A Triabunna-based company that grows methane-busting seaweed has become the “first climate solutions company in the world” to list on a stock exchange.
Sea Forest made its ASX debut on Wednesday, with shares opening at $2 and climbing to $2.60 before settling at $2.25 by the close of trade.
The ASX described it as the best-performing new listing in 18 months.
On Instagram, Sea Forest said listing on the exchange was a moment that would “go down in history”.
“It really is a great vote of confidence in Australian technology solving a global problem,” it said.
“Thank you to everyone who has supported us on the journey to date.”
The company produces Asparagopsis, a red seaweed that dramatically cuts methane emissions when added to cattle feed.
Sea Forest was valued at $112 million when trading opened, with 56 million shares on offer.
By Thursday, ASX data suggested its market capitalisation had climbed to $126 million.
Managing director Sam Elsom said the funds raised would help the company scale up operations, accelerate commercialisation of its SeaFeed product and push ahead with research and development.
“Our mission is clear, to combat climate change through the mitigation of livestock methane and to be an enabling force behind sustainable agriculture,” he said.
He thanked investors, staff, customers and partners for making the listing possible.
Livestock generate about 16% of global greenhouse gas emissions, with cattle responsible for around two-thirds of that figure through methane released during digestion.
Research shows Asparagopsis can reduce methane emissions from cattle by more than 80% when incorporated into feed.
Sea Forest operates cultivation facilities on Tasmania’s east coast and has been working with farmers across the country to trial its product.
The company now plans to use its newly raised capital to pursue international markets and strengthen ties with industry and community partners.
