- Stemcell United (SCU) shares were up as much as 100 per cent after signing a joint venture agreement with Blue Aqua International to cultivate and farm sea grapes
- The businesses are aiming to commercialise sea grapes as a new superfood and a plant-based protein
- The joint venture uses the strengths of both companies to create an integrated aquaculture farming system
- Sea grapes have a number of health benefits and anti-ageing properties
- On the market this afternoon, Stemcell is up 91.7 per cent and is trading for 2.3 cents per share
Stemcell United (SCU) shares were up as much as 100 per cent after signing a joint venture agreement with Blue Aqua International to cultivate and farm sea grapes.
Following the successful trial of the plant stem cell technology on sea grape cultivation, at its research base in Singapore, Stemcell is now moving towards commercial cultivation through a joint venture with Blue Aqua.
Blue Aqua is a solution provider for the aquaculture industry and specialises in shrimp and fish farming. It provides solutions for the management of the aquaculture environment and the optimisation of animal nutrition.
The joint venture uses the strengths of both companies to create an integrated aquaculture farming system. The partnership aims to implement a part of a scalable circular economy in aquaculture and to promote the ocean vegetable’s as a superfood and plant-based protein.
Sea grapes are also known as green caviar and the green seaweed has a number of health benefits and anti-ageing properties.
Stemcell CEO, Philip Gu, is honoured to be able to partner with Blue Aqua to make sea grapes available to the growing population.
“This partnership will further progress our efforts to make a substantial contribution to the Singapore Government’s ’30 by 30′ initiative, which aims to increase Singapore’s local food production from its current level of 10 per cent to 30 per cent by 2030,” he said.
“The COVID-19 pandemic has added additional urgency to Singapore’s food security concerns, which makes this joint venture even more compelling,” he added.
Blue Aqua CEO, Dr Farshad Shishehchian, says the “synergy with Stemcell is palpable.”
“Passion and a strong technological partnership is a good recipe for sustainable growth,” Dr Farshad told the market on Wednesday.
“The joint incorporation of SCU Green Aqua Farm embodies our continual efforts to build a circular economy in aquaculture, starting with our own production systems towards the development of sustainable nutrition globally,” he added.
On the market this afternoon, Stemcell is up 91.7 per cent and is trading for 2.3 cents per share at 1:13 pm AEDT.