Billund Aquaculture, the Danish company renowned for its pioneering work in recirculating aquaculture systems (RAS), has filed for bankruptcy. The company, which has been instrumental in advancing sustainable fish farming technologies globally, announced on Friday that it would be submitting a winding-up petition, citing insurmountable operational challenges.
The decision comes as a significant blow to the industry, with Billund’s chairman, Jon Refsnes, expressing deep regret over the closure. “There was no real alternative,” Refsnes stated, highlighting the severity of the issues the company faced. CEO Kristoffer Lund added that while operations over the past year were solid, lingering challenges from prior activities made securing sufficient capital for continued operations impossible.
The company struggled through the pandemic, which severely impacted its financial health. These difficulties were exacerbated by the economic repercussions of the Ukraine War, leaving Billund unable to sustain its operations. Despite recent operational progress, disputes predating 2022 thwarted efforts to stabilize the company’s financial position
Founded in 1986 as an offshoot of an eel producer, Billund Aquaculture grew to become a leader in the RAS sector. Its innovative approach helped transform RAS from an obscure technology into a cornerstone of sustainable aquaculture worldwide. The company expanded rapidly in the nineties, capitalizing on the eel production boom in Asia, before transitioning into the salmon sector with a landmark recirculating fish farm in Chile.
With offices in Denmark, Chile, and Australia, Billund Aquaculture’s influence spanned the globe, making significant contributions to sustainable aquaculture practices. The company’s bankruptcy marks the end of an era, as efforts will now focus on finding solutions for employees, customers, and creditors affected by this closure. Billund’s legacy in the development of RAS technology will continue to inspire future advancements in the industry.
Source-Fish Farmer Magazine
