LAXEY land-based salmon farming facility in Vestmannaeyjar, Iceland, where the company has established itself as one of the largest private sector employers in the community.
Photo: LAXEY.
LAXEY announced today that it has successfully completed a EUR 47 million equity raise to support the next phase of development of its land-based salmon farming facility in Vestmannaeyjar, Iceland.
The offering—which the company highlighted was "significantly oversubscribed" with strong participation from existing shareholders—initially aimed to raise EUR 40 million but increased to EUR 47 million in response to demand from both old investors and new ones who have now joined the shareholder group.
Among the existing shareholders who have supported the offering, LAXEY highlighted the company's main investor, the ÓS family, which has been actively involved in the company's development since its founding and continues to be its largest shareholder.
"This financing marks an important milestone for LAXEY," said Lárus Ásgeirsson, Executive Chairman of the Board. "The strongest endorsement a company can receive is when its existing shareholders choose to increase their investment. Their continued support reflects confidence in our strategy, our team and the progress we have achieved."
In the statement announcing the successful equity raise, the Icelandic salmon company expressed itself in the same terms as its Chairman. "The strong participation reflects continued confidence in the company's strategy, operational progress and long-term growth potential," it said.
In addition to the capital increase, LAXEY has signed a committed Term Sheet coordinated by DNB Carnegie, with DNB, Rabobank, and Arion Bank as mandated lead arrangers and lenders, and Eksfin as lender. Since its inception, LAXEY has raised approximately EUR 200 million in capital, providing a solid foundation for the company's continued development.
Prior to the equity raise announced today, the most recent funding contributions were made a year ago. In May 2025, it secured EUR 130 million through a EUR 35 million equity private placement and a new long-term financing agreement with Arion Bank, and subsequently, in July 2025, it secured an additional EUR 28 million in equity financing as part of an expanded share offering.
The company said the equity raised will be used to refinance existing debt facilities and fund the next phase of LAXEY's development in Vestmannaeyjar, where the company has already created more than 100 jobs, establishing itself as one of the largest private sector employers in the community.
According to the company's current plans, the capital increase and syndicated financing will provide the necessary resources for the next stage of growth. Specifically, the funds raised will be used to complete Section 3 and construct the first phase of Smolt Station II.
Regarding the Grow-Out Section 3, LAXEY noted that it is part of its six-phase development plan, designed to support an approximate annual production of 35,000 tons of HOG Atlantic salmon when the project is fully developed.
About the new smolt station, the land-based salmon farming company said that it will initially have an annual production capacity of 5 million smolts but has been designed for future expansion to up to 15 million smolts per year.
As LAXEY noted in its statement, in just five years, it has gone from being an "ambitious vision" to becoming a commercial salmon producer with weekly harvests and a clear trajectory towards further growth, so future expansions are expected to be financed through operating cash flow and debt financing.
"LAXEY has a strong management team and a shareholder base with an ideal mix of local, strategic and financial investors, creating a solid foundation for continued growth," said Daði Pálsson, CEO of LAXEY.
"With the addition of leading international banks to LAXEY's financing consortium, we are well positioned to continue leading the development of land-based Atlantic salmon farming as a new industry," Pálsson added.
This support, from both its current shareholders and leading international lenders, marks a significant milestone in the company's development, less than three years after receiving its first eggs. Meanwhile, in its efforts to build a long-term industry in Vestmannaeyjar, the Icelandic land-based salmon farmer's operational progress has continued in line with its development plan.
Within this operational progress, it is worth highlighting, for example, its first harvest, completed in November 2025, producing Atlantic salmon of approximately 5 kg just 23 months after receiving its first eggs.
Since then, LAXEY has carried out weekly harvests, maintaining strong biological performance and a high proportion of premium-quality product. During 2026, it expects to harvest approximately 4,000 tons of Atlantic salmon.
More recently, this very month, the company's Post-Smolt Facility became operational only ten months after construction commenced, a remarkable achievement that, as LAXEY highlighted at its launch, was made possible by the dedication and hard work of employees, contractors, suppliers and partners.
As WeAreAquaculture reported, these include well-known companies such as the Norwegian AKVA group—which in July of 2025 landed a major contract for LAXEY's post-smolt module in Iceland and, more recently, in April 2026, announced a new EUR 28 million contract—, or the Canadian ReelData, with which it signed a multi-year commercial agreement for the use of its smart camera system, ReelWeight.
The company now said that, together with Grow-Out Section II, which is expected to receive its first smolts this autumn, the facility will support an increase in annual production capacity and further strengthen LAXEY's dual-revenue model through both salmon production and post-smolt sales, the first of which occurred exactly one year ago, when it confirmed the delivery of its first batch of post-smolt to its long-term trading partner.
"By supplying robust post-smolt to other producers, LAXEY contributes to improved biological outcomes across the value chain—reducing time in sea-based systems and enhancing predictability and security for farming partners," the Icelandic salmon company said then.
