AKVA group loses funding for two contracts

Aslak Berge

Corona causes trouble for RAS supplier.

Four days before Christmas Eve, AKVA group was able to report on a contract to build a large land-based aquaculture facility in China. The planned production volume was 8,000 tonnes of salmon annually.

However, the realization of the project, under the auspices of the company Nordic Aqua Partners, was dependent on funding. This led AKVA group to take the unusual approach of contributing EUR 3.1 million from their own pocket.

Now the funding is gone.

“The originally committed equity financing has now been cancelled due to the COVID-19 situation. Nordic Aqua Partners will continue the process of getting the project fully funded later this year,” AKVA group writes in a stock exchange announcement on Tuesday.

But an accident rarely comes alone.

Another agreement, signed in December 2019, between AKVA group Chile and Cooke Aquaculture, for the delivery of a RAS plant in Chile, has also been cancelled.

“The contract worth EUR 10.3 million was expected to be delivered between the first quarter of 2020 and the fourth quarter of 2021. Cooke Aquaculture has now cancelled the contract due to the COVID-19 situation,” reports the company.


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