Sweden’s first major salmon farm receives £42m EU grant

THE EU investment bank EIB is to provide 530 million Swedish kroner (SEK) or £42m to build a new “super green” land based salmon farm in Sweden.

The company behind the project is RE:OCEAN which is planning to produce 10,000 tonnes of salmon a year by 2026.

RE:OCEAN has been given this generous support because of its commitment to innovative and sustainable food production.

The bank said the RE:OCEAN is revolutionising the seafood industry with land-based salmon farming of the future at a large-scale facility near the attractive woodland town of Säffle in the south of the country. It will be powered by fossil free energy and almost all the water used will be in a closed environment.

With its new “ocean-on-land,” it is able to locally produce 10 000 tonnes of sustainable and healthy salmon every year.. Sweden currently imports most of its salmon, mainly from from neighbours Norway.

The project is supported by Sweden’s three leading wholesale companies — Axfood, Coop and ICA — which see great opportunities in being able to offer consumers healthy and sustainable Swedish salmon.

EIB Vice President Thomas Östros, who is responsible for EIB operations in Sweden, said: “We are delighted to finance this ground breaking, major project for sustainable food production.

“Not only will RE:OCEAN’s new facility provide the Swedish population with domestically and sustainably produced salmon, but it will also do so in an innovative and climate-friendly way, employing cutting-edge zero-water circulation technology. “

RE:OCEAN CEO Morten Malle said: “We are thrilled with the EIB’s support. The EIB investment is a strong signal of trust and a cornerstone for other investors in our new, sustainable food production concept, and a result of 12 months close cooperation.

“This process also verifies our team’s and partners experience within the industry, our highly advanced solutions and new technology, that will enable consumers to enjoy clean, healthy locally produced salmon while safeguarding our environment.”