Icelandic salmon farmer changes name, raises capital

Icelandic salmon farmer Landeldi hf has rebranded as “First Water hf”.

The company, which is building a major thermal-heated land fish farm in the south west of Iceland, has also completed share capital financing to the tune of €82m (ISK 2.5bn or £70m) which will guarantee the first phase of the project.

First Water said the new shareholders include venture fund Horn IV, together with a wide group of domestic and foreign investors such as pension funds. The issue was managed by Landsbankinn’s corporate consultancy.

The production capacity of the first phase will be about 8,000 tonnes of salmon per year, but the company’s plans aim for the total production to eventually be about 50,000 tonnes and for the development to be completed in 2028.

First Water farm site, Iceland

First Water is planning for a stock market listing in 2025 and, in parallel with this, it aims to obtain additional capital for ongoing development.

The company said the new name “First Water – Salmon from Iceland” to give the business its full title, “…refers to the great water quality from its onshore gas station in Þorlákshöfn, both from nature and from the company’s unique technical equipment.”

Eggert Þór Kristófersson, CEO of First Water, said: “It is very pleasing to see the great interest of investors, both new and existing, in the company, and we especially welcome a number of new shareholders to the group.

“We have a great project in hand and this is reflected in the fact that we are completing a successful capital increase, despite difficult market conditions. “

He added: “We have recently completed our first harvest and sold and shipped our first products to foreign buyers, which was a huge milestones.

“The response from buyers and consumers exceeded our expectations and it is clear that the market is calling for quality raw materials such as ours, where the purity and sustainability of the production is among the best known. “

He said the new name underlined the company’s “incomparable water quality” which will serve it well in foreign markets.

Eggert Þór Kristófersson , CEO First Water