Skretting and Iceland’s LAXEY enter long-term partnership

On 22 April 2024, it was announced that Icelandic salmon producer LAXEY has successfully completed a €40 million capital increase, and that Skretting’s parent company, Nutreco, is one of its new investors.

LAXEY is a hybrid flow-through salmon project located on Vestmannaeyjar, also referred to as the Westman Islands.

Founded in 2019, it is building on the legacy of the local fishing industry while tapping onto the natural advantages of land-based aquaculture in Iceland.

LAXEY’s main owners, the Oskarsson family, have 75 years of fishing heritage behind them. They started their first round of fundraising last autumn, hoping to attract international investors in order to reach its production goal of 4,500 tonnes of salmon in 2025. They have set their sights on 27,000 tonnes by 2030.

Skretting said Iceland is the fastest growing market in the salmon industry and that it holds a strong position in the country as a global provider of feeds to closed aquaculture systems (CAS) farms. With this investment in place, Skretting has committed to supplying LAXEY with feed through the whole build-up phase of the project.

“In Skretting we believe in close and long-term collaboration with fish farmers in order to release the full potential from nutrition, feeding and efficient logistics,” said Håvard Walde, General Manager of Skretting Norway. “We are very proud to partner with LAXEY. This partnership puts us in a good position to prepare for our next steps in Iceland.”

“LAXEY has great prospects, and we are honoured to be a part of their journey. With this investment, Skretting is also committed to supporting and further developing the Icelandic aquaculture industry,” said Therese Log Bergjord, CEO of Skretting.

“We are excited to join forces with Skretting, a leader in the field of salmon nutrition. High quality feed will result in a high-quality product, and we are looking forward to a long-term co-operation.” said Hallgrímur Steinsson CTO of LAXEY. “This partnership signifies a significant milestone in our journey towards producing premium-quality salmon here in Vestmannaeyjar.”