ICELANDIC LAND-BASED SALMON FARMER COMPLETES FINANCING ROUND

Icelandic land-based salmon farmer completes financing round. Icelandic land-based salmon farmer First Water has completed 12.3 ISK billion financing.

The share capital increase of First Water hf., formerly known as Landeldi hf. and is working on the development of sustainable salmon farming on land in Þorlákshöfn, has completed financing worth 82 million euros, or about 12.3 billion ISK. Investment company Stoðir remains First Water’s largest shareholder after the capital increase. The venture fund Horn IV together with a wide group of domestic and foreign investors such as pension funds and private investors are new to the company. The purchase of shares in the amount of 2.5 billion is subject to approval by the board of the buyers. Landsbankinn’s corporate consultancy managed the share capital increase.

With the capital increase, the financing of the development of the first phase of First Water’s land-based heating plant is guaranteed. The production capacity of the first phase will be about 8 thousand tons of salmon per year, but the company’s plans aim for the total production to eventually be about 50 thousand tons and for the development to be completed in 2028. It is planned to list First Water on the stock market in 2025 and, in parallel with the listing, obtain additional capital for ongoing development.

Photo credit: First Water

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