SalmoFarms land-based start-up endures wait for capital

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Norwegian land-based aquaculture start-up, Salmofarms, is on the hunt for the substantial foreign or local funds that’ll be needed to build their first salmon facility in Rjukan, a historical down deep in Norway’s rugged Telemark County.

“Yes. Yes. We still believe this project can be realized,” Salmofarms founder, Carl Ivar Holmen, told newspaper, Varden. The company has been at the drawing board and thinking investment for over a year.

“We’re working hard to make it happen. We reckon on making a final decision on whether to build by this summer,” he said.

Just before Christmas, it was revealed that the company had brought in Fearnley Securities to have a go at fundraising. Holmen confirmed they’re still looking for investors, however, saying it’s a long process.

In the wait for capital, the company’s plans have changed. They’re no longer hoping to produce 8,000 tonnes of salmon a year as planned.

“We’ve now decided to build the plan up in stages. The goal is to build facility that can produced 5,000 t of salmon per year in a first round. The next phase will then be to increase production to 10,000 t a year,” he said.