Akureyri, Iceland-centered Samherji has introduced a USD 26 million (EUR 25.1 million) share cash investment into a land-based mostly salmon farm venture in Iceland, with former Mowi CEO Alf-Helge Aarskog named as a new shareholder.

The cash will be made use of to develop a pilot job in Öxarfjördur, Iceland, and design and construct a 40,000-metric-ton salmon farm in the Useful resource Park upcoming to the Reykjanes Electric power Plant in the Reykjanes Peninsula. The venture was initially declared in June 2021, with HS Orka named as the developer of the venture.

At the time, Samherji explained the new farm will be made in three phases over the following 11 many years, and will consist of a hatchery, an on-rising farm, a processing home, and service structures. In a 12 May update on the challenge, Samherji estimated the total expenditure needed to comprehensive the challenge at around USD 340 million (EUR 328 million).

Samherji is 1 of the premier vertically built-in seafood companies in Iceland, with a fleet of fishing vessels, processing factories, and fish farms, with a specialty in Arctic char. The business exports less than the “Ice Contemporary Seafood” model. The new land-based job will be run as a result of Samherji Fish Farming, Samherji’s aquaculture division.

Development has already begun on the pilot job, which Samherji CEO Thorsteinn Már Baldvinsson explained will double creation capacity at the present-day facility in Öxarfjördur from 1,500 metric tons (MT) of Atlantic salmon every year to 3,000 MT. The firm expects to stock juveniles on-internet site at the finish of 2022.

In regard to the total-scale farm,work on the environmental evaluation and planning software is underway, but the structure will be tweaked as the company carries on to acquire knowledge and proficiency working the pilot job, Baldvinsson said. He said function on the project will progress many thanks to an currently-approved USD 56.5 million (EUR 54 million) share capital maximize.

“Following the share money maximize, a new board will be elected in Samherji Fish Farming at the firm’s yearly normal assembly. Norwegian Alf-Helge Aarskog, former CEO of Mowi and one particular of the world’s most experienced gurus in the field of aquaculture, has invested in Samherji Fish Farming and will be a part of the firm’s board of directors,” Baldvinsson stated. “Alf-Helge Aarskog’s expenditure and board participation is not only a acquire for Samherji Fish Farming, but also Icelandic small business as a whole. His board membership is, of system, a good vote of self esteem for Samherji’s personnel. Also, the enlargement that has started at Samherji Fish Farming marks a selected milestone, as this is the biggest financial investment task that Samherji and affiliated businesses have embarked on in Samherji’s 39-year history.”

Aarskog issued a vote of self-assurance in Samherji’s dedication to the land-based project.

“The competence of the people in Samherji around fish and land-primarily based farming is a wonderful basis. The actuality that Samherji has generated Atlantic salmon and Arctic char on land for a very long period of time, would make this the initially land-based mostly undertaking I have seemed at that I truly can feel in,” he claimed. “ The location has ample resources of water and energy and I glimpse ahead to collaborating in the advancement and expansion in advance.”

In 2020, the greater part shareholders of Samherji transferred their shares to their youngsters in the premier inheritance transfer in Icelandic background, well worth involving ISK 60 billion and ISK 70 billion (USD 446 million and USD 520 million, EUR 430 million and EUR 502 million).

“We are thoroughly dedicated to taking part in Samherji’s ongoing operations. The business has a vibrant foreseeable future and has developed and prospered irrespective of different challenges. Now we have a new technology joining us. We have the chance to even further evolve our worth-added processing, present work and work safety and fortify the significant values ​​of sustainability and responsible use of sources that have been Samherji’s approach from the starting,” Baldvinsson stated at the time.

Photo courtesy of Samherji