Proximar's CEO, Joachim Nielsen, and Japan's Vice Minister of Agriculture, Forestry and Fisheries, Nobuhide Takemura.
Photo: Proximar Seafood.
The first producer of Atlantic salmon in Japan, Proximar Seafood, announced it has secured financing of JPY 1 billion (EUR 6.33 million / USD 7 million) after signing two new loan agreements with Japanese banks.
The funding announcement comes shortly after Proximar's Q2 2024 results presentation, where the company already said it was working with financial institutions in Japan to secure additional credit facilities for working capital, providing a financial buffer as it moves forward.
According to the company's release for the stock exchange, the two JPY 500 million (EUR 3.1 million / USD 3.5 million) loans, which will mature in three years, will be used as working capital and to provide liquidity now that the company is about to get its first harvest. Scheduled for the end of September, this first harvest will mark a milestone for the company and for the country.
As it is approaching, Proximar Seafood is not just gaining increased attention from local media telling the story of its operational model and how it is getting ready to supply the Japanese market with locally farmed Atlantic salmon but has also received a visit from Japan's Vice Minister of Agriculture, Forestry and Fisheries (MAFF) to its facility.
Last Monday, September 17, MAFF's Vice Minister, Nobuhide Takemura visited the Proximar Seafood facility where he was guided through the state-of-the-art plant and was also served the company's fresh Atlantic salmon, produced at the foot of Mount Fuji.
"Proximar is very encouraged and grateful for the support from MAFF during our years of our presence in Japan," said Joachim Nielsen, CEO of Proximar Seafood commenting on the visit. " It was therefore with great excitement that we could welcome Vice Minister Takemura from MAFF today and show the facility, our fish and serve the freshest Atlantic salmon available in Japan."
"We continue to see a strong interest for Proximar in Japan, and are looking forward to our first harvest taking place on 30 of September," he added, setting a date for this significant milestone.
In addition, as it prepares for this first harvest, Proximar Seafood also plans to officially launch the company's brand and logo in September, coinciding with increased sales and marketing activities aimed at raising brand awareness and expanding its customer base in Japan. Two months ago, the company announced that its first sales agreement was in place, although it also specified that it would cover approximately one-third of the volumes planned for 2024.
Proximar Seafood is a Norwegian land-based farming company operating Japan's first large-scale Atlantic salmon farm in Oyama, at the foot of Mount Fuji. This strategic location guarantees high-quality groundwater used for farming and places it close to a major fish market. The company, which inserted its first batch of eggs in October 2022 and plans its first harvest in September 2024 has a long-term purchase agreement with its Japanese sales and distribution partner Marubeni Corporation.