Land-based salmon producer completes $100 million funding round

Financing ensures the development of an 8,000 metric ton production capacity, with aspirations to expand to 50,000 tons by 2028.

Icelandic land-based salmon producer First Water has finalised ISK 13.7 billion ($98 million) in funding to develop its facility in Thorlakshofn (Þorlákshöfn). First Water, formerly known as Landeldi, announced plans for construction at the site in July.

Earlier this summer, the company had completed financing of ISK 12.3 billion ($88 million). The second closing of the equity round was completed last week and saw a further ISK 1.4 billion ($10 million) raised, according to an announcement from the company.

CEO of First Water, Eggert Þór Kristófersson hailed the success of the funding round, despite difficult market conditions.

“There is therefore every reason to be optimistic and we will continue to develop environmentally friendly and sustainable salmon farming on land,” he said.

The funding round saw participation from existing shareholder Stoðir and new investors, including venture fund Horn IV, pension funds, and private investors, both domestic and foreign. The announcement states that the investment company Stoðir will remain the largest shareholder of First Water after the capital increase The financing ensures the development of the initial phase of the project, aiming for an 8,000-ton annual production capacity, with aspirations to expand to 50,000 tons by 2028. The company, managed by Landsbankinn’s corporate consultancy, anticipates going public in 2025 to raise additional capital for ongoing development. First Water operates a fish hatchery at Hveragerði and a further hatchery near Thorlakshofn.

Iceland’s land-based salmon farming cluster. Map: Thor Landeldi

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