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AKVA wins Maryland salmon RAS contract

Atlantic Salmon Recirculating aquaculture systems (RAS) +3 more

A 15,000-tonne capacity land-based salmon farm is being planned for Eastern Shore, Maryland.

The new facility, which is expected to be completed by 2023, will be run by the Norwegian company AquaCon and AKVA has just signed a deal to provide the design, equipment and engineering.

The final contract, if awarded, is expected to have a minimum value of $130 million, according to a statement released by AKVA today. AKVA will participate with €3 million in equity in the project if sufficient further financing is achieved and will also provide a convertible loan in the amount of €500,000 as bridge financing until the financing of the project has been completed.

AKVA's participation in the project is subject to AquaCon obtaining the necessary financing for the project and agreement on a final contract.