First Water, an Icelandic land-based salmon farming company, said it has completed approximately €75 million in new financing to fund the first phase of its project in Þorlákshöfn.
The package includes around €40 million through a convertible bond led by existing shareholders and approximately €35 million in debt financing arranged by Landsbankinn and Arion Bank.
The company said the funding will allow it to complete Phase I construction and increase annual production capacity from 5,000 tonnes to 10,000 tonnes HOG salmon.
First Water said it has now secured total funding of around €340 million since inception, comprising €185 million in equity, €40 million in convertible debt and about €115 million in bank financing.
Regular weekly harvesting began in January, following its first harvest in September 2025. The company said average harvest weight has been around 4.8 kg HOG, with a 95% superior share.
Harvest volume for 2026 is projected at around 3,000 tonnes HOG.
First Water added that its long-term production target has been revised upward to around 60,000 tonnes annually, compared with an initial plan of 50,000 tonnes.