Billund Aquaculture team members pictured at AquaSur in Chile, March 2024.
Photo: Billund Aquaculture.
Billund Aquaculture, a specialist in the design, implementation, and service of recirculating aquaculture systems (RAS) for land-based fish farming, has filed for bankruptcy, the company has announced.
The land-based aquaculture technology specialist, which was founded in Denmark in 1986, has been unable to secure sufficient capital to continue its operations.
The company took a financial hit during and after the COVID-19 pandemic, and has also been further affected by uncertainty over projects following the war in Ukraine, Billund indicated in a press release announcing the decision.
“Unfortunately, there have been too many challenges from previous operations, which made it difficult to find sufficient capital for further operation," said Billund CEO Kristoffer Lund, who joined Billund as CEO in April 2024, taking over from previous CEO Christian Sørensen.
“Based on this, the board has concluded that there is no basis for further operation. Efforts will now be made to find the best possible solutions for all our employees, customers and creditors," Lund said.
The company was founded by the Sørensen family in 1986, who later sold a major stake in the company in 2022 to Norwegian investment companies Havbruksparken Utvikling AS and Okapi Salmon, representing three Norwegian families "with significant and long-standing interests in the aqauculture industry", Billund said at the time: the Refsnes family, which owns part of the salmon producer Refsnes Laks and is the founder of Columbi Salmon; the Lofsnæs family, which also owns the salmon producer Bjørøya; and the Rasmussen family, which also has major investments in real estate and the software industry.
However, despite Billund Aquaculture's hopes for significant growth, and involvement in high profile projects such as Pacifico Aquaculture's striped bass nursery in Mexico, the financial pressures on the company left it unable to continue.
“The company deeply regrets having to take the decision but, unfortunately, there are no other options,” said Billund Chairman, Jon Refsnes.