Producer backed by Grieg and Nutreco has been constructing its Japanese land-based salmon farm since March 2021.
Proximar Seafood, a land-based salmon farming company, has announced in its Q2 results that it has finally completed construction on its facility located near Mount Fuji in Shizuoka Prefecture.
The company has finalised the construction phase of its salmon recirculating aquaculture system (RAS) facility and is moving towards production, according to the company’s latest results.
The Grieg-backed producer, listed on the Oslo stock exchange, has been constructing its land-based salmon farm since March 2021. They anticipate the handover of their grow-out building by the third quarter.
The startup still has no revenue to report, while operating expenses have doubled from NOK 13.4 million ($1.25 million) from the NOK 6.7 million ($625,000) reported the previous year.
The spike is attributed to heightened operational activities. Further, a recorded Q2 loss of NOK 13.7 million ($1.3 million) primarily stems from personnel expenses, accounting for 60 percent of the company’s operating costs.
On the operational front, the company has shown progress with its first batch of juvenile salmon, which was initiated in October 2022. As these fish approach the smoltification process, Proximar prepares for an upcoming inspection by Japanese regulatory bodies.
The expected harvested volume is expected to reach 5,300 metric tons when operating at full capacity in 2027.
For 2023, Proximar is bullish about its prospects. The company aims to expand its biomass, increase staffing, and firmly establish its footprint in the Japanese Atlantic salmon market, ahead of potential competition.
In May, Proximar appointed former Equinor executive Ole Christian Willumsen as its new chief financial officer (CFO).
The land-based salmon farming startup is backed by Norwegian salmon producer Grieg, and Skretting-parent Nutreco, as well as Japanese conglomerate Marubeni.
Japan consumes approximately 40,000 metric tons of Atlantic salmon annually. With 85 percent of this imported chiefly from Norway.
