shall not exceed 0.065 MGD. Now that the new permit has been issued, AquaBounty will relinquish the prior permit that was granted for a different wellfield earlier this year.

Sylvia Wulf, President and Chief Executive Officer of AquaBounty, said: “We are very pleased with ODNR’s decision to issue our Water Withdrawal and Consumptive Use Permit. We submitted a detailed application and provided thoughtful responses to 263 comments from the community that were carefully reviewed.

“Based on facts developed through extensive scientific investigation, analysis, testing, modeling, and review by experts and regulatory agencies, we continue to demonstrate our commitment to addressing the concerns of the local community. AquaBounty understands the importance of being a good neighbor and is committed to our role in providing economic support to Pioneer and Williams County. We also appreciate the support we have received from numerous stakeholders in the community and look forward to our continued work with local, county and state agencies to bring sustainable land-based aquaculture to Ohio,” concluded Wulf.

About AquaBounty

At AquaBounty Technologies, Inc. (NASDAQ: AQB), we believe we are a leader in land-based aquaculture leveraging decades of technology expertise to deliver disruptive solutions that address food insecurity and climate change issues. We are committed to feeding the world efficiently, sustainably and profitably. AquaBounty provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms through a safe, secure and sustainable process. The Company’s land-based Recirculating Aquaculture System (“RAS”) farms, located in Indiana, United States and Prince Edward Island, Canada, are close to key consumption markets and are designed to prevent disease and to include multiple levels of fish containment to protect wild fish populations. AquaBounty is raising nutritious salmon that is free of antibiotics and contaminants and provides a solution resulting in a reduced carbon footprint and no risk of pollution to marine ecosystems as compared to traditional sea-cage farming. For more information on AquaBounty, please visit www.aquabounty.com or follow us on Facebook, Twitter, LinkedIn and Instagram.

Forward-Looking Statements  

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, including regarding the anticipated construction of AquaBounty’s proposed facility in Ohio; permits; regulatory approvals; anticipated water withdrawal and consumption; sustainability claims; and technological capabilities. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these statements because they involve significant risks and uncertainties about AquaBounty. AquaBounty may use words such as “expect,” “anticipate,” “project,” “intend,” “slated to,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “focus,” “will,” “may,” the negative forms of these words and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether AquaBounty will be able to secure required regulatory approvals and permits; be able to profitably construct and operate the Pioneer, Ohio farm; AquaBounty’s business and financial condition; and the impact of general economic, public health, industry or political conditions in the United States and internationally. Forward-looking statements speak only as of the date hereof, and, except as required by law, AquaBounty undertakes no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, please refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at www.aquabounty.com and on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the bonds described herein, nor shall there be any sale of these bonds in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Company Contact:
AquaBounty Technologies
Dave Conley
Corporate Communications
(613) 294-3078

Media Contact:
Vince McMorrow
Fahlgren Mortine
(614) 906-1671
vince.mcmorrow@Fahlgren.com

Investor Relations:
Lucas A. Zimmerman
MZ Group - MZ North America
(949) 259-4987
AQB@mzgroup.us 

FAQ

What is the significance of the new permit for AquaBounty Technologies (AQB)?

The new permit allows AquaBounty to withdraw up to 5.25 million gallons of water daily, enhancing the operational capacity of its Ohio farm.

Who issued the new water permit for AquaBounty (AQB)?

The permit was issued by the Ohio Department of Natural Resources.

What is AquaBounty's commitment regarding local community concerns?

AquaBounty is committed to addressing local community concerns as shown by their detailed responses to public comments during the permit application process.

How does AquaBounty Technologies (AQB) approach sustainability?

AquaBounty focuses on sustainable aquaculture by raising fish in land-based systems that minimize environmental impact and prevent pollution.