Kvalnes build-out continues as Andfjord scales up operations.
Andfjord Salmon has confirmed plans to release 1.1 million smolt this autumn as it advances development of its land-based facility at Kvalnes, Andøya.
The company will stock around 350,000 smolt in pool K0 at the end of September, followed by 750,000 smolt in pool K1 in late October. The new logistics system will allow biomass from pool K1 to be divided into additional units as it grows.
“This represents a significant scale-up of commercial operations for Andfjord Salmon. This is what we have worked tirelessly towards for the past two years, with strong support from our shareholders,” said CEO Martin Rasmussen.
Kvalnes build-out
Infrastructure works at the Kvalnes site have continued, with waterways, inlet and branch tunnels completed. Pool K0, which hosted the company’s first production cycle, is now being filled with water ahead of the smolt release, while pool K1 is nearing completion. The harbour area is also ready to receive wellboats with smolt.
Under its existing licence, Andfjord Salmon has a permitted production capacity of 23,700 tonnes (HOG and post-smolt), but area infrastructure has been developed to support up to 48,000 tonnes.
Financing and results
To support the build-out, Andfjord Salmon raised NOK 1.55 billion ($150 million) during the second quarter. This included a NOK 400 million private placement, a NOK 750 million bond issue, and a NOK 400 million sale-leaseback agreement for the Kvalnes harbour property.
With no production during the quarter, revenue was close to zero (Q2 2024: NOK 0.1 million). The company reported a net loss of NOK 26.8 million ($2.6 million), compared with a loss of NOK 18.8 million in the same quarter last year.
