Innovative start-up comes with $620K

A PROMISING Geelong aquaponics start-up equipped with a $620,000 government grant to support its commercialisation phase is for sale.

Based at Deakin University, PurePonics has completed a proof of concept facility for its leading technology in aquaponics food production.

Aquaponics integrates hy- droponics and aquaculture with PurePonics’ soil-less growing system done without herbicides or pesticides in a fully protected environment producing minimal waste.

Its vision was to create boutique urban farms producing food for niche, local markets.

The company has announced that due to opera- tional changes, all or part of PurePonics is available for purchase through an expression of interest process.

The sale includes the existing aquaponics farm facility at Deakin’s Waurn Ponds’ campus, all plant and equipment, its licenses and approvals, all proprietary information and intellectual property and a col- laborative applied research agreement with the university.

It also includes the balance of a Federal Government Regional Jobs and Investment Program grant to complete the development of expanded facilities on the site with $620,000 on a 1:1 basis.

Geelong founder and director Steve Gleeson said Pure- Ponics had attracted global interest but was facing challenges in becoming commercially viable.

He said the company’s business model had been tightly focused on developing the efficiencies of its urban farm concept but had not successfully engaged with potential markets.

“Our business model needed more time and capital … in order for us to disrupt existing supply chains,” Mr Gleeson said. “We made great progress in the science and execution of sustainable food production and urban farming, but we were unable to achieve commercial viability with our business model.”