The European Investment Bank (EIB) has signed a €28 million loan agreement with the Swedish company Cold Lake Invest AB. The investment is supported by the InvestEU program, which mobilizes over €372 billion in additional investment for EU policy priorities.
Cold Lake Invest wants to meet the growing demand for eco-friendly and healthy fish protein. Also, mitigate the challenges posed by climate change to the natural habitat of Arctic char.
The Head of the EIB's Stockholm Office Liisa Raasakka said: "Cold Lake is taking the next step in sustainable, on-land fish farming to respond to increased consumer demand. Using innovative methods with minimal environmental impact is in line with the EIB’s goals as the EU climate bank. We prioritize support for the green transition, and the blue economy is an important part of that."
On the other hand, Cold Lake Invest Chief Executive Officer Andreas Ericson stated: "The project will also bring life back to rural communities, which is of great importance to us. Having the EIB go through our business case and evaluate our partners is, in our view, a strong indicator that we are doing things right and that our future operation is part of a sustainable future within the modern food industry."
It is the first time that a project that applies vertically integrated on-land production of Arctic char at this scale has emerged in Sweden. The process involves the design and implementation of a technology package, from broodstock to slaughter.
EIB has also explained that the facility will be powered by renewable energy and will use the recirculating aquaculture system (RAS) to rear fish in indoor tanks, minimizing the use of fresh water. Advanced filtration techniques and automated control of water parameters will help to recycle the water.