Eggert Þór Kristófersson, CEO of First Water.
Photo: First Water.
Icelandic land-based aquaculture company First Water has reached a significant milestone by securing €80 million in financing from Landsbankinn and Arion Bank, the company has announced.
First Water is developing a state-of-the-art land-based salmon farming operation at Laxabraut in Þorlákshöfn, aiming to produce 50,000 tons of high-quality salmon annually by 2029, with the facility utilising clean groundwater filtered through volcanic rock.
“Financing a project of this magnitude is a challenging process and we are therefore pleased with the participation of Icelandic banks in the project. We are grateful to Arion Bank and Landsbankinn for the trust they have in us and are excited about the future and the opportunities that high-quality land-based salmon farming offers," said Eggert Þór Kristófersson, CEO of First Water, in a press release.
"This important milestone clearly demonstrates the company's commitment to the development of aquaculture in Þorlákshöfn with sustainability and environmental considerations as its guiding principles,” he added.
“The company joins a good group of aquaculture companies that Arion Bank has supported in recent years and now form an important industry, both for many regions of the country and also for the Icelandic economy," said Benedikt Gíslason, CEO of Arion Bank.
Meanwhile, Lilja Björk Einarsdóttir, CEO of Landsbankinn said the company had "already achieved remarkable results and its future plans are based on solid and quality preparation," adding, "We believe that First Water will continue to grow and prosper.”
The project, divided into six phases, is intended to employ over 300 people directly and create an additional 300 secondary jobs. Currently, the company employs about 80 people.
