© First Water
The majority of the new investment came from new shareholders, alongside strong participation from existing shareholders. Three Icelandic pension funds joined as new shareholders, bringing the total to eight of the ten largest Icelandic pension funds now holding shares in First Water. Investment company Stoðir remains the company’s largest shareholder.
Since its establishment, First Water has raised a total of €185 million in equity and approximately €80 million in construction financing. The company announced its financing agreement with Arion Bank and Landsbankinn at the end of 2024. Altogether, the company has secured financing amounting to €265 million.
First Water is finalising construction of the first of six planned development phases in Þorlákshöfn, which includes eight closed 25-meter land-based tanks. Preparations are underway for the next phase – the development of 28-meter tanks – which will double annual production capacity from 5,000 to 10,000 HOG tons.
“This capital increase marks an important milestone in First Water’s ongoing development in Þorlákshöfn and enables the company to continue expanding and advancing its operations of its land-based salmon facility. Our experience with salmon farming in closed 25-metertanks has been excellent, and customer response to our 5 kg salmon has far exceeded expectations,” said Eggert Þór Kristófersson, chief executive of First Water, in a press release.
A turning point in the company’s sales operations
In late September, the company announced it had begun processing and exporting 5 kg land-based salmon, a product in high demand globally. All production has been sold to buyers in the United States and Europe. First Water is among the first land-based aquaculture companies worldwide to produce and market 5 kg salmon. The introduction of the 25-metertanks enables the company to offer customers a stable, year-round supply of premium-quality salmon. The company operates a fish processing facility in Þorlákshöfn with specialised production lines for processing and packaging salmon for export.
Initial plans for First Water projected that the land-based facility’s total production capacity would reach around 50,000 tonnes per year once fully operational. Indicators now suggest that production capacity may exceed that, and the company now aims for about 60,000 tonnes per year. Once the first two phases are fully operational, annual production capacity will be about 20,000 tonnes, with the second phase expected to be completed in 2028.
“This high-quality product is a true game-changer for our operations, as demand is exceptionally strong. We have already sold approximately 2,200 tonnes of premium land-based salmon. Our focus now is on continuing construction at our Laxabraut facility in Þorlákshöfn, securing long-term financing, and strengthening our sales and marketing efforts. I would like to welcome our new shareholders and thank all investors for their continued trust and support in our development plans,” added Þór Kristófersson.
ARMA Advisory served as First Water’s financial advisor for the share capital increase.
