Development company demands $1m grant back from AquaBounty

JobsOhio bids to claw back cash paid for 112 jobs that have not been created

Gareth Moore Gareth Moore editor

Published October 14, 2026 - 11:35 a.m.

The Ohio subsidiary of former US land-based salmon farmer AquaBounty Technologies is facing a demand for repayment of a $1 million economic development grant.

JobsOhio, a state-authorised, non-profit built with private money, agreed the grant to AquaBounty Farms Ohio LLC in August 2021, in return for a promise from the fish farmer to create more than 100 jobs at its planned recirculating aquaculture system (RAS) facility in Pioneer, Ohio.

“Under the Grant Agreement, we committed to create 112 jobs with associated payroll of approximately $5.4 million and to make approximately $222.1 million in fixed asset investments by December 31, 2026, and to maintain those commitments through December 31, 2028,” AquaBounty Technologies wrote in a document filed with the US Securities and Exchange Commission yesterday.

How AquaBounty ran out of road

AquaBounty farmed ”AquAdvantage” Atlantic salmon that inherited a genetic modification enabling them to grow more quickly. The company had permission to grow these fish on land, but not in the sea, and planned a network of 10,000-tonne-capacity RAS facilities in North America.

But it ran out of money as building costs for the first 10,000-tonne RAS in Pioneer spiralled. It paused work on the site, and then sold off a smaller, 1,400-tonne farm in Albany, Indiana, to Wisconsin-headquartered Superior Fresh for a bargain basement price of $9.3m to meet debts and raise money.

Last year AquaBounty sold its Canadian assets - two hatcheries and another, semi-complete land-based facility, all on Prince Edward Island – to conventional salmon farmer Cooke Aquaculture for $5.2m as it scrabbled for cash. The deal also included AquaBounty’s intellectual property rights for GM salmon, although Cooke has stressed that it has no intention of producing GM fish.

Rising prices and mounting debts led to AquaBounty pausing construction of the Pioneer site in June 2023, and it no longer produces fish after selling off its land-based farm in Albany, Indiana, to Superior Fresh, and hatcheries and a production facility on Prince Edward Island, Canada, to Cooke Aquaculture. It has also sold equipment it bought for the planned Ohio farm.

The Pioneer site, which is fully permitted but only 30% complete, is the company’s one remaining asset and is up for sale either for fish farming or another industrial use.

Repayment in full

“On September 21, 2026, JobsOhio notified us that our sale of equipment and consideration of acquisition offers for the Ohio Farm Project property constitute a breach of the Grant Agreement and demanded repayment of the full $1,000,000 of grant funds,” wrote AquaBounty.

“We are currently evaluating the impact of our strategic review process and related activities on our obligations under the Grant Agreement and have engaged in discussions with JobsOhio regarding these matters. Although no assurance can be given as to the outcome of those discussions, we believe there may be opportunities to reach a mutually acceptable resolution regarding our obligations under the Grant Agreement, including with respect to the timing of any potential repayment obligations.

“If JobsOhio ultimately determines that we are required to repay all or a portion of the grant and we are unable to reach a resolution on acceptable terms, we could be required to make payments under the Grant Agreement, which could reduce our available cash resources and adversely affect our liquidity and financial condition. In addition, any dispute relating to the Grant Agreement could result in legal proceedings, management distraction and additional costs.”