Laxey raises €130 million to advance land-based salmon farming in Iceland.
Laxey, a land-based salmon farming company based in Vestmannaeyjar, Iceland, has secured a total of €130 million in new capital to support the continued development of its facility targeting an annual production of 36,000 tonnes (HOG) of Atlantic salmon.
The financing package includes €35 million in equity raised through a private placement, supported by existing shareholders and new institutional investors, as well as a long-term debt facility with Arion Bank. The debt arrangement includes refinancing and expansion of credit lines for Section 1 of the facility, and new funding to support the build-out of Section 2.
Since inception, Laxey has raised over €115 million in equity. The company’s shareholder base includes Icelandic and international investors with experience across the salmon value chain. The Sigurjón Óskarsson family remains the cornerstone investor, and approximately 20% of shares are held by aquaculture-focused strategic investors.
Construction is proceeding in line with Laxey’s project timeline. The hatchery, completed in August 2024, is fully operational with five batches of eggs stocked to date. The first of eight planned grow-out tanks in Section 1 came online in April, with the second tank expected to begin operations shortly. The first harvest is expected in autumn 2025.
Laxey plans to use part of its production infrastructure to supply post-smolt to third parties in addition to producing market-size salmon. The company says this dual-use strategy will accelerate early revenue and support biological performance across the sector by reducing the time salmon spend in marine environments.
Originally designed for 27,000 tonnes (HOG) of annual output, the project has now increased its target capacity to 36,000 tonnes, following improvements in design, infrastructure, and post-smolt integration.
The company is also preparing to begin construction on its processing and harvesting facility later this year. Arion Bank acted as manager of the equity placement, and Mar Advisors served as financial adviser to the company.