Iceland-based First Water, a company focused on land-based salmon farming in Þorlákshöfn, has raised funding from existing shareholders.
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Iceland-based First Water, a company focused on land-based salmon farming in Þorlákshöfn, has completed a share capital increase of €24M.
Eggert Þór Kristófersson, CEO of First Water, says, “This capital increase marks an important milestone in First Water’s ongoing development in Þorlákshöfn and enables the company to continue expanding and advancing its operations of its land-based salmon facility.”
The majority of the investment came from new shareholders, alongside strong participation from existing shareholders.
Three Icelandic pension funds joined as new shareholders, bringing the total to eight of the ten largest Icelandic pension funds now holding shares in First Water.
Investment company Stoðir remains the company’s largest shareholder.
The announcement comes over seven months after raising €39M funding back in April.
Since its establishment, First Water has raised a total of €185M in equity and approximately €80M in construction financing.
The company announced its financing agreement with Arion Bank and Landsbankinn at the end of last year.
Altogether, the company has secured financing amounting to €265M.
Completing the first phase
First Water is finalising construction of the first of six planned development phases in Þorlákshöfn, which includes eight closed 25-meter land-based tanks and has begun harvesting and exporting salmon weighing 5 kg and above.
Preparations are underway for the next phase, including the development of 28-meter tanks, which will double annual production capacity from 5,000 to 10,000 HOG tons.
Exporting 5 kg of land-based salmon
In late September, the company announced that it had started processing and exporting 5 kg of land-based salmon, which is in high demand worldwide. All of the salmon produced has already been sold to buyers in the United States and Europe.
First Water is one of the first companies globally to offer 5 kg land-based salmon.
With the new 25-meter tanks, they can provide customers with a steady, year-round supply of high-quality salmon.
The company runs a fish processing facility in Þorlákshöfn, with special production lines for processing and packaging salmon for export.
Once the first two phases are fully operational, annual production capacity will be about 20,000 tonnes, with the second phase expected to be completed in 2028.
“Our experience with salmon farming in closed 25-metertanks has been excellent, and customer response to our 5 kg salmon has far exceeded expectations. This high-quality product is a true game-changer for our operations, as demand is exceptionally strong. We have already sold approximately 2,200 tonnes of premium land-based salmon. Our focus now is on continuing construction at our Laxabraut facility in Þorlákshöfn, securing long-term financing, and strengthening our sales and marketing efforts. I would like to welcome our new shareholders and thank all investors for their continued trust and support in our development plans,” concludes Kristófersson.
