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Salmon Evolution eyes $47M placement for Indre Harøy facility

Salmon Evolution said it is contemplating selling new shares in order to raise NOK 500 million (US$47 million) to fund Phase 2 of its recirculating aquaculture system (RAS) facility in Indre Harøy and for “general corporate purposes.”

Plans for the private placement of 68,181,818 new shares comes a few weeks after the Norwegian aquaculture company announced that it had entered into a binding loan agreement with financial services group DND and Nordea Bank Ab for as green debt package amounting to NOK 1.5 million.

Salmon Evolution uses a hybrid flow-through system technology (HFS) for its RAS facilities.

The company’s Indre Harøy facility in the west coast of Norway has unlimited access to fresh seawater, renewable energy, and an established infrastructure, according to Salmon Evolution.

Salmon Evolution expects the Phase 2 of Indre Harøy to produce an annual capacity of 7,900 tons of salmon. This will bring the total planned production volume to 15,800 tons head-on-gutted (HOG) per year.

Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tons This will bring the total planned production volume to 15,800 tons HOG per annum.

The company is targeting a production capacity of 100,000 tons HOG by 2032.

Salmon Evolution also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tons HOG, using Salmon Evolution’s chosen HFS technology.