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Proximar Seafood secures loan, experiences lower turbidity
November 15, 2024 By RAStech staff
Norwegian land-based salmon farming company, Proximar Seafood, has signed a new loan agreement with a Japanese bank for JPY 300 million (US$1.9 million) for working capital purposes and buffer liquidity.
The loan is a credit facility that will be signed and made available by the end of November. It matures on Aug. 31, 2025.
Proximar also reported that it has achieved lower turbidity levels, although the measures implemented to address turbidity, resulted in restricted feeding in the grow-out during its third quarter.
The company, in its Q3 report, stated that it experienced its first harvest and first sales pricing of NOK ~130/kg (US$ 11). It also experienced a continued increase in biomass, reaching 733 metric tonnes by the end of Q3 compared to 360 metric tonnes at the end of Q2 2024.
“We are now finally able to supply the Japanese population with domestically produced Atlantic salmon. The premium price achievement for our fish in the market is another confirmation of our business model, demonstrating the significant cost advantage of local production in Japan,” said Joachim Nielsen, CEO of Proximar Seafood.
Proximar’s first production facility is at the foot of Mount Fuji in Japan. Its targeted annual production capacity is 5,300 tonnes, and the facility is expected to reach full utilization in 2027.
The company also reported an increase in operational activity in the post-smolt grow-out building, with nine batches transferred into the two operating modules by the end of Q3.
“We continue to see strong interest from high-end buyers and are very pleased to see how our fish has been accepted in the market, not only through price achievement but also seen in the demand. We are the only company that can deliver fresh, domestic Atlantic salmon to Japanese consumers, and we see strong enthusiasm also among the consumers. Proximar’s Fuji Atlantic Salmon has already received top quality remarks from customers and consumers,” Nielsen added.
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