BioMar Group and Síldarvinnslan have signed a memorandum of understanding to build a modern high-tech aquafeed production facility in Iceland.
Through this move, BioMar will become the only global feed company in the Icelandic market. The venture has an ambition to build a facility that will achieve net-zero within its own operations.
“As part of our strategy, above and beyond, we are committed to expanding our business to new geographies and demonstrating our sustainability ambitions. Partnering with Sildarvinnslan offers a great opportunity to grow the Icelandic industry locally, and in a sustainable way,” announced Carlos Diaz, CEO BioMar Group.
The joint venture offers an opportunity to fully utilise by-products from Sildarvinnslans’ fishing operations and tap into BioMar’s extensive R&D portfolio and knowledge in the use of novel ingredients. The agreement includes Sildarvinnslan’s Laxá production facility and existing feed operations which have been importing and distributing BioMar starter feeds for several years.
“We have had a long-standing relationship with BioMar, and this joint venture is an ideal fit between two companies fully dedicated to driving an ambitious sustainability agenda. Our expertise in the production of sustainable marine raw materials and by-products, our fish processing and farming technologies combined with BioMar’s feed production knowledge will give us the opportunity to supply Iceland’s aquaculture industry with feed that will enable a differentiated offering to the global market,” said Gunnþór Ingvason, CEO Síldarvinnslan.
The Icelandic aquaculture industry has grown tenfold since 2010 and prides itself on a prime sustainability focus and increased organic production at sea. The newer land-based projects are taking advantage of the natural environmental conditions to reduce resource requirements by utilising geothermic sources. This makes it an ideal location for a net-zero facility that will reduce the need for imported feeds while benefiting from Iceland’s cost-effective green hydro and hydrothermal energy supply and locally available ingredients.