Advanced Innergy Expands Marine Platform with Imenco Aqua Acquisition

About Advanced Innergy Holdings Ltd

Advanced Innergy Holdings Ltd (ASX: AIH) is a global engineering and materials science technology company specialising in solutions designed to protect critical infrastructure operating in hazardous and regulated environments. The company develops, manufactures and installs high-performance materials and engineered systems used across industries including energy, transport, marine, defence and industrial sectors.

As part of its strategic growth plan, AIH continues to expand its presence in the marine and aquaculture sectors through targeted acquisitions and product development. The company’s latest acquisition of Imenco Aqua represents another step in building a global marine platform capable of delivering specialised technology solutions to the rapidly growing global aquaculture industry.

About Imenco Aqua

Imenco Aqua is a Norway-based aquaculture technology provider specialising in subsea systems used in fish farming operations. Founded in 1985, the company designs and supplies oxygenation systems, monitoring technology and biomass measurement solutions used to maintain fish health and ensure environmental compliance in aquaculture operations.

The business operates across Norway and Chile, two of the world’s most important aquaculture regions. Together, these countries account for roughly 80 per cent of global Atlantic salmon farming due to favourable geographical conditions and established industry infrastructure.

Imenco Aqua employs approximately 57 staff and operates across three facilities, with more than half of its workforce dedicated to specialised technical support, testing and customer service functions.

Its product portfolio is embedded within regulatory compliance frameworks governing fish welfare and environmental management, making the solutions critical components of aquaculture operations in key markets.

Strategic Rationale

The acquisition of Imenco Aqua aligns with AIH’s strategy of expanding into high-growth, technically demanding sectors where specialised engineering solutions are required.

Global aquaculture production continues to increase as demand for sustainable food sources grows. According to recent data from the United Nations Food and Agriculture Organization, global Atlantic salmon production increased significantly between FY24 and FY25, with continued growth expected in the coming years.

AIH CEO Andrew Bennion said the acquisition complements the company’s recent purchase of Ovun and strengthens its market penetration in the aquaculture sector.

Imenco Aqua’s technology is considered highly complementary to AIH’s existing products, allowing the combined group to offer a broader range of solutions to aquaculture operators worldwide. This complementary product mix is expected to generate cross-selling opportunities across both companies’ customer bases.

In addition, Imenco Aqua’s established presence in Norway and Chile provides AIH with direct access to two of the world’s largest aquaculture markets, where the company previously had limited exposure.

Technology and Product Offering

Imenco Aqua’s technology is primarily designed for use in technically demanding subsea aquaculture environments. Its solutions include oxygenation systems that regulate dissolved oxygen levels in fish cages, monitoring equipment used to track fish health and environmental conditions, and biomass measurement technology used to estimate fish stock levels.

These systems are crucial to maintaining fish welfare standards, preventing mortality events and ensuring compliance with environmental regulations governing aquaculture operations.

Because these solutions are embedded within regulatory compliance frameworks, they tend to generate stable demand and recurring revenue streams.

Approximately 30 per cent of Imenco Aqua’s revenue is recurring, supported by leasing models for IP-protected products and long-term customer relationships.

Financial Impact

Imenco Aqua generated approximately $15 million in revenue and $3 million in underlying EBITDA for the 2025 financial year, according to unaudited management accounts.

AIH has agreed to pay an upfront purchase price of $17.7 million in cash for the business, implying an acquisition multiple of around 5.8 times FY25 underlying EBITDA before synergies.

An additional earn-out payment of up to $3 million may be payable if Imenco Aqua achieves targeted EBITDA growth in FY26.

The acquisition is expected to be earnings-per-share accretive once completed, reflecting the company’s expectation of both revenue growth and operating synergies across the combined businesses.

Integration and Synergies

Management expects the integration process to be relatively straightforward due to the complementary nature of the two businesses and the geographic proximity of Imenco Aqua’s headquarters to AIH’s existing marine operations.

AIH anticipates several potential synergies, including expanded global distribution opportunities for the combined product portfolio, cross-selling opportunities between existing customer bases and improved operational efficiency through shared engineering and manufacturing expertise.

The transaction structure also includes an earn-out component designed to align the interests of Imenco Aqua’s management team with AIH shareholders.

Funding and Completion

The acquisition will be funded through AIH’s existing cash reserves. Completion is expected to occur by the end of March 2026, subject to the satisfaction of customary closing conditions.

Once completed, Imenco Aqua will operate as part of AIH’s marine segment, contributing to the company’s broader strategy of expanding into specialised engineering markets serving energy transition and industrial infrastructure sectors.

Conclusion

Advanced Innergy’s acquisition of Imenco Aqua represents a strategic step in expanding the company’s marine and aquaculture technology platform.

By adding specialised subsea monitoring and oxygenation solutions used in global fish farming operations, the transaction enhances AIH’s product offering while providing exposure to the structurally growing aquaculture market.

With strong demand for sustainable food production and tightening regulatory standards across aquaculture operations worldwide, the integration of Imenco Aqua is expected to strengthen AIH’s position as a provider of high-performance engineered solutions in highly regulated industrial environments.