July 20, 2023

First Water raises US$92 Million for land-based salmon farming project in Iceland

Iceland-based land-based salmon farming company First Water, formerly known as Landeldi, has secured EUR 82 million (~US$92 million; EUR 1 = US$1.12) to advance its land-based salmon farming initiative as it prepares for the next phase of construction, SeafoodSource reported.

The company recently harvested its first batch of salmon from its land-based farm in Þorlákshöfn, Iceland, and is now poised for significant expansion.

The company successfully raised the funds through an equity raise, with Stoðir, an investment company, retaining its position as the largest shareholder. Additionally, First Water welcomed a new group of shareholders, including private equity funds and both foreign and domestic investors.

First Water's land-based salmon farm utilises nearby geothermal and hydroelectric power to ensure its operations are powered by renewable energy. Seawater is sourced through pumps from layers of volcanic rock, providing natural filtration for the farm.

The company has ambitious plans to expand the production capacity of its farm in Þorlákshöfn to 28,000 metric tonnes (MT) over four phases in the coming years, with a goal to reach 50,000 MT by 2028.

In early July, First Water received positive news when Iceland's National Planning Agency confirmed the company's environmental impact assessment for its planned farm, solidifying its commitment to environmentally friendly and sustainable salmon farming on land. The company intends to continue raising funds and is planning a capital listing on a stock exchange in 2025 to finance its ongoing development.

Eggert Kristofersson, chief executive officer of First Water, expressed delight with the favorable response from buyers and consumers to their first salmon harvest, surpassing expectations and revealing strong market demand for First Water's products.

-      SeafoodSource