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LAXEY raises €130M to advance Vestmannaeyjar land-based project
May 5, 2025 By RAStech staff
LAXEY raises €130M to advance Vestmannaeyjar land-based project (Photo: LAXEY) LAXEY has raised EUR 130 million (US$ 146 million) through combined equity and debt financing for its land-based salmon farming project in Vestmannaeyjar.
The company is developing a facility with a planned capacity of up to 36,000 tonnes head-on-gutted (HOG) annually. As part of the total funding, it raised EUR 35 million (US$ 39 million) through a private placement, to finance Section 2 of the build-up and the production of 10,000 tonnes of HOG of land-based Atlantic salmon annually.
LAXEY also entered into a long-term financing agreement with Arion Bank that includes both the refinancing and expansion of debt facilities for Section 1, as well as new debt funding to support the build-out of Section 2.
The equity raise was supported by existing shareholders, with the addition of several new investors.
“We are seeing strong interest and continued confidence in the project from both existing and new investors,” said Lárus Ásgeirsson, chairman of LAXEY. “This is a clear indication that our long-term vision of a sustainable and financially sound land-based aquaculture is highly relevant to both the Icelandic seafood industry and global markets. The progress we’ve made so far, including our ability to generate early revenue through post-smolt sales, and the enthusiasm we’re receiving from the investor community, confirm that we are on the right track.”
A press release from the company stated that the project is progressing according to its original plan. The hatchery was completed in August 2024 and is fully operational. Five batches of eggs have been stocked, with development proceeding as planned. The hatchery is designed to produce up to 4.6 million smolts annually, with an average weight of 100 grams.
Section 1 of the grow-out facility is nearing completion, with two smolt batches already having been transferred to grow-out production. Preparations are underway for the construction of the processing and harvesting facility, with the first harvest expected in autumn 2025.
LAXEY says its project continues to generate both local employment and long-term value creation in Vestmannaeyjar, a community with seafood and food production heritage.
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