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Signed in April, the contract for the design and delivery of a smolt facility was contingent upon LAXEY obtaining the necessary funding.

The Icelandic land-based salmon farmer said that proceeds will be used to complete section 3 and construct the first phase of Smolt Station II.

The Icelandic land-based salmon farmer said that the facility—constructed in just 10 months—is fully operational and performing as planned.

The seafood technology firm formalised the agreement last week at Seafood Expo Global, and also struck a separate deal with Matorka to supply cold chain equipment.

The Norwegian company will design a facility with a production capacity of 15 million smolts per year, each weighing 100 grams.

The company says the milestone marks completion of its first full production cycle from egg to harvest in less than two years.