Arion Bank and LAXEY sign financing agreement.
LAXEY
Iceland-based Arion Bank has agreed to support financially LAXEY's plans to operate a land-based salmon farm in Vestmannaeyjar under sustainability and environmental criteria.
The fish farm will be able to produce 32,000 tons of salmon annually and use a flow-through system with approximately 65% water reuse. To ensure sustainable salmon growth, clean seawater is pumped through the facility, purified, and returned to the ocean.
Also, the company announced in March it was collaborating with Landsvirkjun, Iceland's National Power Company, on powering this facility with renewable energy.
Regarding this agreement, the Managing Director of Corporate Banking at Arion Bank, Rúnar Magni Jónsson, recalled: "Arion Bank has supported various projects in the fish farming sector across the country, which has now become a vital industry, not only for communities across Iceland but also for the national economy. LAXEY's plans are ambitious, and it will be exciting to follow the development ahead."
Moreover, LAXEY chairman Lárus Ásgeirsson added: "With the support of Arion Bank, we can continue on our current path, build a new industry in Vestmannaeyjar, and maintain our focus on environmentally friendly farming methods."
LAXEY announced the successful completion of a €40 million equity private placement in late April.
Furthermore, it confirmed the successful completion of a €6 million equity private placement aimed at accelerating its ambitious growth strategy almost three months later.
Among the investors are Skretting's parent company, Nutreco, Seaborn, Kjartan Ólafsson, and a Dutch industrial seafood company. Additionally, the funding round was led by Blue Future Holding, which is a part of German family-owned conglomerate EW Group.
