UNDERWATER technology company OTAQ Group has announced it has invested a further $150k in American company Minnowtech.
The Aberdeen based company will hold a beneficial interest of approximately 15.2% of Minnowtech’s issued ordinary share capital.
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The additional investment comes with an agreement for OTAQ to exclusively supply Minnowtech, who develop technology benefiting shrimp producers to accurately measure shrimp abundance, with sonar hardware for its shrimp biomass analysis systems.
Phil Newby, OTAQ chief executive officer, said “We have been very impressed by the progress and opportunity at Minnowtech.
“Our strategy is focussed on establishing technical collaborations with those who have capabilities in related product areas and with access to new markets for OTAQ.
“Minnowtech fits this brief well and both sides can see additional opportunities emerging as the developments progress.”
Ken Malone, Minnowtech co-founder, added: “OTAQ’s experience in commercialising technologies has accelerated our product development strategy over the last year. We’re excited to expand this relationship as we move into full scale product launch.”
