Aiming to establish a 24,000-tonne salmon farming facility near Thorlákshöfn in southern Iceland, GeoSalmo has completed a financing round of €13.4 million with the participation of Norwegian, Swedish, Icelandic and Dutch investors.
This funding enables the company to initiate construction of a hybrid flow-through salmon farm along with continuing other development activities.
‘This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company,’ said GeoSalmo CEO Jens Thórðarson.
‘This also demonstrates investor confidence in our vision for land-based farming, our technology, and our experienced team.’
A broad group of investors from Iceland, Norway, Sweden and the Netherlands join the shareholder group in this equity increase, forming a strong foundation for the company´s continued growth.
Among the new investors in GeoSalmo are Skel Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA and Dutch fish processing and distribution company Adri & Zoon.
As part of this funding, Pål Reiulf Olsen, chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry, and financial markets, and Úthafsskip CEO Marinella Haraldsdóttir will join the company’s board, alongside GeoSalmo’s founder and main shareholder Aðalsteinn Jóhannsson.
