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The Norwegian aquaculture company has signed a contract for more than NOK 100 million for the development of Salfjord's land in Tjeldbergodden that will start in November.

Following a successful private placement, the company has raised NOK 350 million which could increase if it finally decides to carry out a subsequent offering.

Quebec-based Samonix will receive almost CAD $100,000 in federal loan to support its pre-startup phase.

Pure Salmon Technology will implement cutting-edge RAS technology while Soul of Japan K.K. will lead the project.

At the end of Q1 2024, the land-based salmon producer had a standing biomass of 111.9 metric tonnes, up from 40.7 metric tonnes at the end of Q4 2023.

The land-based firm celebrates "significant milestone" as operational EBITDA for its farming segment breaks even for the first time. "We are on track for a very promising quarter," says CEO.