August 21, 2023
Salmon Evolution reports strong Q2 performance, aims for sustainable expansion
Norwegian land-based fish farming company Salmon Evolution has announced its second-quarter results, revealing a turnover of NOK 60.7 million (~US$5.7 million; NOK 10 = US$0.94), as it shared that its biomass production has rebounded after encountering biological challenges in the spring, Fish Farmer reported.
Salmon Evolution also disclosed that its third quarter is on track for a record high production at its Indre Haroy facility located on the Norwegian coast.
As of August 15, the standing biomass stood at 1,628 tonnes. In May, the company successfully harvested 585 tonnes of fish with a remarkable 93% superior proportion, tight weight concentration, and good price realisation. Another harvest is planned for the end of the third quarter.
In June, Salmon Evolution signed contracts for the design and development of the second phase of its hybrid flow-through facility situated at Indre Haroy. The company reported that its planned stocking of batch 6 and 7 took place at the end of May and June, respectively.
Regarding production costs, Salmon Evolution expressed satisfaction, expecting further improvements in conjunction with increased production volumes.
Phase 2 of the Indre Haroy plant is underway with contracts awarded to Artec Aqua, a prominent supplier for land-based aquaculture, and general contractor HENT. Upon completion, this phase is projected to contribute an additional 7,900 tonnes HOG (head-on gutted weight) of annual production, elevating the total to 15,800 tonnes HOG per annum.
With a successful private placement conducted in April, generating gross proceeds of NOK 525 million (~US$49.5 million), Salmon Evolution highlighted its focus on attaining a leading position in producing sustainable, high-quality salmon from land-based facilities.
Beyond its ambitious 31,500-tonne project in Norway, the company is pursuing international expansion through a joint venture in South Korea.
The group has also initiated an expansion plan into North America. Through the utilisation of technology, competence, and experience from domestic projects, Salmon Evolution aims to develop projects in targeted growth markets in collaboration with local partners.
With a clear trajectory, Salmon Evolution is committed to achieving a substantial production capacity of 100,000 tonnes by the year 2032.
- Fish Farmer
