First Water -previously known as Landeldi- has completed ISK 12.3 million (EUR 82 million / USD 89.5 million) in financing for its sustainable land-based salmon farming project in Iceland.
Thus, the capital increase guarantees the financing to give the green light to start the first phase of First Water's land heating plant. This first phase is estimated to have an annual production capacity of 8,000 tons of salmon.
However, they do not expect this to be a stable number. The Icelandic company aims for total production to eventually reach over 50,000 tons and the completed project in 2028.
"Every single phase drives the other phase at the company these days. It is very pleasing to see the strong interest from both new and existing investors in the company, and we especially welcome the new shareholders to the group," explained Eggert Þór Kristófersson, CEO of First Water. "Despite challenging market conditions, we have completed a capital increase, which is a testament to the promising nature of our project. We recently completed our first harvest and sold and shipped our first products to overseas buyers, which were major milestones. The response from buyers and consumers exceeded our expectations, and it is clear that the market demands quality raw materials like ours, where the purity and sustainability of the production are among the best known."
The recent name change from "Landeldi hf." to "First Water, Iceland Salmon hf." refers to the water quality experienced by the fish in Þorlákshöfn, both from the hand of nature and thanks to the company's technical equipment.
An English name that also, as Eggert explained, is optimistic in the foreign market. "The name underscores the essence of the matter, the unparalleled quality of the water in which our salmon thrive, and [its English name] will serve us well in foreign markets… There are many reasons to be optimistic, and we will continue to develop sustainable and environmentally friendly land-based salmon farming."
First Water operates fish farms in Hveragerði and Þorlákshöfn, benefiting from ideal conditions in Ölfus. They prioritize sustainable production using renewable energy sources and clean seawater. With permits for 8,000 tons of salmon annually and a long-term goal of 50,000 tons, they recently harvested their first batch in May 2023. First Water has around 115 shareholders, including Stoðir hf., their largest investor.
