How American Unagi is building a sustainable future for Maine aquaculture

RuralWorks often learns about investment opportunities through its own networks. A group called Maine Angels, a women’s investment network, introduced RuralWorks to American Unagi and its founder and president, Sara Rademaker.

“My background is in aquaculture, so I’ve made a career out of growing things in water,” said Rademaker. “When I decided the time was right to launch my own business, I did a lot of research and realized there was a great opportunity in eel production.”

Maine is one of only two U.S. states with a glass eel fishery. Every spring, hundreds of licensed fishermen, including those from several local tribes, harvest glass eels: tiny translucent eels that arrive in coastal waters and begin their journeys toward fresh water, where they will live until they grow to maturity. In the past, these fishermen sold their catch to buyers, who in turn sold the eels to customers in Asia. There they were grown in aquaculture farms until large enough to be eaten. At that point, more than a half million pounds of eels were shipped back to the U.S. at significantly increased prices and sold into the U.S. restaurant market.

“All of the value-added work was being done in countries like China,” said Rademaker. “I wanted to bring that work back to our local community, creating jobs and economic benefits as well as reducing the environmental impact of all that transport. Just as importantly, I wanted to build a business that would create awareness and provide visibility into the entire supply chain.”

By growing her eels in a controlled environment, Rademaker and American Unagi are able to raise eels to maturity at a significantly faster rate than they grow in the wild. With a recently expanded facility, she hopes to raise more than two million eels each year.

“From an investment standpoint, American Unagi was at precisely the right stage for us to get involved,” said RuralWorks’ Wyer. “Sara is amazing. She is a national and international expert in growing out eels. She can produce product at scale and the market is coming along, but she needed more horsepower. The local community had invested more than $3 million, but she needed significantly more to continue to grow the business. We also felt strongly that we could bring more to the table than just dollars. We offered direct engagement and management experience that could really help the business succeed. If Sara achieves her objectives — and we believe she will — she will create permanent, quality jobs for rural residents.”

“Aquaculture is a tough business, but it’s good business for our communities here in Maine, which depend heavily on our natural resources,” said Rademaker. “We have strong relationships with local harvesters and, in fact, are expanding our partnership with the local Passamaquoddy tribe. We’re investing in coastal economies, bringing sustainable jobs to the community and building resiliency into the local food system. Just as importantly, we’re creating a safe, sustainable, great-tasting product. American Unagi is proud to be at the forefront of sustainable Maine aquaculture.”