IS Haf leads $31 million private placement in Thor Landeldi.
Icelandic land-based salmon farming company Thor Landeldi has completed an ISK 4 billion ($31 million) private placement, led by marine-focused investment fund IS Haf.
The funding round, which also included Útgerðarfélag Reykjavíkur (ÚR) and three domestic pension funds—Birta, Almenni, and Lífeyrisþjónusta Íslandsbanka—will finance the next construction phase of Thor’s 4,750-ton grow-out facility in Þorlákshöfn, according to local newspaper, Vísir. This represents the second stage of a four-part plan to develop a 20,000-ton land-based salmon operation.
IS Haf contributed roughly half of the capital and is expected to hold a majority stake in Thor Landeldi following the raise. ÚR, owned by Guðmundur Kristjánsson of Brim, disclosed a direct investment of ISK 900 million and now holds a combined 24.4% stake in Thor, directly and through IS Haf.
“The professionalism during hatchery development and strong cooperation with the founders has paved the way for the next phase,” said Kristrún Auður Viðarsdóttir, CEO of IS Haf.
Thor expects its first harvest in autumn 2027. The hatchery is due to be completed this summer, along with permitting and research groundwork for the grow-out site.
The company’s leadership includes Jónatan Þórðarson, Þórður Þórðarson, and Halldór Ragnar Gíslason, with combined experience in aquaculture, legal, and financial sectors. The board includes former Íslandsbanki CEO Birna Einarsdóttir and Norwegian aquaculture executive Carl-Erik Arnesen.
Arctica Finance acted as advisor on the placement.