Eggert Þór Kristófersson, CEO of First Water.
Photo: First Water.
Land-based aquaculture company First Water has announced the start of harvesting and packing 5 kg salmon for export to international markets. The Icelandic company has already confirmed that the entire harvest has been sold to buyers in the United States and Europe.
The first eight 25-meter covered land-based tanks were commissioned this summer, and four of them are already in full operation. Their closed design mitigates the impact of external stress factors such as storms, birds, and noise, while also reducing the risk of external contamination and pathogens.
In addition, a powerful water purification system has been installed, ensuring that the seawater returned to the marine environment is cleaner than the natural seawater found off the coast. Finally, all operations at the facility are powered by Iceland's renewable geothermal and hydroelectric resources.
"It is highly rewarding to see how well the fish have grown in our covered tanks. Since the first salmon were stocked last July, growth rates have exceeded expectations, proving the strength of this high-tech rearing environment and the dedication of our team," said CEO of First Water, Eggert Þór Kristófersson.
In March, First Water secured €39 million in fresh equity funding to support the continued development of its land-based salmon farming facility. This latest funding round brings the company’s total equity raised to €161 million.
Combined with €80 million in loan financing arranged with Landsbankinn and Arion Bank in late 2024, First Water has now secured approximately €240 million in overall funding. To date, over €137 million has been invested in the project.
In more detail, it has invested around €56 million this year in tanks, equipment, and other infrastructure. The first of six planned phases is expected to be completed in 2027, with each phase designed to deliver a production capacity of around 10,000 tons of gutted salmon.
Furthermore, First Water will build a processing facility in the harbor area of Þorlákshöfn, where all of the company’s products will be processed. The facility will have the capacity to handle 20,000 tons of gutted salmon per year.
