Laxey is aiming to achieve production at all stages of the smolt-station by the end of the year.
Icelandic land-based salmon startup, Laxey, has marked a significant milestone with the arrival of 600,000 salmon ova from aquaculture biotech company Benchmark Genetics.
The company made the announcement via a LinkedIn post on Wednesday, indicating that this delivery represents half of the hatchery’s capacity.
The reception and processing of the salmon ova went smoothly, according to the announcement.
Currently, Laxey’s production is underway in two stages out of four, namely the hatchery and RAS 1 (Recirculating Aquaculture System 1). The company aims to achieve production at all stages of the smolt-station by the end of the year, demonstrating a commitment to meeting its operational targets.
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Laxey was established by a group of entrepreneurs, spearheaded by a local family boasting over 75 years of experience in the seafood industry. The startup received a significant boost in September 2023 when it secured €42 million from local investors. This funding injection enabled Laxey to advance its plans, including the completion of a hatchery with operations scheduled to commence by the end of 2023. Additionally, plans are underway for a grow-out facility slated to begin production in 2024.
Looking ahead, Laxey has ambitious production goals, aiming to produce 27,000 metric tons of farmed Atlantic Salmon by 2031. This target represents a substantial increase from the current Icelandic land-based production, which stands at less than 2,000 tons. The initial operational phase is expected to kick off by mid-2024, with the first sales anticipated for late 2025.
Strategically located in the Westman Islands, a fishing industry hub off the south coast of Iceland, Laxey aims to capitalize on the area’s existing infrastructure and skilled labor pool. The company plans to rely primarily on sea transport, a move aimed at reducing the overall carbon footprint of its operations.
In addition to its production goals, Laxey is committed to sustainability initiatives. The company plans to utilize renewable energy sources and implement a hybrid flow-through system. This innovative system will allow the facility to utilize approximately 65 percent seawater, with the remaining 35 percent sourced as fresh water from boreholes.
