GeoSalmo completes financing round
GeoSalmo has completed a financing round of 13.4 million EUR with the participation of Norwegian, Swedish, Icelandic and Dutch investors. The funding enables the Icelandic company to initiate construction of its state-of-the-art hybrid flow-through salmon farm in Iceland along with continuing other development activities.
"This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company," says Jens Þórðarson, CEO of GeoSalmo. "This also demonstrates investor confidence in our vision for land-based farming, our technology, and our experienced team."
A broad group of strong investors from Iceland, Norway, Sweden and the Netherlands join the shareholder group in this equity increase, forming a strong foundation for the company´s continued growth. Among the new investors in GeoSalmo 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.
As part of this funding, Pål Reiulf Olsen, Chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry, and financial markets, and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company's board. Pål and Marinella will serve on the board alongside founder and main shareholder of GeoSalmo, Aðalsteinn Jóhannsson.
About GeoSalmo:
GeoSalmo aims to construct a 24,000-ton salmon farming facility in Ölfus, near Þorlákshöfn, one of the largest fresh fish export harbors in Iceland. The company aims to become a leading player in land-based fish farming in Iceland, emphasizing that its operations are in harmony with the environment and society. The company has already completed environmental and planning assessments, in addition to securing a long-term power supply agreement with Orka Náttúrunnar (ON Power) for 28 megawatts, its entire operational needs.
GeoSalmo will focus on maintaining a safe and healthy environment for its farmed salmon, environmentally friendly production methods, and consistent quality and product delivery. The company leverages proven aquaculture solutions, which are underpinned by the advantages that Icelandic nature provides for land-based salmon farming. Additionally, the geographic position of Iceland enables GeoSalmo to reach powerhouse consumer markets in Europe and North America with fresh salmon via ship transportation.
