Salmon Evolution signs phase two construction deal

The land based company Salmon Evolution has this week signed a deal to start building the second phase of its Indre Harøy project.

The agreement is with the flow through, hybrid and RAS technology company Artec Aqua and the construction firm Hent AS.

Earlier this month Salmon Evolution completed the private placement of NOK 365 million (£27m) and an increase in bank facilities with NOK 675 million (approximately £50m).

It said yesterday “The company has taken the final investment decision for Indre Harøy phase 2 and has accordingly signed an agreement with Artec Aqua and Hent, in which the phase 2 grow-out project moves into the construction phase.”

“Mobilisation will commence shortly, with planned construction start during Q3 2024. In parallel the company is proceeding with the planning and engineering for the additional tank capacity.

“As previously communicated no final decisions or agreements are entered into for this part of the phase 2 project.”

Salmon Evolution CEO Trond Håkon Schaug-Pettersen said: “We are now creating a foundation for substantial profitable growth, and with phase 2 in full operation we will have a strong cash-flow generating platform with significant annual investment capacity.”

Located on Norway’s west coast, Salmon Evolution describes itself as the global leader within land-based salmon farming with a clear roadmap for 100,000 tonnes HOG annual production capacity.

It is pioneering the hybrid flow-through system (HFS), and is extending the Ocean Potential by creating optimal growth conditions in a controlled environment on land.

This approach, it says, captures the benefits of land-based and sea-based farming, puts biology first and limits operational and biological risk.