Great Northern Salmon CEO: ‘No future on the US coastline—the future is inland’.
Land-based salmon producer Great Northern Salmon is positioning itself as a secure alternative to imported salmon, according to CEO Marianne Næss who was speaking at the North Atlantic Seafood Forum (NASF) on Wednesday.
“We are a solid insurance policy against unpredictable and potential US tariffs,” Næss said, alongside a picture of President Donald Trump.
The project has received $10 million in grants and financial support, is fully financed, and has been welcomed by local authorities.
“We got standing ovations in our permitting meetings, which is unheard of. Not a single complaint. It’s a community that really wants the development,” Næss said.
Land-based operations are the only viable long-term solution for the USA, according to Næss: “I don’t think there is a future in the US on the coastline. The future is inland,” Næss said during NASF’s Investor Seminar.
State of Maine
Great Northern Salmon has secured what it describes as an exceptionally cost-effective brownfield site in Millinocket, Maine, with existing infrastructure, pre-excavated land, and pre-approved permits.
The company plans to raise equity in two tranches through Pareto Securities, with an initial $20 million in preferred equity secured in Q2 2025 to fund pre-construction and remediation. A larger $150 million equity round is planned for Q1/Q2 2026, dedicated to construction and working capital, alongside $140 million in debt financing from Morgan Stanley.
The Phase 1 development will have a production capacity of 7,500 HOG tonnes, targeting an EBIT margin of 40% and a cost per kilogram of $6.90 HOG ($5.85 LW). The company projects CAPEX per cubic meter at $2,700–2,800, covering the entire value chain.
With financing secured and all permits in place, Næss made it clear that Great Northern Salmon is moving ahead while many other RAS projects in the US have stalled.
“Are we the first man out or the last man standing?” asked Næss, referencing the struggles of other land-based start ups in the country. “Either way, we are ready to start construction.”
