Iceland’s First Water secures €39m in share increase

Prior to this share increase, the company had raised €122 million in equity. With this latest round, total equity financing  stands at €161 million. At the end of last year, the company also secured €80 million in loan financing from Landsbankinn and Arion Bank. In total, First Water has now secured approximately €240 million in funding, with investment in the project exceeding €137 million to date.

This share increase enables First Water to complete the construction of phase one of six in Þorlákshöfn.

“This share increase is a powerful endorsement from our shareholders, who know us best. Their continued investment signals strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture. It allows us to continue investing in the development of our operations in Þorlákshöfn and to accelerate the production of high-quality export products,” First Water CEO Eggert Þór Kristófersson said.

“Our development plans are on track, and we expect to complete the first phase of the project this year. We’re seeing strong international interest in premium land-based salmon, produced for global markets using cutting-edge technology and a strong focus on sustainable use of natural resources.”

Kristófersson added: “Sustainability and strict quality control are the cornerstones of everything we do at First Water. We are grateful for our shareholders’ strong support and excited about the opportunities ahead.”

First Water has already sold approximately 2,000 tonnes of premium-quality salmon. Upon completion, First Water’s land-based aquaculture facility will produce around 50,000 tonnes of salmon annually, developed in six phases, and expected to be fully operational by 2030.

Each phase will contribute approximately 8,300 tonnes of salmon production per year.

The total investment in the project will amount to approximately €825 million, and when fully operational, the company is expected to employ around 330 people.

To secure future production capacity, First Water has signed a 20MW power purchase agreement with Landsvirkjun, with plans to expand to 50MW once Hvammsvirkjun hydropower station becomes operational. Additionally, the company has reached an agreement with Landsnet for power delivery.