AquaBounty Technologies, Inc. (NASDAQ: AQB) said it is expanding its strategic review of its Pioneer, Ohio property to include power infrastructure and energy development opportunities, according to a press release.

The company had previously been exploring a sale of the Pioneer property to parties in the aquaculture industry. Those discussions remain ongoing, but AquaBounty said it is now broadening its evaluation to include developers, utilities, independent power producers, and infrastructure investors.

The Pioneer site includes access to an electrical substation with approximately 50 megawatts of available capacity, competitively priced electricity, and a permit to withdraw 5.25 million gallons per day of groundwater from an underground aquifer.

Potential transaction structures under consideration include an outright sale, joint development arrangements, long-term leasing, or other structures. The company also said it would evaluate opportunities to participate more directly in infrastructure or energy development.

"As we evaluate the highest and best use of the Pioneer assets, we believe it is prudent to expand our strategic review beyond traditional aquaculture opportunities to include parties seeking sites with robust utility infrastructure and abundant water resources," said David Frank, Interim Chief Executive Officer of AquaBounty.

The company stated there is no assurance that the review will result in any transaction and said it does not intend to provide updates unless its board determines further disclosure is appropriate or required.