Eggert Þór Kristófersson, CEO of First Water.
Photo: First Water.
Icelandic aquaculture firm First Water has secured EUR 39 million in fresh equity funding to support the continued development of its land-based salmon farming facility at Laxabraut in Þorlákshöfn, the company has announced.
This latest funding round brings the company’s total equity raised to EUR 161 million. Combined with EUR 80 million in loan financing arranged with Landsbankinn and Arion Bank in late 2024, First Water has now secured approximately EUR 240 million in overall funding. To date, over EUR 137 million has been invested into the project.
The new capital will fund the completion of the first of six construction phases at the company’s hybrid flow-through facility, which will utilise clean groundwater filtered through volcanic rock. Once all phases are finished, the site is expected to produce around 50,000 tonnes of salmon annually, with each phase designed to add roughly 8,300 tonnes of production capacity.
First Water says the full development is scheduled to be completed by 2030 and is projected to create around 330 jobs, with the total investment in the project estimated at EUR 825 million.
The capital increase was backed by existing investors, including Stoðir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóður verslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR.
CEO of First Water Eggert Þór Kristófersson said the funding represents "a powerful endorsement from our shareholders, who know us best."
“Their continued investment signals strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture. It allows us to continue investing in the development of our operations in Þorlákshöfn and to accelerate the production of high-quality export products," Kristófersson stated in a press release.
"Our development plans are on track, and we expect to complete the first phase of the project this year. We’re seeing strong international interest in premium land based salmon, produced for global markets using cutting-edge technology and a strong focus on sustainble use of natural resources. Sustainability and strict quality control are the cornerstones of everything we do at First Water. We are grateful for our shareholders' strong support and excited about the opportunities ahead," Kristófersson added.
First Water said it has already delivered approximately 2,000 tonnes of premium salmon to the market.
To support its long-term production needs, the company has entered a 20 MW power purchase agreement with Landsvirkjun, the National Power Company of Iceland, with plans to increase capacity to 50 MW once the Hvammsvirkjun hydropower plant comes online. First Water has made an agreement with Iceland's power grid operator Landsnet for energy distribution, the company confirmed.
