GeoSalmo’s residents meeting in Þorlákshöfn
GeoSalmo held a residents’ meeting in Ölfus town hall in Þorlákshöfn on Wednesday, December 14th, and presented its plans for a land-based fish farming facility in the area. The purpose of the meeting was to present the main topics from the environmental assessment report which the company recently published, as well as to introduce the company and its future plans. Jens Þórðarsson, CEO, gave a presentation on behalf of the company. The meeting was well attended and sparked good conversations. GeoSalmo´s staff was present and available for the meeting's attendees for further questions at the end of the presentation.
Jens Þórðarsson, CEO of GeoSalmo:
“We focus on having a good relationship with local residents and stakeholders, and we are grateful for the good reception and goodwill that we have received. We are really happy with how the meeting went, residents are enthusiastic about the company’s plans, and the municipality of Ölfus has shown great interest in our project.”
The Project and environmental assessment report
GeoSalmo has now published an environmental assessment report for up to 24.000 tonne land-based fish farming facility, and will it’s construction be divided into two phases. Everyone can read the report and provide feedback about its construction its environmental assessment. Every comment and feedback shall be in writing and must be received no later that 24th of January 2023 by Skipulagsstofnun. Reviews and comments received about the report will be available once the presentation period is over and suggestions have been acted upon.
The company's goal is to produce high-quality salmon on land in an environmentally friendly and sustainable way. The aim of production is to use water and heat, waste, and nutrients in a sustainable way, to utilize byproducts as possible and thus taking aim for circular economy.
Next Steps
In addition to working on the environmental assessment report, GeoSalmo has been working on other aspects of preparation in recent months. The company has already signed a contract with the Norwegian company Artec Aqua for the design and management of most of the structures and technical solutions related to the project. The fish tanks in GeoSalmo’s land-based farm will be closed and therefore the conditions inside them will remain stable. The companies now working together on the design of the station. Financing of the project has begun, and it is expected that the process will be completed in the first months of 2023. At the same time, work is being done on the preparation of energy contracts and other aspects of the project. It is clear that an aquacultural project of this magnitude is very extensive by any standard. The estimated investment for the first phase is around ISK 30-35 billion. GeoSalmo’s goal is to start construction on the first phase in the spring of 2023 and for the company’s first product to enter market at the end of 2025.
Jens Þórðarsson, CEO of GeoSalmo:
“The cooperation agreement with the Norwegian company Artec Aqua is important for the project, as they have experience building fish farms on land in Norway with a good reputation. I am also very happy with new staff that has joined us in the recent moths – each has an experience in aquaculture and other sectors that will be of great use to GeoSalmo. Currently we are working on the necessary license applications, contracts, financing and other preparations. All those factors are going well, and we are optimistic about the future."
Information on Geo Salmo's environmental assessment report can be found here.
