Andfjord Salmon has a funding commitment and its plan for the 40,000 t in Kvalnes

Andfjord Salmon plans to reach a total production volume of 40,000 tons (HOG) in Kvalnes and have a NOK 700 million bank loan for expansion.
Salmon smolt in a Andfjord Salmon's land-based farming facility at Kvalnes, Andøya. Photo: Andfjord Salmon.
Salmon smolt in a Andfjord Salmon's land-based farming facility at Kvalnes, Andøya. Photo: Andfjord Salmon.

Andfjord Salmon has shared some details of the Company's development. The business plans to reach a total production volume of 40,000 tons (HOG) in Kvalnes, Andøya, Norway, and it commits a NOK 700 million (EUR 60.22 million/ USD 65.01 million) bank loan to support the expansion in the area.

The updated capital markets report highlights an impressive picture. With a successful first production run, the company has achieved excellent fish welfare and health, solid growth, and low energy consumption. In addition, it boasts an industry-leading survival rate of 97.8%.

"Our plan has always been to utilize the first pool to prove the value of our flow-through technology and the excellent biological performance it enables, before financing and progressing, with the next build-out stage. We are very excited to deliver on this strategy," said Rasmussen.

Anticipation is growing as the first harvest date approaches, estimated at 700 tons of HOG, scheduled for late June/July 2023. Thus, the company continues to prove its ability to achieve remarkable results in the aquaculture industry.

"The bank financing represents a major step in the further expansion of Andfjord Salmon. It is based on excellent biological and operational results from our first pool. We are delighted to have secured such competitive financing," said Martin Rasmussen, the CEO. Therefore, with this scenario, the expansion of production is closer to being a reality.

Targeting a production volume of 40,000 tons

The company thus explained in detail its plans for a maximum capacity production volume at Kvalnes. The new production capacity will be added gradually between 2025 and 2030, with 8,000 tons (HOG) of production capacity expected to be added starting in 2025.

The Company's other two locations, Breivik and Fiskenes, harbor an estimated additional potential production capacity of 50,000 tons combined. To tap this development potential, significant preparatory work has been undertaken, but not all details are known yet.

About Andfjord Salmon

Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon. Located at Kvalnes in Andøya, Norway, the company's ambition is to build the world's most sustainable and fish-friendly aquaculture facility. Moreover, Euronext Growth lists Andfjord Salmon AS.

Related Stories

No stories found.
logo
WEAREAQUACULTURE
weareaquaculture.com