New Zealand King Salmon secures government backing for offshore expansion
New Zealand King Salmon (NZKS) has secured government funding to support its offshore farming expansion, including its Blue Endeavour project, which is set to become the world’s first open-ocean king salmon farm.
The funding is part of the Sustainable Food and Fibre Futures (SFF Futures) fund, with NZKS receiving NZD 29 million ($16.3 million) in total support. The New Zealand government will contribute NZD 11.7 million ($6.6 million), making it one of the largest commitments under the programme to date.
“Having the world’s first king salmon open-ocean aquaculture site at Blue Endeavour is a big responsibility,” said NZKS CEO Carl Carrington. “While we are confident it will be successful, there will be some significant lessons learned along the way. This funding partnership will enable us to share these learnings and build industry and investor confidence.”
NZKS has been exploring offshore farming as a response to rising ocean temperatures, which have contributed to high mortality rates in recent years. In FY 2022, the company lost 42% of its stock during the country’s hottest summer on record.
The Blue Endeavour project, which received government approval in March 2024, is expected to generate up to NZD 300 million ($168 million) in annual revenue once fully operational.
The funding will also support two additional pilot projects: one focused on recirculating aquaculture systems (RAS) for freshwater hatchery technology, and another on breeding strategies to improve fish resilience.
“With the New Zealand salmon sector poised to grow, the learnings from Blue Endeavour and the associated technologies should accelerate development,” said Carrington. “To achieve our aspirations, we must prioritise collaboration—with industry, government, suppliers, customers, and communities.”
