Blue Ocean Barns: Bringing Asparagopsis to the Americas
Hawai’i is one of the only places on Earth where Asparagopsis seaweed is consumed by humans – in the form of a condiment known as Limu kohu. Now that the world has discovered the power of this seaweed to reduce livestock methane emissions, it is only fitting that not one, but two FutureFeed licensees are based in this idyllic location.
We recently caught up with Joan Salwen, Co-Founder and CEO of Hawaiian-based Blue Ocean Barns. Her company has had several major wins on the capital raising front as well as with strategic commercial partnerships.
The company now produces its Asparagopsis-based livestock feed, Brominata, in facilities throughout the United States and Mexico.
Reflecting on the company's remarkable progress since 2020, Ms Salwen sees the early groundwork as a key factor in their success to date.
"Blue Ocean Barns got in the game extremely early. Our first co-authored peer-reviewed research project was conducted in 2018. From the start, we have been amazed at how fast we've raised money, partnered with strategic customers and scaled production," she said.
Since patenting Brominata in the US in 2020, Blue Ocean Barns has achieved many impressive milestones:
Filed additional patents on methods, compositions and devices for commercially viable production.
Collected more than a dozen trademark registrations in relevant jurisdictions.
Completed numerous trials and demonstrations involving various production systems including conventional dairy, beef feedlot, pasture/grazing, organic dairy and even two goat herd deployments.
Conducted genotoxicity, shelf life, rat toxicity and nutritional and environmental analyses to ensure supreme quality and safety of product and cultivation methods.
Earned USDA organic certification for Crop and Handling.
Obtained a nine-year purchase agreement with a Global Fortune 200 company.
Completed a USD$20 million Series A funding round in 2022, which was expanded by $8 million to allow strategics to join, enabling the company to dramatically expand farming and commercial adoption of Brominata. The Series A round was led by Valor Siren Ventures and included Tao Capital Partners and other strategic investors. This funding brought Blue Ocean Barns' total capital raised to nearly USD $35 million.
Launched a major expansion of operations and is now growing Brominata in two countries: the USA and Mexico.
Won numerous awards including Elemental Excelerator's Square Partnership Prize and the 2023 Hawai'i Venture Capital Association Deal of the Year.
"We have overcome challenges within the algae's biological systems, creating conditions in which Asparagopsis thrives, and companion organisms that support its health and productivity. And, equally, we have developed innovation with cultivation, harvest and post-harvest systems that change the trajectory of our company's return on invested capital," Ms Salwen said.
One of Blue Ocean Barns’ most noteworthy accomplishments has been progress overcoming a major industry challenge: bromoform stabilisation.
“We're excited about the systems we have deployed throughout the lifecycle that promote efficacy, stability and predictability," Ms Salwen said.
With major expansion plans, Blue Ocean Barns aims to grow enough seaweed to supplement 100 million cattle in the US within a decade; all of which should be produced on land smaller than smaller than Chicago’s O’Hare airport.