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The European Investment Bank (EIB), also known as the EU climate bank, has invested SEK 530 million in RE:OCEAN to help them develop Sweden’s first inland fish farm in Säffle, Värmland. This is a significant investment in sustainable food production in Sweden and will support the country’s bio-economy by producing a large amount of sustainable fish. The Säffle facility will eventually produce 10,000 tonnes of fish per year, which is approximately one fifth of all salmon consumed in Sweden. Currently, nearly all of Sweden’s salmon is imported.

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RE:OCEAN’s new “ocean-on-land” farming technique involves farming salmon in 88 pools under controlled conditions, with clean water being purified and reused in a closed cycle. This technology creates a clean water environment for the fish and allows for full control of the production process, from eggs to finished product, with no emissions or contamination of rivers or seas. The project will also support the local economy and create jobs in the region.

The project is supported by three of Sweden’s leading wholesale companies – Axfood, Coop, and ICA – who see great potential in being able to offer Swedish consumers healthy and sustainable salmon.

EIB Vice President Thomas Östros, who is responsible for EIB operations in Sweden, said that the EIB is “delighted” to finance this innovative and sustainable food production project. RE:OCEAN CEO Morten Malle said that the EIB’s investment is a “strong signal of trust” and a cornerstone for other investors in their sustainable food production concept.

“We are thrilled with the EIB’s support. The EIB investment is a strong signal of trust and a cornerstone for other investors in our new, sustainable food production concept, and a result of 12 months close cooperation. This process also verifies our team’s and partners experience within the industry, our highly advanced solutions and new technology, that will enable consumers to enjoy clean, healthy locally produced salmon while safeguarding our environment”, Malle claimed.

RE:OCEAN Chair Katarina Klingspor added that the EIB’s investment validates RE:OCEAN’s mission to establish a revolutionary, state-of-the-art technology in Sweden. Construction of the facility is expected to begin soon, with full production of ready-to-eat salmon expected by 2026.

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About RE:OCEAN

RE:OCEAN (previously known as Premium Svensk Lax) is a Swedish company working to revolutionize the fishing industry with a large-scale, land-based salmon farm in Säffle. Using their innovative “ocean-on-land” farming technique, RE:OCEAN aims to produce 10,000 tonnes of sustainable and healthy salmon annually, helping to improve the health of both people and the planet.

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