Iceland's First Water raises extra €39m

The latest investment was led by existing shareholders, including Stoðir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóðurverslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR.

First Water said shareholders had reaffirmed strong confidence in its sustainable land-based aquaculture project

Before this capital injection the company had raised €122m (£101m) in equity. With the latest round, total equity financing now stands at €161m (£134m).

At the end of last year, the company also secured €80m (£66m) in loan financing from Landsbankinn and Arion Bank.

This means in total that First Water has now secured approximately €240m (£200m) in funding, with investment in the project exceeding €137m (£114m) to date.

First Water is building a 50,000-ton capacity facility at Laxabraut in Þorlákshöfn south of the capital Reykjavik, which is set to be completed in six phases by 2029. It will operate a hybrid flow-through process, combining some of the aspects of a recirculating aquaculture system (RAS) and a flow-through farm.

The facility is being developed in a series of six meticulously planned phases, each designed to incrementally increase production capacity and operational efficiency.

Currently, the project is in its first phase, which, once complete, will yield 8,300 tonnes of head-on gutted salmon annually.

The announcement said this latest share increase enables it to complete the construction of phase one of six in Þorlákshöfn, further solidifying the company’s position as a leading player in sustainable land-based salmon farming in Iceland.

The company emphasises high-quality production while minimizing the environmental impact – key components of a reliable and responsible operation.

First Water has already sold approximately 2,000 tonnes of premium-quality salmon, “demonstrating the company’s ability to meet the growing global demand for sustainable and eco-friendly seafood products,” the statement added.

It said: “Upon completion, First Water’s land-based aquaculture facility will produce around 50,000 tonnes of salmon annually, developed in six phases, and expected to be fully operational by 2030.”