Overview of GeoSalmo's state-of-the-art hybrid flow-through salmon farm project near Þorlákshöfn, in the municipality of Ölfus, on Iceland's south coast.
Image: GeoSalmo.
"We're really happy with this milestone," Jens Þórðarson, CEO of GeoSalmo, told WeAreAquaculture in sharing information about the funding round the company has just completed. The EUR 13.4 million (USD 14.8 million) raised means that, in addition to continuing other development activities, it now has the funding needed to start construction of its state-of-the-art hybrid flow-through salmon farm near Þorlákshöfn, in the municipality of Ölfus, on Iceland's south coast.
In this funding, a large group of investors from Iceland, Norway, Sweden, and the Netherlands have joined the group of shareholders of the Icelandic land-based salmon farming start-up, forming a solid foundation for the continued growth of the company.
"This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company," Jens Þórðarson stated in the news release. According to GeoSalmo CEO, "This also demonstrates investor confidence in our vision for land-based farming, our technology, and our experienced team."
Skel Investment Company, Úthafsskip, the group that owns the seafood company Eskja, the Norwegian industrial conglomerate Endúr ASA, and the Dutch fish processing and distribution company Adri & Zoon are among GeoSalmo's new investors.
As part of this funding, Pål Reiulf Olsen, Chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry, and financial markets, and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company's board. They will serve on the board alongside the founder and main shareholder of GeoSalmo, Aðalsteinn Jóhannsson.
The company, which commissioned the Norwegian firm Artec-Aqua to design its farm and supervise construction, has already completed environmental and planning assessments. Having also obtained the necessary municipal building permits last June, the funding that has now arrived is a key step in making the farm a reality.
Also in June, we learned that GeoSalmo had reached an agreement with ON Power (Orka Náttúrunnar) to be its geothermal power supplier. The energy company - Iceland's second-largest electricity producer - will provide the land-based salmon producer with all of its operational needs, 28 megawatts.
The state-of-the-art hybrid flow-through salmon farm will include on-site processing facilities and smolts, allowing GeoSalmo to grow its salmon from eggs to finished product at the same site. During the first phase, the facility will produce approximately 7,500 tons of fish, increasing to a capacity of 24,000 tons when fully operational.
GeoSalmo will focus on maintaining a safe and healthy environment for its farmed salmon, environmentally friendly production methods, and consistent product quality and delivery from its prime location in Iceland, which allows it to reach consumer markets in Europe and North America with fresh salmon via sea transport.
Drawing of GeoSalmo's salmon farm project showing every one of the elements that will make up the facilities.
GeoSalmo intends to build a 24,000-ton salmon farm in Ölfus, near Þorlákshöfn, one of Iceland's largest fresh fish export ports, and thus become a leading land-based fish farming company in the country. It emphasizes that its operations are in harmony with the environment and society.