Kjell Lorentsen, CEO of Gigante Salmon.
Gigante Salmon
Norwegian land-based salmon farming company Gigante Salmon has has secured NOK 100 million (EUR 8.53m / USD 9.96M) in additional financing, the company announced in its third-quarter report this week.
The funding, from SpareBank1 Nord-Norge, has also increased the company’s operating credit facility from NOK 90 million to NOK 140 million (EUR 11.94m / USD13.95m), and comes as the land-based salmon producer reports solid progress in construction and operations.
The company is constructing a flow-through salmon farming facility in Rodøy, Nordland, just north of the Arctic Circle, with a yearly production capacity of up to 16,000 tonnes HOG.
Reporting its Q3 results, the company said that concrete work on its third and final production basin at the site has been completed, marking a key step toward full capacity. During the quarter, smolt were released into production basin A, while fish from the autumn 2024 generation were sorted and transferred to basin B.
Gigante Salmon reported a total standing biomass of 1,728 tonnes at the end of Q3, of which 1,510 tonnes belong to the autumn 2024 generation with an average weight of 2kg, and 218 tonnes to the autumn 2025 generation averaging 150g. In total, more than 2.2 million smolt are scheduled for release this autumn.
“We have been through another summer season without problems with sea lice. Fish welfare is good, and the facility is now operating according to our expectations. With two of the planned three production basins in use, we look forward to starting the next harvest towards the end of the fourth quarter,” said CEO Kjell Lorentsen.
No fish were harvested during the third quarter in line with Gigante Salmon’s production plan, with the facility remaining on track to reach full annual capacity of around 16,000 tonnes (HOG) by 2028, the company said.
