New land-based salmon farmer chasing €8 million in IPO

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The Bakke brothers want to produce 50,000 tonnes of salmon on land. Joining the team is Israeli tech provider Aqua Maof.

They have been involved for a long time with fish farming, both salmon and cod. But now it is land-based salmon that is calling to the brothers Ole, Stig and Petter Bakke.

The plan is to produce large smolt, up to half a kilo, in Smørhavn in Bremanger, Western Norway, and then feed this up to full harvest weight at a land-based facility there and in France, according to an advertisement on SalmonBusiness’ sister site iLaks.

The Bakke brothers have got the Israeli equipment supplier Aqua Maof on board, which already has a land-based salmon farm in full operation at Plonsk, an hour’s drive from Warsaw Poland.

The company has been named Smart Salmon, and now the plan is to chase between EUR 2.5 and EUR 7.7 million in fresh capital, before an IPO during the second quarter of 2021. Pre-money valuation is set at EUR 7.2 million. EUR 2 million is already guaranteed.

Initially, the plan is to build a large smolt facility with a capacity of 7,500 tonnes. The company has access to acreage for expansion up to 30,000 tonnes on the same site. Construction is scheduled to get underway during the first half of the year.

The next move is to buy a 100,000 m3 industrial site at Guingamp in Brittany, northwestern France. Here there is the potential for the production of an additional 20,000 tonnes of salmon.

On the team, as a board member and shareholder, the Bakke brothers also have Pharmaq veteran and long-time board member of AquaChile, Åsmund Baklien.