The company was established by a group of entrepreneurs, led by a local family with more than 75 years history in the seafood industry.
Icelandic land-based salmon startup Laxey has raised €42 million from local investors, the company announced in a release on Thursday.
Laxey, previously known as Icelandic Land Farmed Salmon, is progressing with its plans to complete a hatchery, with operations beginning by the end of 2023, and a grow-out facility slated to commence production in 2024.
The company projects a production of 27,000 metric tons of farmed Atlantic Salmon by 2031. Current Icelandic land-based production stands at less than 2,000 tons.
The initial operational phase is expected to commence by mid-2024, with the first sales anticipated for late 2025.
Located in the Westman Islands, a fishing industry stronghold off the south coast of Iceland, Laxey hopes to benefit from the area’s pre-existing infrastructure and skilled labor. The company plans to rely predominantly on sea transport, reducing the overall carbon footprint of their operations.
The project is expected to offer over 100 full-time employment opportunities upon reaching its full operational capacity.
Laxey has committed to using renewable energy sources and will implement a hybrid flow-through system. This system means the facility will be able to use approximatrly 65 percent seawater, sourcing the remaining 35 percent as fresh water from boreholes.
Mar Advisor, a firm with expertise in the seafood, energy, and infrastructure sectors, served as the financial advisor during this funding round. The company has engaged Arctic Securities, a Norway-based investment bank, for future capital initiatives, while retaining Mar Advisors for ongoing financial consultancy.