1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in Europe, particularly those focused on innovative, high-risk projects that can potentially lead to significant technological advancements. This program provides both grant and equity funding to facilitate the scale-up of groundbreaking ideas and technologies, particularly in the DeepTech space.

Funding Structure

The EIC Accelerator offers a combination of financial support, which includes a grant of up to €2.5 million and equity funding. Until 2024, the equity component can reach up to €15 million, while from 2025 onwards, it is set at a maximum of €10 million. This dual funding mechanism is designed to cater to various financial needs of startups, allowing them to not only develop prototypes and conduct feasibility studies but also to scale their operations and enter the market effectively.

Purpose and Impact

The primary purpose of the EIC Accelerator is to empower innovative companies within the European startup ecosystem, particularly in sectors like DeepTech, which often face challenges in securing traditional financing due to the high-risk nature of their projects. By providing substantial funding, the program aims to bridge the gap between early-stage innovation and market entry, thereby enhancing the competitiveness of European technology on a global scale. The EIC Accelerator plays a crucial role in helping companies attract additional investment from private sectors, leveraging its funding as a validation tool that can significantly increase investor confidence.

Case Study: Ace Aquatec Ltd.

Overview

Ace Aquatec Ltd., a UK-based company, emerged as a winner of the EIC Accelerator for its innovative project aimed at addressing a critical issue in aquaculture: the removal of sea lice. The project, titled "Removing sea lice with low stress electric fields," focuses on developing a modular sea lice removal system that utilizes electro-anaesthesia, low-pressure pumping, and waterjets to gently and effectively remove lice from fish.

Project Description

The core of Ace Aquatec’s project lies in its unique approach to sea lice management. Traditional methods often involve chemical treatments or mechanical removal, which can induce stress in fish and compromise their welfare. In contrast, Ace Aquatec's system employs an innovative combination of low-stress techniques that ensure the welfare of the fish while efficiently addressing the sea lice problem.

Technology Background

The background of this technology is rooted in the need for sustainable and humane practices within the aquaculture industry. Sea lice infestations pose significant challenges to fish farmers, leading to economic losses and increased reliance on harmful chemicals. Ace Aquatec’s innovative approach not only addresses these challenges but also aligns with growing consumer demand for ethical and sustainable seafood production.

Conclusion

Ace Aquatec Ltd.’s project, supported by the EIC Accelerator program, exemplifies the potential of innovative technologies to transform traditional industries. By focusing on the welfare of fish while effectively managing sea lice infestations, the company positions itself at the forefront of sustainable aquaculture practices. The backing of the EIC Accelerator not only provides the necessary funding for development but also enhances the company’s credibility, paving the way for further investment and growth in the aquaculture sector.

2 The Funding Rounds

# Ace Aquatec Funding Journey: From EIC Accelerator to Major Growth Investment

Ace Aquatec, a Scottish aquaculture technology company based in Dundee, has secured significant funding over recent years to develop its innovative welfare-first solutions for the fish farming industry. The company provides advanced technologies including AI cameras for fish monitoring, humane slaughter systems, and acoustic devices to protect marine environments.

EIC Accelerator Funding (June 2022)

Ace Aquatec Ltd. was among 75 companies selected in the June 2022 EIC Accelerator cut-off, receiving a grant-only funding package for their project "Removing sea lice with low stress electric fields." This modular sea lice removal system utilizes electro-anaesthesia, low-pressure pumping, and waterjets to gently remove lice without inducing stress or compromising fish welfare.

The June 2022 EIC Accelerator round was highly competitive, with only 7.61% of applications succeeding through all evaluation stages:

• 986 total proposals submitted
• 232 companies reached the interview stage
• 75 companies ultimately approved for funding

While the exact grant amount for Ace Aquatec isn't specified in the search results, directory information indicates the company received approximately €4.5 million in total funding connected to the EIC Accelerator program.

Recent Major Funding Round (May 2025)

On May 1, 2025, Ace Aquatec announced the completion of a substantial £10 million (approximately €11.7 million) funding round, consisting of:

• £7.5 million in equity funding
• £2.5 million debt facility

This funding round was led by Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark. The round was oversubscribed and includes a period post-close to allow additional investors to participate.

Investor Information

Key investors in the May 2025 round include:

• Stolt Ventures (lead investor)
• Scottish Enterprise (Scotland's national development agency)
• Aqua-Spark (continuing long-term support)

As part of this investment, Axel de Mégille, Head of Stolt Ventures, is joining Ace Aquatec's board as a non-executive director.

Previous investment rounds secured funding from AquaSpark, Earth Capital, and 4J Studios, along with £3.5 million in grants and £1.2 million in debt.

Company Growth and Financial Performance

Ace Aquatec has demonstrated strong growth in recent years: - 2023 revenue: £1.3 million

• 2024 revenue: £2.6 million (target reached)
• CAGR (2021-2023): 90%

The company has already secured: - £1 million in revenue for 2025

£1 million in revenue for 2026

Additionally, Ace Aquatec had an orderbook exceeding £1 million as reported in their fundraising documentation.

Utilization of Funds

The May 2025 funding will be used to:

Prior funding in 2023 was allocated to finance the company's plan for 2025, including hiring staff and producing specialized devices (100 new cameras and 36 new stunners).

Company Structure and Reach

Ace Aquatec currently has: - 43 employees

• Operations in 26 countries
• Offices in Dundee, Glasgow, and Chile

The company's chairman is Chris van der Kuyl, a Dundee-based entrepreneur known for Minecraft, who has also invested in the firm.

No Public Exit Events

There is no information in the search results about Ace Aquatec pursuing or completing an IPO or being acquired by another company. The recent funding round suggests the company is focused on growth rather than an immediate exit.

Sources: - https://www.strata.team/eic-accelerator-winners-and-statistics-june-2022/

• https://eic.ec.europa.eu/system/files/2022-10/Seleceted%20companies%20-%20EIC%20Accelerator%2015%20June%20cut-off%20corrected.pdf
• https://directory.startupluxembourg.com/companies/ace_aquatec
• https://goparity.com/project/ace-aquatec-ii-502
• https://siliconcanals.com/ace-aquatec-raises-11-7m/
• https://www.thecourier.co.uk/fp/business-environment/business/5233806/ace-aquatec-dundee-10m-funding-round-jobs/

3 The Press Releases

Ace Aquatec Ltd: Recent Developments

Company Overview Ace Aquatec Ltd, a UK-based company, received the EIC Accelerator funding on June 15, 2022. Since then, the company has made significant strides in aquaculture technology, emphasizing humane fish harvesting and welfare-first innovations.

Technology Advancements

• Humane Trout Stunning System: Ace Aquatec launched its A-HSU skid-mounted in-water electric trout stunner in North America, with the official debut taking place at the 2025 Ontario Aquaculture conference. This system is designed to stun fish humanely in less than one second, reducing stress and improving product quality. It is portable and adaptable to various harvesting environments, including Recirculating Aquaculture Systems (RAS).
• Strategic Partnership with JBT Marel: In February 2025, Ace Aquatec announced a strategic partnership with JBT Marel, a global leader in food processing solutions. This partnership aims to integrate Ace Aquatec's humane stunning systems with JBT Marel's comprehensive fish processing portfolio, enhancing welfare, efficiency, and sustainability across the seafood value chain.

Team Updates

New Chief Financial Officer: In April 2025, Ace Aquatec appointed Alan MacLeod as its new Chief Financial Officer. MacLeod brings extensive experience in financial leadership and will support the company's global growth strategy.

Funding and Partnerships

• £10 Million Investment: Ace Aquatec successfully secured a £10 million investment round in May 2025. This funding will likely support further innovations and market expansion.
• Partnership with JBT Marel: As mentioned, the partnership with JBT Marel positions Ace Aquatec as the preferred supplier of fish stunning solutions for JBT Marel, highlighting their commitment to welfare-first practices.

Press Releases and Social Media

Ace Aquatec regularly updates its website and social media channels with press releases and company news. Their official website, aceaquatec.com, hosts news and resources, including recent announcements about product launches and strategic partnerships.

Sources

• Ace Aquatec launches welfare-friendly trout stunning system in North America
• Ace Aquatec secures £10m investment
• Ace Aquatec appoints new chief financial officer to support growth
• Ace Aquatec plans to unveil trout-stunning system in Canada
• Ace Aquatec and JBT Marel Announce a Strategic Partnership
• Ace Aquatec and JBT Marel announce a strategic partnership
• Ace Aquatec names Alan MacLeod as CFO

4 The Technology Advancements

Ace Aquatec Ltd. - Current Capabilities and Advancements

Ace Aquatec Ltd., a UK-based aquaculture technology company, has been at the forefront of innovating solutions for the fish farming industry. Since receiving funding, the company has made significant advancements in its technology, expanded its market presence, and developed new features to support sustainable aquaculture practices.

Current Capabilities

Ace Aquatec specializes in high-tech equipment designed to improve fish welfare and operational efficiency in aquaculture. One of their key products is the A-BIOMASS camera system, which uses artificial intelligence (AI) and machine learning to accurately track fish weights and detect health issues in real-time. This technology helps reduce feed waste and enhances sustainability by providing data-driven insights for farmers.

Additionally, Ace Aquatec offers a humane stunning device known as the A-HSU, designed to improve welfare standards during fish harvesting. The company also focuses on sealice removal systems, integrating AI cameras with stunning technology to efficiently manage fish health.

Advancements Since Funding

Since 2022, Ace Aquatec has secured significant funding, including a recent £10 million investment round led by Stolt Ventures, with participation from Scottish Enterprise and Aqua-Spark. This investment has enabled the company to expand its workforce by creating 15 new jobs focused on AI development and data capabilities.

The company has also made strides in expanding its international presence, notably with a landmark installation in Japan for its bespoke humane stunning device. Furthermore, Ace Aquatec launched its skid-mounted in-water electric stunner in North America, enhancing its global market reach.

Technology Improvement and Market Demonstration

Ace Aquatec's A-BIOMASS camera has been positively received by customers, with orders exceeding initial expectations. The system has undergone extensive testing and validation in Scotland, ensuring high accuracy and ease of use for farmers.

The company's innovative approach to integrating AI in aquaculture has been demonstrated through successful partnerships, such as the bespoke trout stunner for FRD Japan, which sets a high standard for biosecurity and operational efficiency.

New Patents and Scientific Studies

While specific details on new patents or scientific studies are not available in the recent updates, Ace Aquatec's focus on R&D and innovation indicates ongoing efforts to advance its technology. The company's participation in major aquaculture events, such as the Ontario Aquaculture Association Conference, highlights its commitment to showcasing its technology and engaging with industry stakeholders.

Conclusion

Ace Aquatec Ltd. has demonstrated significant progress since receiving funding in June 2022. The company's advancements in AI-powered camera systems, humane stunning devices, and international market expansion underscore its commitment to revolutionizing the aquaculture sector with sustainable and welfare-focused technologies.

Sources

• Ace Aquatec II | Goparity
• Ace Aquatec Secures £10m Investment to Accelerate Growth
• Ace Aquatec secures £10m investment to accelerate growth
• Ace Aquatec : From Pen to Plate - North America Outlook
• Dundee firm Ace Aquatec secures £10m to create 15 jobs
• Ace Aquatec makes splash in Japan with bespoke trout stunner
• News | Going forward with game changing technology - Ace Aquatec
• Ace Aquatec launches welfare-friendly trout stunning system in North America
• Scottish aquaculture tech company Ace Aquatec raises €11.7M

5 The Partnerships and Customers

Ace Aquatec Ltd. Partnerships and Developments

Since receiving the EIC Accelerator funding in June 2022, Ace Aquatec Ltd., a UK-based aquaculture technology specialist, has been actively engaged in strategic partnerships and new customer relationships. These developments have positioned the company as a leader in improving fish welfare and sustainability in the aquaculture industry.

Partnerships

New Customers and Relationships

While specific names of new customers are not detailed, Ace Aquatec has established relationships with prominent companies like Mowi and Landcatch through its Tiny Fish partnership. These collaborations highlight Ace Aquatec's commitment to improving sustainability and fish welfare in aquaculture.

Nature and Purpose of Relationships

The partnerships aim to improve fish welfare, reduce waste, and enhance sustainability in the aquaculture industry. By integrating advanced technologies like in-water stunning and AI-powered monitoring systems, Ace Aquatec is driving innovation in seafood processing, aligning with increasing consumer demands for ethical and sustainable practices.

Positioning and Advantages

These relationships position Ace Aquatec as a pioneer in humane and efficient aquaculture solutions. By collaborating with major industry players, the company can scale its technology globally, advancing fish welfare and sustainability standards. The partnerships also facilitate the integration of cutting-edge technologies, such as the A-Biomass camera system, which uses AI for real-time fish monitoring, further enhancing Ace Aquatec's competitive edge in the market.

Technology Advancements and Scaling

Ace Aquatec continues to invest in technology advancements, such as its A-Biomass camera system and in-water stunning technology, which are crucial for improving fish health monitoring and welfare. The company's partnerships enable it to scale these technologies more effectively, expanding its global presence and reinforcing its commitment to sustainable aquaculture practices.

Sources

• Ace Aquatec and JBT Marel Announce a Strategic Partnership
• Ace Aquatec Leads New Partnership to Improve Salmon Farming Circular Economy
• Ace Aquatec II
• JBT Marel, Ace Aquatec Announce Strategic Partnership
• Scottish Ace Aquatec Solidifies Americas Presence Following Partnership with Key Distributor Pisces Fish Machinery
• Ace Aquatec Makes Waves in Chile with Two New Key Appointments

6 The Hiring and Company Growth

Ace Aquatec's Team Growth and Scaling Strategy Post-EIC Accelerator Funding

Since receiving potential grant support (notably a €1.2 million Innovate UK grant referenced in recent campaigns), Ace Aquatec has aggressively expanded its workforce to meet global aquaculture demands. The company’s headcount reached 33 employees by late 2023, reflecting a 22% YoY increase. For 2025, the firm plans to hire 16 additional staff, targeting roles in sales, procurement, product development, and logistics.

Key Hiring Developments

• Recent Appointments:
• Alan MacLeod joined as CFO in early 2025 to oversee financial strategy amid global expansion into Chile, Asia, and North America.
• Keith Davidson (CTO) and Tara McGregor-Woodhams (CSMO) lead technology innovation and market growth initiatives.
• Operational Scaling: The team deployed over 50 biomass cameras by early 2025, with plans for an additional 100 units, each capable of monitoring ~7 million fish annually.

Management Changes

Duncan Montgomery resigned as secretary in January 2025 alongside board shifts involving Frank Van Roest’s appointment as director. These changes align with strategic pivots toward cloud-based analytics and AI-driven aquaculture solutions under CTO Keith Davidson’s leadership.

Future Growth Drivers

New hires are critical for doubling production capacity of humane stunners and AI cameras while securing partnerships like Stolt Sea Farm’s £10 million investment for system deployments. The emphasis on machine learning-driven biomass tracking positions Ace Aquatec to dominate welfare-focused aquaculture markets globally.

---

Sources

• Ace Aquatec II | Goparity
• Scottish aquatech company secures £10 million investment - Intrafish
• Ace Aquatec - Goparity
• Ace Aquatec partner with Shrimp Welfare Projectstandards)

+ Standalone links due to formatting limitations: https://www.perishablenews.com/seafood/ace-aquatec-appoints-new-chief-financial-officer-to-support-growth/, https://open.endole.co.uk/insight/company/SC335694+ace+aquatec-limited), https://aceaquatec.com/our+company

7 The Media Features and Publications

Ace Aquatec Ltd. Overview

Ace Aquatec Ltd., based in the United Kingdom, is a pioneering aquaculture technology company focused on welfare-first innovations. The company specializes in designing products that enhance the efficiency and humane treatment of fish farming, including in-water electric stunners and underwater biomass cameras.

Media Features and Publications

Ace Aquatec has been featured in several publications recently, particularly highlighting its significant funding achievements and strategic partnerships.

• Funding and Growth: The company secured a £10 million investment in May 2025 to accelerate its growth and expand its digital technologies internationally. This funding round, led by Stolt Ventures with participation from Scottish Enterprise and Aqua-Spark, will support the creation of 15 new jobs focused on AI, sensors, and machine learning developments.
• Strategic Partnership with JBT Marel: Ace Aquatec partnered with JBT Marel, a global leader in food processing solutions, to offer a comprehensive product line for the seafood value chain. This partnership aims to improve fish welfare standards and sustainability in seafood processing.

Podcasts and Interviews

There is no specific information available about podcasts or interviews featuring Ace Aquatec's team. However, the CEO, Nathan Pyne-Carter, has been quoted in several press releases discussing the company's strategies and partnerships.

Conference and Fair Visits

While specific details about Ace Aquatec's participation in conferences or fairs are not readily available, the company's global presence and partnerships suggest active involvement in industry events.

Involvement in Events

Ace Aquatec's commitment to innovation and sustainability likely involves participation in aquaculture events and conferences, though specific details are not available. The company's strategic partnerships and funding announcements often coincide with significant industry events.

EIC Accelerator Funding

Ace Aquatec received the EIC Accelerator funding after submitting its Step 2 proposal on June 15, 2022, and successfully completing the Step 3 interview. However, the search results do not provide specific details about the funding amount or how it has been utilized since then.

Sources

• Ace Aquatec Secures £10m Investment to Accelerate Growth
• Scottish aquaculture tech company Ace Aquatec raises €11.7M
• Ace Aquatec - Latest seafood, aquaculture and fisheries news
• Ace Aquatec and Shrimp Welfare Project launch new portable in-water stunning system
• Ace Aquatec and JBT Marel announce a strategic partnership
• Ace Aquatec secures £10m investment
• Ace Aquatec and JBT Marel Announce a Strategic Partnership
• Ace Aquatec and JBT Marel form strategic alliance to revolutionise fish harvesting