Laxey awards €20 million contract to AKVA Group for Iceland land-based salmon farm.
Laxey, a leading player in Icelandic aquaculture, has selected AKVA Group to supply €20 million (USD 20.6 million) worth of equipment for its planned land-based salmon farm in Iceland’s Westman Islands. The deal, announced on the Oslo Børs, is contingent on Laxey securing financing, which is expected in March 2025.
The contract pertains to equipment for a grow-out module at the facility, which is designed to produce up to 32,000 metric tons (MT) of Atlantic salmon annually using flow-through technology. The farm represents a significant scale-up from Laxey’s original plan of 10,000 MT.
Long-Standing Collaboration
This agreement builds on an established relationship between Laxey and AKVA Group. Since 2022, the two companies have collaborated on multiple projects, including the development of Iceland’s first recirculating aquaculture system (RAS) for salmon smolt in Vestmannaeyjar and advanced oxygenation and degassing systems for other facilities. Laxey has praised AKVA’s engineering expertise and its ability to deliver innovative aquaculture solutions.
Laxey’s expansion has been supported by significant capital investments, including €42 million ($42 million) raised in September 2023 and an additional €40 million ($41 million) in April 2024 through Blue Future Holding.
Laxey’s facility, once completed, will be one of the largest land-based salmon farms in Iceland, reinforcing the country’s position as a hub for advanced aquaculture production.
