GeoSalmo breaks ground
Yesterday, GeoSalmo broke ground on its new state-of-the-art hybrid flow-through salmon farm located west of Þorlákshöfn.
This marks a turning point for the company which now aims to start production in 2026. Considering the unpredictable nature of Icelandic winters, guests were invited to view the ground-breaking ceremony via livestream at a reception hosted in Ölfus Town Hall.
“We have worked tirelessly over the past two years to design and develop our new facility, making yesterday a joyous occasion for us. The fish farm and associated buildings that we have broken ground on today are among the largest constructions undertaken by a private company in Iceland, and if done right, land farming could emerge as a leading industry in this country,” says Jens Þórðarson, CEO of GeoSalmo.
GeoSalmos‘ first functional land-based salmon farming facility will be capable of producing up to 24,000 tons annually. The initial phase of the project will produce roughly 7,500 tons and the first products are expected to launch in 2027. The company completed a successful financing round at the end of last year with Norwegian, Swedish, Icelandic and Dutch investors participating. Among new investors joining the project are SKEL Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA and Dutch fish processing and distribution company Adri& Zoon.
At yesterday‘s groundbreaking ceremony the first sod was turned by Sigurður Ingi Jóhannsson, Minister of Infrastructure, Guðrún Hafsteinsdóttir, Minister of Justice, and Hreiðar Hreiðarsson, Head of Aquaculture at GeoSalmo. It was a pleasure to have the two ministers participate, considering their local roots in the area.
“It is a cause for celebration that substantial investments are being made here to foster employment and create value in Ölfus. Such dedicated investment is of great importance for the local community and neighbouring areas, as it stimulates the economy and contributes to societal advancement. It‘s not just a matter of constructing one sizable project – it’s about cultivating a flourishing community that will come to hold significance to the country's entire economy,” says Guðrún Hafsteinsdóttir, Minister of Justice.
“Salmon farming is becoming an increasingly important part of the world’s protein production, and witnessing the dedication that defines the company’s initiative in this field is truly gratifying,” says Sigurður Ingi Jóhannsson, Minister of Infrastructure.
“Us locals understand the importance of distinguishing ourselves in the production of eco-friendly food. With GeoSalmo’s new land-based salmon farm near Þorlákshöfn, these efforts are on the rise. We recognize that true prosperity comes from creating value. This project has been in development for a while, with different stakeholders joining forces to establish a sustainable and responsible business. This groundbreaking is indeed a reason to celebrate, as operations are set to begin in the near future,” says Elliði Vignisson Mayor of Ölfus.
