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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.

Nippon Gases in Norway, part of the European company Nippon Sanso Holdings Corporation, signed this agreement back in 2024.

ReelData provides AI and automation products that allow land-based fish farms to increase productivity.

The latest funding round sees Iceland’s three largest pension funds join as shareholders in the salmon farming company.

In April, the Icelandic land-based salmon farmer announced the transfer of its first batch of salmon to grow-out tanks.