Grieg-backed Proximar takes control of Japan’s first land-based salmon farm

Editorial staff

Proximar CEO, Joachim Nielsen, predicts first harvest to take place Q3 2024.

Land-based salmon farmer Proximar has completed construction of its Atlantic salmon farming facility in Oyama, Japan, the company announced on Tuesday.

The Grieg-backed producer, listed on the Oslo stock exchange, has now taken ownership of the facility.

Proximar has been constructing its land-based salmon farm since March 2021. This milestone marks the opening of the first commercial facility of its kind in Japan.

Read more: Proximar finalises construction as officials ready sign off on Mt Fuji facility

With construction phases behind them, the company now shifts its attention fully to operational and production aspects, with Joachim Nielsen, CEO of Proximar, predicting their first harvest for Q3 2024.

Daiwa House, Proximar’s longstanding Japanese construction partner since 2018, completed the grow-out building works in August. Post completion, inspections were carried out by various relevant authorities, third parties, and Proximar itself.

As the handover took place, Proximar also finalised the second drawdown of its JPY 8.8 billion ($60 million) blue-sustainability loan, provided collaboratively by Mizuho Bank, Shizuoka Bank, and Development Bank of Japan.

The coming months will witness the installation of the remaining RAS-equipment in the grow-out building. This process is set to be executed in collaboration with technology supplier, AquaMaof, paving the way for the inaugural transfer of fish from the hatchery and nursery building in Q4 2023.

In May, Proximar appointed former Equinor executive Ole Christian Willumsen as its new chief financial officer (CFO).

The land-based salmon farming startup is backed by Norwegian salmon producer Grieg, and Skretting-parent Nutreco, as well as Japanese conglomerate Marubeni.

Japan consumes approximately 40,000 metric tons of Atlantic salmon annually. With 85 percent of this imported chiefly from Norway.


Related Articles