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That explains the drop in AquaBounty Technologies’ (NASDAQ: AQB) stock price

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AquaBounty Technologies, Inc. (NASDAQ: AQB) stock price dropped -17.19% to reach $7.10 after it declared its selection of Innovasea for its 10,000 metric tonne farm as one of the technology providers.

AquaBounty has chosen Innovasea, a global leader in advanced aquaculture solutions, as its RAS technology provider for Farm 3 and plans to take advantage of Innovasea’s suite of solutions for facility design equipment supply.

Innovasea has designed and built energy-efficient, sustainable water treatment systems for more than 25 years based in the United States, maximizing growing conditions year-round regardless of location.

They are committed to meeting the customer’s specific needs by addressing their particular requirements.

Further updates on Farm 3 include the Company’s progress in designing and engineering the facility and comprehensive discussions with its technology provider and engineering firm.

The Company now anticipates the farm’s total construction cost to be in the range of $140 to $175 million. Construction on Farm 3 is expected to begin in 2021, with commercial production moving forward in 2023.

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