Land-based salmon farmers flood stock exchange, and more are in the pipeline

Aslak Berge

The Oslo Stock Exchange has consolidated its position as the dominant marketplace for land-based salmon.

On Wednesday, Nordic Aqua Partners had its first day of trading on the Oslo Stock Exchange. The company, led by former Mowi Faroes director Ragnar Joensen, is in the process of building a land-based salmon farm just outside Shanghai. Once the facility is completed, it will produce 8,000 tonnes of salmon annually.

Three other land-based salmon farmers have already been listed on the Oslo Stock Exchange. Most famous, and the company with the longest experience and market value is Atlantic Sapphire. In addition, Salmon Evolution and Andfjord Salmon are already trading on the stock exchange.

Martin Rasmussen (left) and Bjarne Martinsen. Photo: Andfjord Salmon

More fish on land
Last week, another land-based fish farming company, Holland-based Kingfish Company, was also listed. The company, which has SalMar entrepreneur Gustav Witzøe company Kverva amongst its owners, produces the tropical fish species yellowtail kingfish.

But it doesn’t stop there.

Aqua Sande, which is planning the construction of a land-based fish farm for 66,000 tonnes of salmon at Gulen, Western Norway, is aiming for an IPO this summer.

Grieg family-owned Proximar Seafood, which is building a land-based fish farm at the foot of iconic Mount Fuji in Japan, has already announced far advanced stock market plans. The company is initially aiming for an annual production of 5,300 tonnes of salmon, increasing this to 21,000 tonnes.

Hallvard Muri. PHOTO: Andreas Witzøe

Aquacon, which former Pareto partner Henrik Tangen is central to, will also raise money and go on the stock exchange during 2021. The company will build three facilities in Maryland, on the U.S. East Coast, and is aiming for an annual production totaling 45,000 tonnes of salmon. Among other things, Aquacon has hired former Mowi COO Marit Solberg as a board member.

More on the way
At the same time, a double-digit number of other companies are also chasing financing for their land-based fish farms. There are low odds of several of them finding their way to the Oslo Stock Exchange. Some of the hottest candidates are:

  • Norsal, a Norwegian-owned company that will spend EUR 206 million to build a land-based facility for 20,000 tonnes of salmon in Yantai, China.
  • West Coast Salmon, led by ex-AKVA group boss Hallvard Muri, will build production facilities for 15,000 tonnes of salmon in Nevada, USA.
  • Swedish Quality Salmon has received a lot of attention, not least locally, for its construction plans for a site that’ll produce 110,000 tonnes of salmon.
  • Pure Salmon is still on the hunt for financing for its facilities, which is aiming for a total of 260,000 tonnes of salmon.
  • Nordic Aquafarms has already started harvesting fish from its plant in Fredrikstad, and has two other construction projects, both in the United States.
  • Columbi Salmon, where former Nordea seafood analyst Kolbjørn Giskeødegård is CFO, will produce 15,000-20,000 tonnes of salmon on land, near Oostende in Belgium.

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