European fishing industry trade group Europeche has signed a memorandum of understanding (MoU) with Norway-based Innomar to explore new ways of enhancing sustainable fishing using the latest technology.

Innomar provides traceable smart buoys and related software that tracks, monitors and gathers marine intelligence related to equipment and gear deployed in the ocean.

The firms hope this new partnership will help create new business opportunities and enable fishermen to continue to minimize fishing impacts on the ecosystems.

"This collaboration will enable our common thoughts about how we shall manage our ocean resources, and we look forward to implementing our technology in Europe," Innomar CEO Tore Halvorsen said.