‘Artificial reef’ firm wins investment
CORNWALL-BASED artificial reef maker ARC Marine has secured a £1m equity investment from the Cornwall & Isles of Scilly Investment Fund as part of a larger £2m-plus funding round which will enable it to create jobs.
The deal was led by the FSE Group, the appointed fund manager for CIOSIF, with the investment enabling ARC (Accelerating Reef Creation) Marine to create at least six new jobs during the next three years as the business continues to expand its operations.
ARC Marine says it provides sustainable solutions to combat these subsea impacts of climate change.
Since 2015, ARC Marine has been developing and creating natureinclusive products using recycled materials.
The company’s first product – Reef Cubes – are the only carbon-neutral, plastic-free solution for marine habitat restoration in the world, and a sought-after solution for various global marine projects.
Regionally made using their proprietary non-toxic concrete, their products are used in a variety of marine applications across aquaculture, coastal defence, reef conservation, eco-engineering and subsea protection.
They can help reduce the carbon footprint of deployments by 90%, naturally merging into ecosystems and negating costly, often damaging decommissioning activity. In this way, ARC Marine aims to have an environmental, economic and societal impact across the South West and beyond.
Tom Birbeck, co-founder and chief executive of ARC Marine, said: “This funding is critical to ARC Marine being able to expand production in Cornwall, enabling us to accelerate growth to meet increasing demand from the marine renewables sector globally, as well as provide opportunities across our region.
“Having supportive investors such as CIOSIF will be key to underpinning our aspirations of leading the world in protecting and enhancing marine habitats from necessary man-made intervention.”
Meg Salt, investment manager at The FSE Group, said: “With the growing global focus on carbon net zero and ocean health, ARC Marine is well placed to disrupt and exploit the emerging market for nature-inclusive design habitat enhancement and to replace traditional unsustainable subsea technologies.
“Their products can enhance and rebuild marine habitats, restoring biodiversity, while minimising the carbon footprint to bring their products to market. We look forward to working with Tom and helping the company achieve their expansion plan.”
The £40m CIOSIF provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Ken Cooper, managing director from the British Business Bank said: “ARC Marine are showing how it is possible to leave a sustainable marine habitat benefit as a positive legacy for future generations.”