truShrimp has resumed the equity drive for its $331 million indoor shrimp farming facility in Madison, South Dakota. CEO and President Michael Ziebell says they were slowed down by the pandemic but are resuming in person investor socials with one held last night in Brookings. He says they have 70 individual investors and various companies involved and interest in the project is resuming.
Balaton, Minnesota is home to the pilot project but the Madison Bay Harbor Complex will be the first commercial scale harbor and one of many they’re planning around the country. Ziebell says it will have a substantial economic impact in South Dakota.
The U.S. consumes 1.6 billion pounds of shrimp annually and 94-percent of it is imported, so he says there is great opportunity for growth. Shrimp are fed a 40-percent soy-based diet which makes them more sustainable, and so does the revolutionary technology used to grow them.
truShrimp already has several major supermarket chains interested in the shrimp and the chitin co-product will be used in the medical field. They hope to wrap up financing in 2020 and start building in 2021.
