SALMON EVOLUTION MOVES FORWARD WITH DEVELOPMENT PLANS

Salmon Evolution moves forward with development plans. Following the successful private placement of approximately NOK 365 million and increase in bank facilities with NOK 675 million by Norwegian land-based farmer, Salmon Evolution, the company is moving forward with its development plans.

The Company has taken the final investment decision for phase 2 of its Indre Harøy site and has accordingly signed an agreement with Artec Aqua and Hent, in which the phase 2 grow-out project moves into the construction phase.

Mobilisation will commence shortly, with planned construction start during Q3 2024. In parallel the Company is proceeding with the planning and engineering for the additional tank capacity. As previously communicated no final decisions or agreements are entered into for this part of the phase 2 project.

“We are now creating a foundation for substantial profitable growth, and with phase 2 in full operation we will have a strong cash-flow generating platform with significant annual investment capacity”, CEO of Salmon Evolution ASA, Trond Håkon Schaug-Pettersen said.

Salmon Evolution estimates that by 2032, their total annual land-based production capacity for salmon will be 100 000 tonnes worldwide, which corresponds to 345 million meals a year.

Source