February 8, 2021

Smart Salmon aims to produce 50,000 tonnes of RAS salmon in Norway and France

Smørhamn, Norway-based Smart Salmon is aiming to produce 50,000 tonnes of salmon raised in recirculating aquaculture system (RAS) facilities in Norway and France by 2029, and is seeking to raise private capital before securing an initial public offering (IPO) in the second quarter of 2021.

According to a Smart Salmon presentation, the company initially hopes to build a 7,500-tonne flexible farm as part of a major fish farming cluster on the northwest coast of Norway, producing 2,500 tonnes of large smolts up to 0.5 kilogrammes in weight, and 5,000 tonnes of harvest-weight salmon.

The company has estimated total capital expenditure for the project at NOK 350 million (US$40.5 million) for the smolt plant and NOK600 million (US$69.4 million) for the land-based salmon farm. Construction is expected to start in the first quarter of 2021 and initial production to commence a year later in the first quarter of 2022.

The first 500-gram smolts will be available for sale in the first quarterof  2023.

In its private capital raise, the company is seeking between NOK25 million (US$2.9 million) and NOK 80 million (US$9.3 million), with a pre-money valuation set at NOK75 million (US$8.7 million). Its second stage of fundraising includes a listing on the equity trading market Euronext Growth in the second quarter of 2021 in order to raise a further NOK150 million (US$17.3 million) to NOK250 million (US$28.9 million).

Smart Salmon was founded by brothers Ole, Petter and Stig Bakke, who serve as CEO, chairman and company board member, respectively.

- SeafoodSource