Land-based salmon farmer Proximar Seafood signs €46 million construction contract with Japan’s largest homebuilder

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Grieg-backed project also signs final land purchase agreement with Daiwa House Industry.

Proximar Seafood writes that the construction contract and a final land purchase agreement with Daiwa House Industry have been signed. The construction preparations are set to start by the end of the 1st quarter of this year.

The signing of the contracts are “important milestones for the company in starting construction of the first large-scale RAS facility for Atlantic salmon in Japan,” said Proximar CEO Joachim Nielsen.

“We are very pleased to have signed the construction contract, bringing us one step closer to serving the Japanese market with fresh Atlantic salmon harvested the same day. Having a strong local Japanese partner like Daiwa House Industry involved in this project has a significant value for us and we appreciate the close relationship we have built over time. After years of preparations and planning together with Daiwa House Industry and Aqua Maof, all parties have a detailed understanding of how to move through the construction steps. We are therefore very confident about the execution,” said Nielsen.

The construction contract is related to civil works, representing a value of EUR 46 million. The facility is located at the foot of the iconic Mt Fuji, in proximity to the 38 million inhabitants in the greater Tokyo area.

The facility will produce 5,300 tonnes of salmon in the first phase. From 2024, the plan is to expand by another 21,000 tonnes.

Daiwa House Industry is a Japanese construction company that has USD 40 billion in annual revenue, the country’s largest.

“Daiwa House Industry is by Proximar considered as a strong long-term local partner with excellent execution capabilities. The two companies have, together with RAS technology provider AquaMaof, been working closely together since 2018 on designing and construction planning,” said Nielsen.

Investor Espen Aubert and the salmon farming millionaire Grieg family are involved in the project. Proximar Seafood had its first day of trading on the Oslo Stock Exchange in early February.