Northern Lights will join Grovgaarden as co-owners of the world’s northernmost shipyard.
Norwegian salmon producer Northern Lights has announced that it has taken a stake in workboat manufacturer Grovfjord Mech. Verksted (GMV 2.0).
Northern Lights will join Grovgaarden as co-owners of the shipyard. Grovgaarden is owned by Bard Meek-Hansen and his family.
The connection between the two companies goes back to 1998 when the salmon producer built its first catamaran at GMV. Since then, Northern Lights has constructed a further seven boats at GMV.
GMV, the world’s northernmost shipbuilder went bankrupt this summer following a sharp increase in the cost of materials, a weak Norwegian krone and severe delays.
The company has built nearly 160 boats in the past 25 years. The new venture, GMV 2.0, will feature a renewed focus on the aquaculture industry, the company announced on its website on Wednesday.
Jann Arne Bardo, former DNB bank manager, has also joined the board to contribute to the company’s financial strategy.
Northern Lights Salmon is wholly owned by the Balteskard family through the Northern Lights Holding holding company.
The company reported robust production in 2022, resulting in increased turnover and profits. While sales saw a slight decline, operating profit surged from NOK 105.9 million ($9.4 million) to NOK 122.5 million ($10.9 million) between 2021 and 2022.
Northern Lights holds four salmon farming licenses in Troms and Finnmark counties, Norway and maintains its office in Balteskard, Tjeldsund municipality.