Bosch's AquaEasy obtains S$1m convertible loan from Qian Hu in aquaculture tie-up

MAINBOARD-listed Qian HuBCV : BCV 0% on Monday (Dec 20) announced that it has entered into a S$1 million unsecured convertible loan agreement with AquaEasy, a unit of the Bosch Group, in a strategic aquaculture tie-up.

In a press statement, the fish service provider mentioned that the agreement with AquaEasy will help enhance features and proliferation of AquaEasy's artificial intelligence (AI) and Internet of Things (IoT) solutions and services.

The 2 companies have entered into a 5-year memorandum of understanding for collaboration on Monday.

"With AquaEasy, our aquaculture processes can achieve higher productivity and profitability with its revolutionary intelligent feeding systems using IoT technology," said Qian Hu's chief executive officer Yap Kok Cheng.

"This partnership will enhance the capability of the growing Asia's aquaculture industry with cutting edge AI and IoT-technologies, transforming a traditional aquaculture industry into one that is smart, predictable and sustainable," he added.

Both companies have been collaborating since 2020 to build a sustainable shrimp farming system at its farm in Choa Chu Kang by using real-time data analysis on water quality, feeding optimisation and harvest predictions, as well as Qian Hu's proprietary Hydropure filtration system to boost water quality.

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Qian Hu also sees more strategic collaborations with AquaEasy in the pipeline as they collaborate in the development of solutions in new market areas such as research and development, commercial go-to market and development and platform, the statement added.

Shares of Qian Hu last traded at S$0.20 on Dec 3.