September 11, 2024

Collaboration seeks to create 7,000-tonne post-smolt facility in Rogaland, Norway

8F Asset Management, in partnership with Pure Salmon Technology, announced its collaboration with Ecofisk AS to develop a new 7,000-tonne post-smolt facility in Espevik, Rogaland, Norway.

The project is set on Ecofisk land, a 289,000-square-meter site secured in 2019, with permits for an annual production of 40,000 tonnes. This includes cultivating up to 20 million post-smolts, each weighing up to 1,000 grams. This facility is poised to become Norway's largest smolt facility, setting new benchmarks in the industry.

"This initiative is crucial for accelerating the development of post-smolt capacity in Norway," said Stephane Farouze, chairman at 8F Asset Management. "By combining our financial expertise with Pure Salmon Technology's development capabilities, we are creating a model that enhances production efficiency and sustainability. This facility will support the increasing demand for larger smolts and improve fish welfare by reducing the sea phase and associated treatments."

Pure Salmon Technology will design the facility, while 8F Asset Management provides essential financial structuring. Together, they will offer the facility through an innovative business model that includes a flexible leasing option or shared ownership. This approach allows established fish farmers to benefit from top-tier facilities and economies of scale without significant initial investments.

Michael Mortensen, chief business development officer at Pure Salmon Technology, said: "We have observed an increasing demand for larger post-smolt, up to 1kg. By enlarging the smolts before release, we can shorten the sea phase, which leads to better utilisation of concessions. We will not operate the facility but will serve as project developers. This enhances our role as a strong partner in the Norwegian aquaculture industry."

Lars Erik Baustad, chairman of Ecofisk, said: "We are thrilled to be onboarding Pure Salmon Technology and 8F Asset Management to our Ecofisk project at Espevik, Rogaland. Our new partners add capacities, such as cutting-edge RAS technology, strong project execution track-record, and financial muscles; (thus, with all these combined) represents a perfect strategic fit to Ecofisk unique concession, prime location, and business plan."

The new facility will be designed and constructed by Pure Salmon Technology. The first phase will have the capacity to produce up to 7,000 tonnes of post-smolt annually, each weighing up to 1kg.

Construction is set to commence immediately, with the first fish anticipated by 2027/28.

- Fish Farming Expert