Pioneering marine conservation technology saves large scale marine bycatch
Press Release: for immediate release (October 9, 2018)
Fishtek Marine, a pioneer in marine conservation technology, is seeking £900,000 of investment to further grow their products which are designed to make the global commercial fishing industry more sustainable by deterring the unintentional death or capture of other marine species, known as bycatch.
The money raised will be used to launch a ‘pinger’ which uses acoustics to alert dolphins, porpoise and whales to the presence of fishing gear. It will also be put toward the development and testing of four new products which will be launched over the next three years.
Cornish fisherman Barry Preston from Mevagissey states: “There is no commercial fisherman who wants to catch dolphins, they are living mammals like us and it’s upsetting. Since I have used the ‘pinger’ I haven’t had one dolphin in my nets whereas before I would have two or three every week.”
Bycatch from fishing nets and lines is responsible for the deaths of over 300,000 dolphins, porpoises and whales, 300,000 seabirds and 250,000 turtles every year. Death in fishing gear due to entanglement is the leading threat to the 80 plus species of whales, dolphins and porpoises.
Set up by entrepreneurial brothers Pete and Ben Kibel in 2016, Totnes-based Fishtek Marine has a portfolio of products designed to be used alongside existing fishing gear.
The company sells its existing products to fishing companies and distributors in 35 countries and expects to generate sales of £370,000 in its second year of operations – a 290% increase from the previous year. Due to new fishing legislation and growing awareness of marine conservation, the directors are aiming to grow the business to £10 million turnover within five years. All products are designed and manufactured in Devon.
Rory Crawford, RSPB, said: “Fishtek have been great collaborators in the fight to eliminate bycatch in fisheries, one of the biggest threats facing seabirds. Their work has been innovative yet savvy to the everyday practicalities of fishing – so whether it’s producing something that’s well-established ‘best practice’ or genuine innovation, we’ve found them to be brilliant partners in saving threatened seabirds.”
Pete Kibel, Founder Director of Fishtek Marine, said: “We are passionate about global marine conservation and have spent many years researching solutions to the problem of bycatch which is one of the greatest threats to many endangered species in our oceans. By supporting our share offer, investors are not only investing in a UK marine technology company with exciting growth opportunities, but can also be assured that they are helping us to tackle this important environmental issue.”
Triodos Bank is the first registered UK bank to have launched an investment crowdfunding platform. Depending on their personal circumstances, investors may benefit from Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs (both subject to final approval from HMRC). EIS income tax relief is available at 30% of the cost of shares, and SEIS at 50% of the cost of the shares, both of which can be claimed against an investor’s income tax liability for the tax year in which the investment is made. The minimum investment for the share offer is £1,000 and a maximum investment of £100,000 applies.
For more information and to register interest and receive alerts each time a new offer goes live, visit www.triodoscrowdfunding.co.uk.
This is a high-risk investment opportunity in the shares of an early stage company. The company has no plans to pay dividends (or returns) in the short term and although the directors aim to procure an exit for investors after the three-year SEIS/EIS qualifying period, there is no guarantee of this or of the future value of the shares. Investing in the shares of an unlisted company involves risks, including potential for loss of capital and future dilution, lack of dividends and lack of liquidity, and should only be considered as part of a diversified investment portfolio.
NOTES TO EDITORS
Fishtek Marine published an offer document dated July 2018. Applications can only be made on the basis of, and subject to, the terms and conditions of the information contained in the offer document which includes the terms and conditions of the Triodos Crowdfunding website. Fishtek Marine is a limited company registered in England with registered office at Unit 1a Webbers Way, Dartington, Totnes, Devon, TQ9 6JY (registered number 10448564).
M: 07521 898970
About Triodos Bank
Triodos Bank is a global pioneer in sustainable banking using the power of finance to invest in projects that are good for people and the planet. Triodos uses its €14.5 billion (2017) in assets to create social, environmental and cultural value in a transparent and sustainable way.
With UK operations based in Bristol, Triodos Bank has branches in the Netherlands, Belgium, Spain, Germany and an agency in France. Globally, Triodos Bank has microfinance projects in Central Asia and Eastern Europe, and is a founding member of the Global Alliance for Banking on Values (GABV), a worldwide network of 43 banks seeking to transform finance into a vehicle of positive influence.