Cod rebounds as investors back Norcod
Norwegian cod-farming venture Norcod has successfully raised new investment totalling NOK105m in its journey to become the world's leading producer of responsibly farmed cod.
The company launched a contemplated private placement enabling cash to be raised among new and existing investors from both Norway and Denmark. Sparebanken 1 Markets helped facilitate the transaction.
Several subscribers indicated they will continue to support Norcod in future funding rounds. “This is extremely encouraging as it's imperative for us to have a strong backbone of investors who recognise the value of the business and our efforts,” said managing director, Rune Eriksen.
The company is targeting a harvest volume of 9,000 tonnes of fresh cod in 2021, scaling up to 30,000 tonnes in 2025 as it adds new facilities. Norcod will use the proceeds to invest in access to juveniles and build-up of biomass. The first batch of juveniles was transferred to the sea in January with the next batch scheduled for June.
“The first 200,000 fish are doing even better than expected, with much lower mortality than budgeted but faster growth,” said Mr Eriksen.
Danish investors have already showed their strong interest in Norcod by raising DKK28.5m through Artha Kapitalforvaltning in November, with the investment being fully subscribed in just one hour.
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