Big Akwa co-founders, Elena Petukhovskaya and Hugo Wikström.
Photo: Big Akwa
Swedish food tech firm Big Akwa has been awarded SEK 11m, equivalent to about €1m, in regional business support to finance the planning and detailed engineering phase of its planned land-based fish farming facility.
According to the company, the funding will be used for preparatory work on its 6,000-ton rainbow trout farm planned for Alby Industrial Park in Ånge Municipality, located in central Sweden. The grant covers 50% of the costs of the engineering phase, which Big Akwa says represents a total investment of SEK 22 million, or roughly EUR 2 million.
The support is being provided under the HAV programme for sustainable business development in Västernorrland, a regional initiative aimed at encouraging environmentally responsible industrial projects.
The company previously announced in December it had raised SEK 7.85m in additional financing for the project through a directed share issue.
Design for Big Akwa's land-based aquaculture facility in Ånge Municipality, Sweden.
Big Akwa's planned land-based rainbow trout farm is based on an "industrial symbiosis" philosophy, with production systems designed to make use of waste streams from fish farming and neighbouring industries. The Alby project will be co-located with a hydrogen plant, which the company says will contribute to a circular production model.
The company has already secured 25-year operational and water permits for the site, allowing annual production of up to 6,000 tons of rainbow trout. Big Akwa states that construction is expected to begin after the current planning phase, with production scheduled to start in 2028 and full capacity targeted for 2029.