RASTECH Magazine

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Salmon Evolution targets 70,000-ton production by 2030


(Image from: Salmon Evolution)

Norwegian land-based salmon farmer Salmon Evolution says its has a “clear roadmap” to reach an annual production of 70,000 tons in nine years.

The company’s 2020 annual report said that Salmon Evolution is “on track for ~25,000 tonnes capacity by 2024, and has a clear roadmap for 70,000 by 2030.”

The report also cited several key milestones reached by the company, including:

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• First production facility under construction at Indre Harøy in Norway, with annual
harvesting capacity of 31,500 tons HOG fully developed
• Joint venture with Dongwon Industries for a 16,800 tons HOG production facility in
South Korea – first grow-out production targeted in 2024
• Utilizing a hybrid flow-through system (“HFS”) with 30 per cent to 35 per cent fresh seawater intake,
reducing complexity and biological risk and securing optimal growth at low cost

Salmon Evolution reported a loss of  US$2.1 million and a financial loss before taxes of $2 million.

The company raised $30.9 million in March 2020 in the middle of the COVID-19 pandemic outbreak and commenced construction of its groundbreaking project at Indre Harøy in May.

Salmon Evolution also raised $5.5 million through a private placement from Korean seafood giant Dongwon Industries. This was followed by a $59.9 million private placement in September ahead of the company’s listing at Euronext Growth.

“Indeed, our project at Indre Harøy is massive, but we have clear ambitions beyond this,” said Håkon André Berg, chief executive officer of Salmon Evolution. “The partnership with Dongwon Industries, one of Korea’s largest salmon importers, is a clear testament to this and a solid validation of our HFS technology and its applicability for regions outside Norway.”