Ecofisk's property at Espevik, Rogaland, a 289,000 sq m site approved for aquaculture purposes and ready for construction.
Photo: Ecofisk.
Ecofisk, which claims to be "Norway's most sustainable land-based salmon farm," will also be part of what is intended to be Norway's largest post-smolt facility. This was announced by 8F Asset Management, the impact investment firm that will provide the funds for the project to be engineered by its subsidiary, Pure Salmon Technology. Construction is set to begin immediately, with the first fish expected to arrive in 2027/28.
The innovative post-smolt facility will be located on Ecofisk land in Espevik, Rogaland. The 289,000-square-meter site secured in 2019, has permits for an annual production of 40,000 tons, including the cultivation of up to 20 million post-smolts, each weighing up to 1,000 grams.
"We are thrilled to be onboarding Pure Salmon Technology and 8F Asset Management to our Ecofisk project at Espevik, Rogaland," said Lars Erik Baustad, Chairman at Ecofisk. "Our new partners add capacities such as cutting-edge RAS technology, strong project execution track-record and financial muscles, thus combined represents a perfect strategic fit to Ecofisk unique concession, prime location and business plan."
As mentioned, this facility is set to become the largest smolt facility in Norway, but in addition, the project also aims to set new benchmarks in the industry not only in terms of sustainability, innovation, and ecosystem benefits but also as an innovative business model.
A leader in the development of advanced aquaculture facilities, Pure Salmon Technology - which recently made headlines for acquiring the Billund Aquaculture Denmark IP assets - will design the facility, while 8F Asset Management will provide the essential financial structure to bring it to fruition.
Together, they will offer the facility through a business model that includes a flexible lease or shared ownership option. This innovative approach allows established aquaculture farmers to benefit from world-class facilities and economies of scale without significant upfront investments.
"This initiative is crucial for accelerating the development of post-smolt capacity in Norway," claimed 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."
Michael Mortensen, Chief Business Development Officer at Pure Salmon Technology, spoke along the same lines. "We have observed an increasing demand for larger post-smolt, up to 1 kg. By enlarging the smolts before release, we can shorten the sea phase, which leads to better utilization of concessions," he said.
As said, Pure Salmon Technology will design and also build the facility in Ecofisk's property at Espevik Espevik, Rogaland, and is now looking for farmers that will operate the plant under e.g. a leasing arrangement. "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," Mortensen explained.
The first phase of the new facility will have the capacity to produce up to 7,000 tons of post-smolt annually, each weighing up to 1 kg. Since, as advanced by 8F Asset Management, construction will begin immediately, the first fish are expected to be ready by 2027/28.
Pure Salmon Technology is known for working with renowned companies such as Nova Sea - its last announced collaboration was with its subsidiary Helgeland Smolt. Now, the tech company claims that by combining its advanced facility designs - which include the latest Njord technology and HyFlow feed systems - with 8F's financing capabilities, this project is set to significantly improve smolt production in Norway.