First Water raises €39M to boost salmon farming in Iceland
Summary
Since its founding in 2017, the company has worked to develop a system that supports seafood production while reducing environmental impact.The facility, located on Icelands southern coast, is being built in six phases. The first phase is underway and is expected to yield 8,300 tons per year when completed.The full project is expected to require about 825M in funding and provide jobs for around 330 people once operational.First Water uses Icelands natural resources, including renewable energy and clean seawater, to power and supply its operations.In 2022, the company signed a power agreement with Landsvirkjun for 20 megawatts of electricity. In 2020, it finalised the Environmental Impact Assessment (EIA) for phase one and acquired a hatchery in \xd6xnal\xe6kur capable of producing 1.8 million smolts annually. The company also completed its first harvests in May and October 2023, producing a total of 370 tons of HOG Atlantic Salmon.First Water continues to build toward full capacity, with operations expected to expand in line with its phased development plan.The latest share capital increase will allow First Water to finish building the first of six planned phases at its salmon farming site in \xdeorl\xe1ksh\xf6fn. Their continued investment signals a strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture.
Funding
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