Nordic Aqua, a company specializing in land-based Atlantic salmon farming with operations in Ningbo, China, has secured a short-term credit facility of €5.8 million from seafood lending giant DNB.
The facility, with a tenor of up to four months, is intended to provide liquidity for the company’s ongoing operations and strategic growth initiatives.
The credit facility comes as Nordic Aqua addresses recent operational challenges, including a geosmin issue that impacted production in July.
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The funds will be used to maintain operational stability, invest in essential capital expenditures for long-term improvements, and support the company’s ongoing expansion until the planned equity financing of approximately NOK 250 million ($24 million) later this year.
In a press release issued on Thursday, CEO Ragnar Joensen said that the credit facility will help ensure the company’s financial stability as it navigates current challenges while remaining focused on its long-term growth and market position goals.
