LAXEY's post-smolt facility, inaugurated in May 2026, in whose construction AKVA group already participated.
Photo: LAXEY.
In a statement issued this week to the Oslo Stock Exchange, the Norwegian aquaculture technology supplier AKVA group announced that the EUR 28 million contract it had signed with LAXEY last April for the construction of a smolt facility in Vestmannaeyjar, Iceland, has been confirmed after the Icelandic land-based aquaculture company secured the necessary funding.
"The realization of the contract and AKVA's delivery was subject to LAXEY obtaining the necessary financing. This condition was lifted today following LAXEY's announcement that the financing for the project is completed," read the AKVA group statement of June 22.
In its release, the Norwegian aquaculture technology supplier also said that approximately EUR 14.5 million of the EUR 28 million reflected in the estimated contract value will be allocated to the execution and delivery of the first phase.
As AKVA group explained back in April, the project will be developed in three phases and, once completed, will have an annual production capacity of 15 million 100-gram smolts, supporting LAXEY's post-smolt and grow-out production.
Just 15 days ago, the Icelandic land-based salmon farmer announced that its new post-smolt facility in Vestmannaeyjar was up and running. It became operational after the first fish were transferred from its smolt station on May 27. By 5 June, the transfer of the entire batch had been successfully completed.
Built in just 10 months, at the time of the inauguration, LAXEY highlighted that the facility—which consists of eight tanks, each with a volume of 1,050 m³, providing a total volume of 8,400 m³ dedicated to post-smolt production— was fully operational and running as planned thanks to the joint efforts of all those who had participated in the project: employees, contractors, suppliers and partners.
As WeAreAquaculture reported, among them was AKVA group, which, in July 2025, announced it had signed a contract with the Icelandic salmon farming company for the supply of this post-smolt module.
Previously, in April 2024, both companies had already partnered to develop the Recirculating Aquaculture System (RAS) for the first of the site's six grow-out modules, and in January 2025, AKVA announced a new contract valued at approximately EUR 20 million to construct the second module of LAXEY's re-use grow-out facility.
