North American seafood processor and marketer High Liner Foods Incorporated has committed to make a US$10 million investment in Andfjord Salmon Group AS.
Euronext Growth exchange listed Andfjord is farming salmon on the island of Andøya in the Arctic archipelago of Vesterålen, Norway.
In exchange for the $10 million investment, High Liner Foods will receive an approximately 4.5% share ownership in Andfjord. The company’s investment, which will be made from cash from operations, forms part of a larger capital raise by Andfjord that is expected to close in May 2024.
“Salmon is an important growth species for High Liner Foods, and we believe that land-based aquaculture will become an important component of the global salmon supply chain that will help bridge the gap between supply and demand,” High Liner Foods President and CEO Paul Jewer said. “Today’s modest investment will give High Liner Foods a platform to gain operational insights and experience in land-based aquaculture as part of our ongoing efforts to meet the growing consumer demand for sustainably sourced and eco-friendly seafood products.”
Jewer continued: “We feel that Andfjord is an ideal partner that possesses the proven technology and experience High Liner Foods can work with and learn from, as we focus our efforts on growing our Atlantic salmon business in North America.”
Andfjord’s expansion plans include a production capacity of 40,000 tonnes by 2030.
