Kópavogur, Iceland-based land-based salmon farming company First Water – formerly known as Landeldi – has raised EUR 82 million (USD 92 million) for its land-based salmon farming project as it prepares to begin the next phase of construction.
The company harvested the first batch of salmon from its land-based farm in Þorlákshöfn, Iceland earlier this year. Since that time, it rebranded under the name “First Water,” which it said is a description for the highest quality of diamond.
“The name focuses on the remarkable water quality enjoyed by our salmon, and will be highly beneficial to us in overseas markets,” First Water CEO Eggert Þór Kristófersson said in a release.
Soon after the harvest, the company raised EUR 82 million via an equity raise, with investment company Stoðir remaining the company’s largest shareholder. The company also added a new range of shareholders, including private equity funds and other foreign and domestic investors.
“The company goes from one major milestone to the next these days. We are very pleased with the great interest in the company shown by investors, both new and existing, and we offer a particular welcome to the many new shareholders joining us,” Kristófersson said.
First Water is developing a land-based salmon farm that uses nearby geothermal and hydroelectric power to provide renewable energy for its operations. Water for the farm is sourced via pumps from seawater drawn through layers of volcanic rock, which provides natural filtration.
First Water is planning to increase the production capacity of its farm in Þorlákshöfn to 28,000 MT over four phases in the coming years in the run-up to its goal of reaching 50,000 MT by 2028. In early July, First Water announced Iceland’s National Planning Agency released a report confirming the company’s environmental impact assessment for its planned farm.
“We are very pleased with the report as it confirms our specialists’ assessment of the production’s environmental impact,” Kristófersson said. “We have every reason to be optimistic and will continue with our plans for environmentally friendly and sustainable salmon farming on land.”
In order to meet its production goal, the company plans to continue raising money and make a capital listing on a stock exchange in 2025 to fund its development.
Kristófersson said the recent response from buyers and consumers to its first harvest exceeded expectations, and that there is high market demand for First Water's products.
“In light of all this, we have good reason to be optimistic and continue developing our environmentally friendly and sustainable land-based salmon farming,” he said.
Image courtesy of First Water
