January 2, 2024

GeoSalmo secures US$14.6 million for land-based salmon farm project in Iceland

Land-based salmon company GeoSalmo has successfully raised ISK 2 billion (US$14.6 million) for its large-scale fish farm project in Iceland, Fish Farmer reported.

The funding, attracted from an influential group of investors across Scandinavia and northern Europe, positions GeoSalmo to proceed with its ambitious plans.

The company's vision involves the establishment of a 24,000-tonne RAS farm (recirculating aquaculture system) at Ölfus, near Þorlákshöfn in southwest Iceland. The integrated farm will include an on-site smolt facility, as well as a grow-out and processing plant.

GeoSalmo has undertaken comprehensive environmental and planning assessments for the project. Additionally, the company has secured a crucial contract with geothermal energy company Orku Náttúrunn, ensuring a stable supply of 28 megawatts of electricity for the entire development and operation of the land-based salmon farm.

GeoSalmo aims to produce high-quality salmon, with the initial phase targeting 7,500 tonnes and the goal of reaching 24,000 tonnes.

-      Fish Farmer