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The financing agreement is intended to support its land-based salmon farm in Vestmannaeyjar.

Having achieved this milestone, First Water - formerly Landeldi - expects 1,500 tons to be slaughtered by the end of 2024.

Formerly known as Ice Fish Farm, the company's EBIT was NOK -14.7 million due to low volume to distribute fixed harvest and wellboat cost.

In addition, LAXEY has completed a €40 million equity private placement and Nutreco is one of the investors.

Driven by the Fisheries and Aquatic Resources authority of Western Visayas, the feed facility's goal is to improve the affordability and efficiency of fish farming in the region.

Although it is three years late, it is estimated that it could provide a cash injection of between USD 116 million and USD 145 million for the Peruvian aquaculture industry.