Aerial view of LAXEY's site in Vestmannaeyjar, Iceland.
Photo: LAXEY
Icelandic land-based salmon farming company LAXEY has secured an additional €28 million in equity financing as part of an expanded share offering, which the company says was significantly oversubscribed.
The land-based salmon farming firm, based in Vestmannaeyjar, Iceland, reports that it has raised a total of €63 million so far this year, with approximately half of that sum coming from new investors.
A key outcome of the latest round is the entry of three of Iceland’s largest pension funds among the company’s shareholders, with LSR (Pension Fund for State Employees), LIVE (Pension Fund of Commerce), and Gildi Pension Fund now accounting for 20% ownership.
Following the capital increase, the family of founder Sigurjón Óskarsson continues to hold the largest stake at 38%, while foreign investors hold approximately 21%, the company said.
“We view this successful financing as confirmation of the confidence investors have in the company and our vision for the future," said Lárus Ásgeirsson, Chairman of Laxey’s Board, in a press release.
"It enables us to accelerate development, strengthen revenue streams, and deepen cooperation in the sector on a foundation that is stable, responsible, sustainable for communities and the environment, and realistic over the long term. We are happy to further strengthen our shareholder group, which will reinforce the company, and support our journey," Ásgeirsson added.
Part of the new capital will go towards the construction of a large smolt facility in Viðlagafjara. The planned building will be located adjacent to the grow-out tanks, and will house eight 1,100 cubic metre tanks which will receive 100-gram smolt from LAXEY’s smolt station.
The company says its smolt station is fully operational, with the first group of fertilised eggs having been delivered in November 2023. These fish were transferred to the grow-out stage a year later and have now reached an average of 2 kg in weight, and are expected to be harvested in November 2025, once they reach a size of 4- 5 kg, LAXEY said.
Construction of Section 2 of the company’s grow-out station is underway, the company also reported, with the exterior of the first tank completed and the wider project continuing on schedule. In parallel, work has begun on a processing facility, due to be completed in the autumn of 2025.
"The processing facility will be an important part of the company’s value chain, ensuring that Laxey controls the entire process, from egg to harvest," the company said.
