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ID WATER, a shrimp-electricity symbiosis startup, announced that since the accomplishment of a NT$100 million Series A funding round in May of 2023, it has once again secured NT$100 million in Series A funding. Investors, including Wu Lu Green Energy from last year's investments, have also added J&V Energy and FCS to the list of investors.
ID WATER utilizes shrimp-electricity symbiosis as the foundation for their shrimp farming. They have launched new services in mangrove cultivation and carbon credit trading using shrimp farm wastewater. Since its launch, they have successfully collaborated with over 30 energy, manufacturing, and logistics companies at home and abroad. The funds from these collaborations will also be utilized to expand the international footprint of carbon credit trading.
"Like other aquaculture practices that turn waste into compost, the wastewater from breeding shrimp can also generate economic value," said Alan Yu, who is also the founder and CEO of ID WATER. The carbon fixation capacity of mangrove forests is 6 times higher than that of an equivalent amount of tropical rainforest. Therefore, ID WATER applies AIoT technology to conduct precise farming to enhance breeding efficiency and convert wastewater into nutrient solutions for growing mangrove forests. For enterprises, this approach enables them to reduce carbon dioxide emissions and implement sustainability practices.
After almost a year of preparation, ID WATER has already commenced its new project in Southeast Asia. Currently, leveraging the methodology VM0033 developed by the sustainable certification organization Verra, ID WATER has applied for approval of an Afforestation, Reforestation, and Revegetation (ARR) afforestation project. However, ID WATER has not yet disclosed the project code.
Alan Yu claims that this project will secure a planting area of at least 3000 hectares, resulting in an allocation of approximately 250 thousand tons of carbon credits, valued at approximately 25 million dollars (750 million NTD) in carbon credit value. Consequently, more than 30 enterprises have already expressed interest in purchasing carbon credits. An average of NT$30 million in carbon credits can be sold per month over the past three months.
Despite directly cooperating with enterprises, ID WATER also works with a carbon footprint verification company. Alan Yu stated, 'Their clients are mostly enterprises that have a need for carbon reduction, so they can be called our distributors.' With this upstream and downstream relationship, ID WATER has the opportunity to connect with more clients in need.
The consecutive investments by Wu Lu Green Energy indicate that as an energy company, we are looking forward to combining solar energy with the aquaculture market. We hope that by investing in ID WATER, we can develop a shrimp-electricity symbiosis business together and, at the same time, build a long-term cooperation in both sustainable business and carbon credit development.
Alan Yu mentioned that ID WATER will expand its aquaculture farms and mangrove planting globally, including Central and South America as well as Africa. As for this year, it is planning to expand to approximately 30,000 hectares of land, with plans for an initial public offering (IPO) as soon as 2026.
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