The Kingfish Company has acquired a five-year ESG-linked €75 million ($81 million) debt facility. This will help to repay existing debt, finance remaining capital expenditures related to development at the company's Netherlands facility, and fund working capital.
According to CEO Ohad Maiman, the company is now funded "to reach group-level profitability. This will place us in a comfortable position to optimize growth capital for further buildout in the US and the EU."
The debt facility from P Capital Partners AB has a variable interest margin. The actual interest rate depends on performance relative to the company's ESG targets. This includes an uncommitted facility of €37.5 million ($40.5 million). The aim is to finance part of the capital cost for a future Phase 3 build-out in the Netherlands.
Finally, P Capital Partners AB CEO Daniel Sachs said: "Onland aquaculture will play a key role in sustainable protein production globally. We are excited to be partnering with an industry leader such as The Kingfish Company."
The Kingfish Company appointed a new chief tech officer as part of plans to expand the executive committee set up.