First Water is close to completing the first of six planned development phases at its location in the south of Iceland, and has secured around €24 million in a share capital increase.
This new investment is from both new and existing shareholders, with three of Iceland’s pension funds joining. Since the company first floated, it has raised a total of €265 million in financing.
First Water has begun harvesting and exporting salmon from its land-based production in the facility’s eight 25-metre tanks.
‘This capital increase marks an important milestone in First Water’s ongoing development in Thorlákshöfn and enables the company to continue expanding and advancing its operations of its land-based salmon facility,’ said First Water CEO Eggert Thór Kristófersson.
The next stage is now in preparation, with 28-metre tanks to be phased in. These are predicted to increase annual production from 5000 to 10,000 tonnes.
The company has begun processing and exporting 5kg salmon from land-based production, sold to buyers in Europe and the US.
‘Our experience with salmon farming in closed 25-meter anks has been excellent, and customer response to our 5kg salmon has far exceeded expectations,’ Eggert Thór Kristófersson said, commenting that the company has sold approximately 2200 tonnes of premium land-based salmon.
‘Our focus now is on continuing construction at our Laxabraut facility in Thorlákshöfn, securing long-term financing, and strengthening our sales and marketing efforts.’
First Water’s initial plans were for a 50,000 tonne production level once fully operational, although the current target looks to be closer to 60,000 tonnes.
Once the first two phases are fully operational, annual production capacity will be about 20,000 tonnes, with the second phase expected to be completed in 2028.
