Land-based farmer raises €13.4 million to start construction

by
Editorial Staff

Phase one is scheduled for completion by 2026

Icelandic land-based salmon farmer Geosalmo has raised €13.4 million with the participation of Norwegian, Swedish, Icelandic and Dutch investors.

The funding enables the Icelandic company to initiate construction of its state-of-the-art 24,000-ton hybrid flow-through salmon farm in in Ölfus, near Thorlakshofn.

The company has already completed environmental and planning assessments, in addition to securing a long-term power supply agreement with Orka Náttúrunnar (ON Power) for 28 megawatts, its entire operational needs.

Read more: Salmon Row: How Iceland is building a major land-based salmon farming hub

“This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company,” said Jens Þórðarson, CEO of GeoSalmo.

“This also demonstrates investor confidence in our vision for land-based farming, our technology, and our experienced team.”

Among the new investors in GeoSalmo are Iceland-based investment company Skel, Eskja the parent company of seafood company Úthafsskip, Norwegian industrial conglomerate Endúr and Dutch fish processing and distribution company Adri & Zoon.

As part of this funding, Pål Reiulf Olsen, Chairman of Endúr and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company’s board. The two will serve on the board alongside founder and main shareholder of GeoSalmo, Aðalsteinn Jóhannsson.

Newsletter