The company’s planning and design phases have identified $60-80 million in capital expenditure (CAPEX) savings compared to similar facilities.
Katahdin Salmon, an American land-based salmon producer founded in October 2022 and located in Maine, has announced significant milestones in its development and planning processes, including a rebrand.
Katahdin Salmon was created from Xcelerate Aqua, launched in 2022 following CEO Marianne Naess and her husband Erik Heim departure from Maine-based Nordic Aquafarms.
The new brand, set to launch next week, aims to be scalable for future locations across North America and reflects the company’s vision of producing high-quality salmon in regions with abundant clean, cold water, particularly in the Northern USA, according to a press release from the company.
The facility is based at the site of Millinocket’s former Great Northern Paper Company.
Katahdin Salmon has secured all critical permits, including discharge, aquaculture, and VRAP permits, ahead of schedule. The company is aiming to begin construction by 2025.
CAPEX Savings:
Katahdin Salmon has identified $60-80 million in CAPEX savings during the planning and design phase, leveraging its in-house development and estimation expertise. These savings are attributed to several factors:
- The existing infrastructure on the site contributes to significant cost reductions.
- The pre-excavated site with a glacial till foundation reduces the need for concrete and other foundation materials.
- Design optimizations have further decreased core infrastructure costs.
With 2024 inflation updates, the company’s CAPEX estimate stands at $270 million.
“Katahdin Salmon has been a good name for the initial development phases,” the company said. “Now that the company is entering into a new phase, it is the right time to transition to a name that reflects the developments of the company and the way forward.”
