Norwegian land-based salmon farming company Salmon Evolution has raised NOK 365 million (USD 34.6 million, EUR 32.3 million) through a private placement to help fund the next phase of its operations.
SalmonEvolution announced the private placement on 18 June to help it finance the first and second phase of construction of its flow-through salmon aquaculture facility on the island of Indre Harøy, Norway.
Salmon Evolution was initially seeking NOK 350 million (USD 33.2 million, EUR 30.9 million), but within eight hours, it had already raised NOK 365 million.
The private placement unlocked NOK 675 million (USD 64 million, EUR 59 million) in additional financing from unnamed banks, boosting its total accessible capital to NOK 2.225 billion (USD 211 million, EUR 196 million), subject to certain drawdown conditions. Between the private placement and the new financing agreements, the Phase 2 buildout is now fully funded “with a buffer,” Salmon Evolution said.
“This is really a transformative milestone, as we now are creating a fantastic platform that is fully funded for 18,000 tons gutted with a significant cashflow generating capacity that can support strong organic growth,” Salmon Evolution CEO Trond Håkon Schaug-Pettersen said.
Salmon Evolution recently posted its first positive earnings ever in Q1 2024 on the back of a successful harvest and strong pricing for its salmon.
Schaug-Pettersen said the newest private placement and financing “creates the foundation” for the ...
