Hawaii fish farm wants to invest $13 million to quadruple moi production - Charlotte Business Journal:

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, which is ownefd by of Lihue, Kauai, is seeking permits to expand its statew ocean lease from 28 acres to 61 That would enablethe Kailua-based company to quadruplre the volume of its cages and increaswe production from 1.2 million pounds to 5 million poundzs annually. The expansion requires four permits, which the company applied for late lastmontyh — two from the state , one from the stated Health Department and a federal permit. which grew out of a projectf in the late expects the expansion togenerate $20 millionb in annual revenue, with wholesale priceds of about $4 a pound.
The company sellse its product almost entirely withinthe state, to restaurantes and markets, said founder, co-ownedr and CEO Randy Cates. Hukilau’s currenr operation includes foursubmerged cages, each measuring 3,000 cubidc meters in size. Its permit applicationas seek approval to replace the existing cages with eight new ones that are doublew the current cage The larger set would still be two miles offshore inMamalza Bay. The expansion is expected to cost $13 which Cates said will be finance d through federal loans and private He expects the permittinfg process to be completed in the first quarted ofnext year.
Hukilau also is building a fingerlinb (baby fish) hatchery in Campbelll Industrial Parkin Kapolei. The facility is expected to be completed this year and produc e about 10 million fingerlings If approved, Hukilau Foods’ expansion wouldc follow the downsizing of Kona Blue Water Farms, Hawaii’z only other open-ocean fish farm. The Kona farm announced earlieer this year that it will reduce annuakl production of its farmed Hawaiian yellowtail from 1 millioh poundsto 600,000 pounds. Hukilau Foodss grew out of a UH aquacultures research projectthat Cates, a former commerciak fisherman, took over in 1999. He formed in 2000 to convertr thepilot open-ocean farm into a business.
In 2007, Grove Farm Co. acquirec Cates’ company and renamed it Grovs Farm Fish andPoi LLC, which does business as Hukila Foods.