EIB invests £42 million in Swedish land-based salmon farm

The Fish Site
by The Fish Site
26 December 2022, at 12:00pm

Re:Ocean, the company behind Sweden’s first land-based salmon farm, has received a SEK 530 million (£42 million) venture debt investment from the European Investment Bank (EIB).

an architect's drawing of the farm
Re: Ocean's RAS design

The startup plans to produce 10,000 tonnes of salmon a year from the site © Re: Ocean

This is among the biggest investments into innovative and sustainable food production ever made in Sweden. The facility, in Säffle, will eventually produce 10,000 tonnes of fish a year — the equivalent to one fifth of the salmon consumed in Sweden each year.

The RAS facility will encompass all the production steps under one roof, from egg to harvest, slaughtering, processing and packaging. It will enable delivery of fresh and sustainable salmon directly to Swedish supermarkets and restaurants.

The site will contain 88 tanks and the project is supported by Sweden's three leading wholesale companies — Axfood, Coop and ICA — which see great opportunities in being able to offer consumers healthy and sustainable Swedish salmon.

EIB Vice President Thomas Östros, who is responsible for EIB operations in Sweden, commented in a press release: “At the EIB, we are delighted to finance this groundbreaking, major project for sustainable food production. Not only will Re:Ocean’s new facility provide the Swedish population with domestically and sustainably produced salmon, but it will also do so in an innovative and climate-friendly way, employing cutting-edge zero-water circulation technology. In addition, food supply has become an important part of the critical infrastructure of any economy and the Säffle salmon facility will strengthen Sweden’s food self-sufficiency and resilience.”

Re: Ocean CEO, Morten Malle, added: “We are thrilled with the EIB’s support. The EIB investment is a strong signal of trust and a cornerstone for other investors in our new, sustainable food production concept, and a result of 12 months close cooperation. This process also verifies our team’s and partners experience within the industry, our highly advanced solutions and new technology, that will enable consumers to enjoy clean, healthy locally produced salmon while safeguarding our environment.”

Re: Ocean’s chair, Katarina Klingspor, added: “This EIB investment validates RE:OCEAN’s pioneering mission to establish a revolutionary, state-of-the-art technology on the doorstep of Sweden’s salmon consumers. With the support of the EIB and other investors, we plan to move forward with construction and ramp up to full production with ready-to-eat salmon by 2026.”