Salmon Evolution raises €37.8 million through share issue

Norwegian land-based aquaculture firm Salmon Evolution has raised NOK 411.3 million (approximately EUR 37.8m / USD 44.1m), through a private placement and retail offering of new shares.

The Norwegian company issued 89 million new shares in the private placement, raising NOK 400.5 million, while a separate retail offering raised NOK 10.8 million, at a share price of NOK 4.50.

Salmon Evolution said the share issue forms part of a wider financing plan for its Indre Harøy hybrid flow-through facility. Its existing bank syndicate has credit approved a refinancing of loan facilities for the site, subject to completion of the private placement, which would increase the group’s long-term debt facilities by NOK 250 million, the company said.

According to the company, proceeds from the share issue and refinancing will be used to repay a short-term debt facility, provide extra financial buffers for completion of the Phase 2 expansion at Indre Harøy, and for "general corporate purposes".

Salmon Evolution is also opening a subsequent offering of up to NOK 50 million for eligible existing shareholders who did not receive shares in the private placement. The company said its shares would trade exclusive of the right to participate in that offering from 29 April 2026.

Following registration of the new shares from the private placement and retail offering, Salmon Evolution said it expects to have 554,003,306 shares in issue.

This week the company also confirmed Phase 2 of its hybrid flow-through facility is now in operation, with the the first smolt having been released. Salmon Evolution says it plans to release around 2.8 million smolt at Indre Harøy during 2026, an increase of approximately 60% compared with 2025.

“Each milestone has reinforced our confidence in the strength of our vision and approach,” CEO Trond Håkon Schaug-Pettersen said in the company's annual report for 2025, which was also published this month.

“This scale‑up isn’t about growth for the sake of growth, it’s about reaching critical mass while leveraging the systems, infrastructure and expertise already in place. By building on the Indre Harøy platform, Phase 2 is specifically engineered to reduce operational risk and deliver greater harvest predictability. This will open new opportunities with partners across retail and foodservice as our supply rhythm matures,” he added.