First Water hf, formerly known as Landeldi hf, which is farming salmon on land in Þorlákshöfn, Iceland, has completed a new financing round worth ISK12.3 billion.
Investment company Stoðir remains First Water’s largest shareholder after the capital increase, but enterprise fund Horn IV together with a group of domestic and foreign investors such as pension funds and private investors are new to the company.
The purchase of shares in the amount of ISK 2.5 billion is subject to approval by the board of the buyers. Landsbankinn’s corporate consultancy managed the share capital increase.
First Water said that with the capital increase, the financing of the development of the first phase of the land-based heating plant is guaranteed.
The production capacity of the first phase will be about 8,000 tonnes of salmon per year, but the company anticipates that the total production to eventually be about 50,000 tonnes and for the development to be completed in 2028.
First Water is also looking to list on the stock market in 2025 and, in parallel with the listing, obtain additional capital for ongoing development.
CEO Eggert Þór Kristófersson said it was very pleasing to see the great interest shown by new and existing investors.
“We have a great project in hand, and this is reflected in the fact that we are completing a successful capital increase, despite difficult market conditions,” he said.
“We have recently completed our first harvest and sold and shipped our first products to foreign buyers, which were huge milestones. The response from buyers and consumers exceeded our expectations and it is clear that the market calls for quality raw materials such as ours, where the purity and sustainability of the production is among the best known.
“Finally, we are announcing the company’s new name and brand; First Water – Salmon from Iceland. The name underlines the essence of the matter, the incomparable water quality in which our salmon thrives, and will serve us well in foreign markets. There is therefore every reason to be optimistic and we will continue to develop environmentally friendly and sustainable salmon farming on land.”
First Water operates a hatchery at Hveragerði and a hatchery at Þorlákshöfn.
There are currently 1.8 million salmon in First Water’s hatchery and rearing facilities. The first slaughter took place in May 2023 and the next harvest is scheduled for August.
