FRD Japan Completes Third-Party Allotment to The Norinchukin Bank
— Steady progress on launching the Futtsu commercial plant (Phase 2) and
Accelerating Development of the Next large-scale Plant (Phase 3) —
FRD Japan Co., Ltd. (“FRD”, Head Office: Saitama; Representative: Tetsuro Sogo) today announced the completion of a third-party allotment of shares (the “Transaction”) to The Norinchukin Bank (“NCB”, Head Office: Tokyo; President & CEO: Taro Kitabayashi). The proceeds will be used for pre-FID investments for the development of FRD Japan’s next large-scale land-based aquaculture plant (“Phase 3”), following the ongoing construction of its commercial plant in Futtsu, Chiba (“Phase 2”).
1. Overview of the Capital Raise
As previously disclosed in our July 20, 2023 press release, “FRD Japan to Construct a Commercial Land-based Aquaculture Plant for Rainbow Trout in Chiba, Japan”, FRD secured funding for the Phase 2 Commercial Plant through equity financing (JPY21billion) and bank financing. The newly raised capital from the Transaction will be primarily allocated to strategic initiatives related to Phase 3, including feasibility studies, front end engineering design, survey of potential development sites, technology development and organizational enhancement necessary for further scale-up.
NCB whose investment activities support the sustainable development of Japan’s agriculture, forestry, and fisheries sectors, subscribed to this third-party allotment of shares in recognition of FRD’s mission to industrialize land-based aquaculture and contribute to a resilient and sustainable food supply. FRD will continue to deepen collaboration with NCB and our broader stakeholders as we pursue the successful launch and stabilized operation of Phase 2 and accelerate full-scale development of Phase 3.
2. Business Progress Update
Construction of the Phase 2 commercial Plant, commenced in July 2023, has been progressing on schedule toward operational launch in 2026. Major structural works, including roofing of the plant, are nearing completion, and the project is going to enter staged commissioning. Preparations for operational readiness are well underway. In parallel, FRD is engaging in commercial discussions with prospective buyers and undertaking trial sales in anticipation of shipments commencing in 2027.
For Phase 3, we are working closely with shareholders, financial institutions, and strategic partners to explore candidate sites, evaluate commercial and financing options, strengthen technological capabilities, and build the organizational foundation through recruitment of key talent. The newly raised capital from the Transaction will allow us to accelerate these initiatives and further enhance the scalability and competitiveness of our land-based aquaculture platform.
3. About FRD
Guided by our mission, “Produing quality trout with keeping the blue ocean”, FRD develops and operates proprietary Closed Recirculating Aquaculture Systems (C-RAS) powered by our original advanced water treatment technologies. We produce and market trouts under our original brand, Okasodachi®. Our aim is to establish a new Japan-originated model for sustainable, secure, and resilient aquaculture that supports the future of global food production.
Company Profile
| Official Name | FRD Japan Co., Ltd. |
| Representative | Tetsuro Sogo |
| Established | December 2013 |
| Location | Head Office / Saitama Plant: Saitama-shi, Saitama Kisarazu Plant: Kisarazu-shi, Chiba Futtsu Plant (under construction): Futtsu-shi, Chiba |
| Business Activities | Design, development and operation of land-based Closed Recirculating Aquaculture Systems (C-RAS); farming and sales of rainbow trout |
| Website | https://frd-j.com/en/home-en/ |
Contact Information
Business Development Dept, FRD Japan Co., Ltd..
Attn: Yusuke Tamai
Email: y.tamai@frd-j.com
Recruitment Information
FRD is actively recruiting individuals who are ready to take on the challenge of pioneering a future where fresh, safe, and high-quality seafoods can be produced anywhere in the world through Japan-originated land-based aquaculture technologies.
https://frd-j.com/en/recruit-en/