Salmon Evolution is aiming for its first harvest in Q4

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The salmon farmer is on schedule.

At the end of March, the land-based fish farming company put its first 100,000 smolts in the tanks at the brand new facility at Indre Harøy, on Norway’s west coast.

In connection with the presentation of its first quarter report, the company stated that “Batch 1 is developing in line with expectations – stable construction conditions with strong construction and low mortality. The average weight is about 725 grams per 21 May”.

Salmon Evolution, which is listed on the Oslo Stock Exchange, has already started preparations for the second construction phase of its industrial site, which will add a production potential of 7,900 tonnes annually – to a total of 15,800 tonnes of salmon.

“Since we started construction back in May 2020, the first smolt release has been the moment we have all been waiting for. I am extremely proud of our organization and the fact that we have been able to stick to our ambitious timeline, even with the challenges we faced during the pandemic,” CEO Håkon André Berg said in a statement.

“At the same time, this is just the beginning. As we now move forward, our first priority is the biology of our farm. Good biology will improve fish quality and lead to strong growth, which will ultimately be reflected in the economic results. With our organization now a total of almost 50 skilled employees, I am safer than ever on our mission – to expand the sea potential,” he added.

Berg pointed out that the rising costs indicate a salmon price of more than €7.8 on an annual basis.

“Looking at 2022, most analysts now expect neutral or slightly negative global supply growth that should support a scenario with high salmon prices. Salmon Evolution sees a significant growth potential for demand for salmon over the next decade, with the proviso that the industry can increase the supply side. In this context, the company is firm in its belief that land-based farming must play an important role alongside conventional farming.”

“With our first fish, which now enjoys its new life on Indre Harøy and is constantly growing every day, we look forward to the first harvest in the fourth quarter and well before the turn of the year,” Berg stated.