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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - FAERSK (FAERSK â€“ Innovative fish processing and logistics solution)

Teaser

Summary

Todayâ€™s consumer buys fish for its great taste and its positive health benefits. Salmon is the fastest growing fish segment, yet the cold smoked salmon and gravad lax that consumers find in their local supermarket contains large amounts of phosphates, antioxidants and added water. The issue is, todayâ€™s fish processing and distribution chains do not have the technologies to meet the new demand for fresh, additive-free fish products. The problem in todayâ€™s process is the need for ice and single-use EPS (Expanded Polystyrene) boxes to avoid spoilage of the product in order to make the thousand-kilometer journey from the initial processing plant to the final processing plant to the supermarket shelves. In short, the industry generates massive amounts of carbon emissions and plastic waste that is unsustainable for the planet and undesirable from the consumersâ€™ point of view.

Our FAERSK solution turns todayâ€™s fish processing and distribution chain on its head. Using several patented innovations, the fish is cut into fillets and wrapped in the final packaging for transport and sale, all at the initial fishery processing plant. Thanks to our vacuum-assisted pressure technology, the fish is dry cured naturally during transport, enabling catch-to-customer within 5 days, which is 2x faster than todayâ€™s 10-day process.

Benefits of FAERSK to the society are clear as we will deliver the most environmentally sustainable salmon products in the world, while ensuring best value-for-money for consumers. By enabling full processing and final packaging in the initial slaughter phase, our products take up only 33% of vehicle cargo space compared to whole fish in EPS boxes, thereby increasing payload (net sellable product) by 260% for the average long-haul transport van and slashing overall CO2 emissions per fillet by 85%. This eliminates the need for hundreds of millions of EPS boxes annually. And with a durable carton film packaging, FAERSK eliminates plastic from the entire value chain.

The main objective of the FAERSK project is to launch the fully commercial FAERSK salmon products on the European market by Q3 2021. In order to do this, we need to perform 3 large-scale pilot tests to validate the robustness and profitability of our operations at high volumes, as well as the superior quality of our products with a large group of consumers. Thus, the conclusion of our Phase 1 Feasibility Study is to continue the FAERSK project.

Work performed

This Feasibility Study has enabled our company to perform key activities for validating the commercial and technical feasibility of our FAERSK project. Firstly, we have held over 20 in-person meetings and various telephone conferences that allowed us to gather all necessary information to complete the project, resulting in successful negotiations to find the best partners for raw material sourcing and processing, key technology components and product distribution. Taste tests were also carried out with key customer decision makers. Main results include: (1) signing preliminary contracts with 3 customers (1 supermarket chain, 1 food wholesaler and 1 airline company); (2) bringing on board two large salmon suppliers who are fully aligned with our product sustainability goals and keen to integrate FAERSK technologies into their processing facilities â€“ fish production capacity is secured through the mid-term; (3) improved design iteration and definition of the technical specifications for our Pin Bone Releaser innovation and initiating development and testing activities with technology partners; (4) defining the technical specifications for our 2-in-1 fish package together with our packaging partner, including an important switch from plastic packaging to eco-friendly carton packaging, and; (5) developing and launching our new FAERSK corporate website (www.faersk.com).

Secondly, we have extended our IP asset portfolio and guaranteed our freedom to operate in our primary target markets â€“ EU, USA, Canada and China. We have also secured patent protection for secondary target markets Chile, Australia, New Zealand, United Arab Emirates, Israel and Russia. During Phase 1, we have worked closely with our patent firm to develop and implement a robust IP protection strategy, performing various activities to ensure our successful market entry and later scale-up â€“ monitor our patent applications, carry out an ongoing technology watch and file nearly 20 national patent applications protecting both the 2-in-1 Active package and Pin Bone Releaser. Moreover, one additional PCT patent has been approved which further protects our Pin Bone Releaser innovation internationally.

Finally, based on the information gathered, we performed a detailed bottom-up market analysis including a 5-year revenue and expense forecast, user needs analysis, competitor analysis, business model analysis, risk analysis, logistics plan and financial plan. Unique selling points were also refined and a step-by-step commercialization plan was developed. All of this information has been compiled into a detailed Business Plan covering 2019-2025. Fundamental for reaching our ambitions, this Feasibility Study and Business Plan will also generate confidence among our customers, partners and future investors. Specifically, we will use this Feasibility Study and Business Plan to attract external funding (including SME Phase 2) for the completion of the final phase before market launch â€“ validating the FAERSK product in a large-scale pilot with real customers.

Final results

FAERSK products are far superior to comparable salmon products as they are produced using novel processing and packaging methods that no one else has implemented. Our solution results in: (1) unprecedented freshness; (2) excellent value-for-money thanks to scalable and cost-effective processing methods and drastically reduced transport costs and; (3) full sustainability throughout the entire value chain, from fish cultivation to transport to packaging.

Benefits of FAERSK to the society are clear as we will deliver the most environmentally sustainable salmon products in the world. With todayâ€™s value chain, whole fish must be sent in ice and single-use EPS boxes to a secondary processing plant, thus generating massive waste and CO2 emissions. By enabling full processing and final packaging in the slaughter (pre-rigor) phase, FAERSK products take up only 33% of vehicle cargo space compared to whole fish in EPS boxes, thereby increasing payload (net sellable product) by 260% for the average long-haul transport van and slashing overall CO2 emissions per fillet by 85%. This eliminates the need for hundreds of millions of EPS boxes annually. And with a durable carton film packaging, FAERSK eliminates plastic from the entire value chain.