AKVA group puts cash and expertise into new 5,000t land-based grow-out facility

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Ecofisk want to eventually produce 40,000 tonnes of salmon in an old quarry in Norway.

In a stock exchange announcement, AKVA group Land Based, a subsidiary of the aquaculture equipment manufacturer AKVA group, writes that it has signed an engineering and design contract with the Norwegian land-based salmon farmer Ecofisk.

Ecofisk is planning a new land-based grow-out facility of 5,000 tonnes at Espevik, Western Norway, and holds a license for producing up to 40,000 tonnes.

AKVA has been chosen as the preferred supplier and the final delivery contract for the initial 5,000 tonnes, if awarded, this will have a value of EUR 45 million. It will participate up to EUR 2.7 million in equity in the project if sufficient further financing is achieved. AKVA added that so far, it has provided EUR 0.5 million in equity financing.

“The further equity participation in the project is subject to Ecofisk obtaining the necessary financing for the project and agreement on a final delivery contract,” the company wrote.