Salmon Evolution get €5 million to build Europe’s largest land-based facility

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Rostein’s parent company, Rofisk, has bought into Salmon Evolution.

General Manager Ingjarl Skarvøy said in December that Salmon Evolution would aim raise up to EUR 5.1 million. The company is building what can become Europe’s largest land-based salmon farm with a price tag of EUR 327 million. The site will be located at Indre Harøy in Fræna, Western Norway.

Not a piece of cake
The company now has confirmed that they have raised EUR 5.1 million in a private placement. According to a press release from the company, the share capital shall be used for the design of the first stage of construction, organizational development and hiring of key personnel. The share issue will fully finance the ongoing phase until the next stage later on in the year. .

“Producing salmon on land is not a piece of cake and it is largely about taking some technology choices that will provide the most stable production environment for the fish, and thus a predictable operation,” said chairman Kristofer Reiten in the press release.

Majority owner
Reiten and Romsdalsfisk, majority owner of Salmon Evolution, participated with ten percent of the private placement.

Rofisk, who is the owner of one of the world’s largest wellboat companies Rostein, has secured an ownership stake of more than 13 per cent in Salmon Evolution.

“For us, it was a prerequisite that the project builds on the current aquaculture industry, and we will see many common denominators with regard to professionals, suppliers and customers,” says Glen Bradley, Chairman of Rofisk.

Finished by 2023
In July last year, Møre og Romsdal county municipality in Western Norway made a commitment to land-based farming. The permit entails a maximum standing biomass of 13,300 tonnes, and annual production of 28,800 tonnes of salmon.

The company states that they have chosen throughput technology (FTS) and CO2 aeration as a concept.

“This, in combination with our unique location with unlimited access to seawater, is the main reason why we can now accelerate into the next phase. We call it sea-based farming on land,” said Reiten.

The company want to start construction this year to be completed by 2023.