First Water raises €39 million in share capital increase.
Iceland-based salmon farming company First Water has raised €39 million in a new share capital increase, bringing total equity financing to €161 million. The latest round was led by existing shareholders, including Stoðir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóður verslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR.
The company, which focuses on sustainable salmon farming, has now secured approximately €240 million in combined equity and loan financing. This includes an €80 million loan package from Landsbankinn and Arion Bank agreed at the end of 2024.
The new capital will support the completion of the first of six planned phases of First Water’s land-based aquaculture facility in Þorlákshöfn. The company has already invested more than €137 million in the project and has sold around 2,000 tonnes of salmon to date.
First Water expects to reach full production capacity of 50,000 tonnes annually by 2030. Once complete, the total investment is expected to reach €825 million, with 330 people employed across the site.
To support future capacity, the company has signed a 20 MW power purchase agreement with national power company Landsvirkjun, with plans to expand to 50 MW when the Hvammsvirkjun hydropower plant becomes operational. A power delivery agreement has also been signed with Landsnet.
“This share increase is a powerful endorsement from our shareholders, who know us best,” said Eggert Þór Kristófersson, CEO of First Water. “It allows us to continue investing in our development and to accelerate production of high-quality export products.”
First Water aims to supply premium land-based salmon to global markets, using recirculating aquaculture systems with a focus on environmental sustainability.
