Iceland-based First Water has secured a €39M share capital increase to support its phased salmon farming project in Þorlákshöfn. The move further underpins the company’s strategy in land-based aquaculture while reinforcing its financial backing. New details combined with previous funding rounds suggest a robust commitment to expanding sustainable seafood production. Additional insights indicate that careful planning and technical partnerships continue to steer the project forward.
Recent reports have consistently highlighted First Water’s incremental funding, including a prior equity raise of €122M and bank loans totaling €80M. These figures align with earlier observations on the company’s ability to attract multiple investor groups. The current increase now brings total equity funding to €161M, affirming a steady investment trajectory noted by various news outlets.
How Will First Water Use the New Investment?
The raised funds will primarily complete the development of the first phase within a six-part construction plan. This initial stage, which aims to produce approximately 8,300 tons of Head-On Gutted (HOG) salmon annually, is crucial for establishing operational capacity. The infusion of new capital will also enhance infrastructure and sustain ongoing processes throughout the expansion.
What Sets Iceland’s Approach Apart?
Iceland’s method benefits from access to renewable energy and clean seawater, key components that support eco-friendly production practices. These natural resources integrate smoothly into the project, ensuring that sustainable aquaculture practices remain a priority while meeting production targets.
Cumulative investments now total around €240M when combining equity with loans, and over €137M has already been invested in project operations. The planned facility, which will eventually have an annual output nearing 50,000 tons of HOG salmon, is also expected to create approximately 330 jobs.
Eggert Þór Kristófersson, CEO of First Water, stated, “This share increase is a powerful endorsement from our shareholders, who know us best. Their continued investment signals a strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture. It allows us to continue investing in the development of our operations in Þorlákshöfn and to accelerate the production of high-quality export products.”
The firm has arranged power agreements with Landsvirkjun for 20 megawatts, with plans to expand to 50 megawatts as the new hydropower station becomes active. A related agreement with Landsnet secures consistent energy delivery, which is critical for maintaining operational stability.
The phased development plan demonstrates a structured approach to balancing financial inputs with sustainable production goals. By systematically scaling operations, First Water provides a model that integrates renewable energy use and environmental considerations within the aquaculture sector.
Investors, technical partners, and local resources continue to shape the project’s progress in measurable ways. Reliable funding channels and strategic energy contracts highlight a pragmatic model for expanding land-based salmon farming. These elements offer useful guidance for industry observers and future related ventures.
