Nordic Aqua on track for first Chinese harvest

Norwegian company Nordic Aqua Partners, which is developing a land based facility in China, has reported a good operational performance in the fourth quarter of last year with construction works for Stage One completed on time and on budget.

The biological performance was good for all batches – with strong growth, a mortality rate below 1.6% and no signs of early maturation, says the company.

Nordic Aqua said it is on schedule for the first harvest late next month and is now fully focused on launching its Atlantic Salmon into the Chinese market.

A recent test harvest revealed five kilogramme live weight fish with supreme quality along with good fish health and welfare.

CEO Ragnar Joensen, said: “The fourth quarter of 2023 was another eventful quarter for Nordic Aqua.

“Biological performance was good during the quarter with good fish health and strong growth.

“We continued the important work of increasing management capacity and expertise as we continue to grow. During the quarter, we also conducted a successful private placement, strengthening our liquidity and securing necessary equity funding for the next phase.”

CEO Joensen said the overall status at the end of the period is that the Nordic Aqua team, with strong support from local authorities and in collaboration with leading industrial partners, is all set for the first harvest at the end of next quarter and ready to execute on the next steps in developing the company towards 20,000 tonnes.

“Competence and organisational capacity are critical in the successful development of land-based salmon farming. Nordic Aqua continues to grow the organisation, and the company made several new hires during the fourth quarter, adding vital competence across the organisation,” he added.

Nordic Aqua said equity funding for Stage 2 is secured and the company is currently in the process of evaluating sources of debt funding of this second phase which will double capacity to 8,000 tonnes.

Preparations for the Stage 3 expansion to 20,000 tonnes, with first harvest possibly in 2027, are also well underway. A final decision on timing for Stage 3 will be made during the third quarter of 2024.