August 21, 2023

 

Salmon Evolution reveals Q2 turnover of US$5.7 million

 

 

Emerging land-based fish farmer Salmon Evolution announced on August 17 a second quarter turnover of kr60.7 million (US$5.7 million) and said its biomass production was back on track after suffering biological issues in the spring.

 

The company also revealed that the third quarter was on track for record high production at its Indre Harøy location on the Norwegian coast.

 

The standing biomass  on August 15 was 1,628 tonnes. In May, 585 tonnes of fish was harvested with what the company called a "93% superior proportion, tight weight concentration and good price realisation." Salmon Evolution is planning a further harvest at the end of Q3.

 

In June,  Salmon Evolution signed contracts for the design and development of the second phase of its hybrid flow-through facility at Indre Harøy.

 

The company reported that batch 6 and 7 had been stocked at the end of May and end of June as planned.

 

Production costs had been "favourable", Salmon Evolution said, and further improvements are expected alongside increased production volumes.

 

Contracts have been awarded for phase 2 of the Indre Harøy plant, with Artec Aqua, a leading supplier for land-based aquaculture, and general contractor HENT.

 

Upon completion this phase will add another 7,900 tonnes  head-on gutted weight (HOG) of annual production, bringing the total up to 15,800 tonnes HOG per annum.

 

Salmon Evolution said it is targeting a leading position in the production of sustainable high-quality salmon from land-based facilities.

 

In addition to its 31,500 tonnes project in Norway, the group is expanding internationally through a joint venture in South Korea.

 

Salmon Evolution added: "Furthermore, the group has initiated an expansion plan into North America. Through utilisation of technology, competence and experience from domestic projects, Salmon Evolution aims to develop projects in targeted growth markets in collaboration with local partners."

 

The company said it has a clear road map towards 100,000 tonnes production capacity by 2032.

 

- Fish Farmer