March 25, 2020

Salmon Evolution raises US$23.5 million to build biggest land-based aquaculture facility

From the 258 million NOK (~US$23.5 million; 10 NOK = US$0.92) invested into the Norway-based company, 107 million NOK (~US$9.8 million) comes from existing shareholders while the remainder was from new investors such as Ronja Capital.

Salmon Evolution's land-based aquaculture facility will be able to produce 36,000 tonnes of salmon annually using a flow through technology - this uses fresh water from the nearby Indre Harøysea in Hustadvika to provide optimal condition for the facility's raised salmon.

The company initially received 1.3 billion NOK (~US$119 million) in investment to produce 9,000 tonnes of salmon annually. The facility's expansion, set to be the biggest land-based aquaculture facility in the world, will harvest its first salmon end-2022.

Ronja Capital is one of the new major shareholders and is related to Sølvtrans, the biggest wellboat operator in the world.

Kristofer Reiten, chair of Salmon Evolution said the experience and expertise possessed by the shareholder structure over the whole salmon value chain will make a big quality contribution to the company's future development.

DNB Markets and Pareto Securities were coordinators for the share issue.

-      Salmon Evolution