© First Water
Prior to this raise, which is led by existing shareholders, the company had raised €122 million in equity. At the end of last year, the company also secured €80 million in loan financing from Landsbankinn and Arion Bank. In total, First Water has now secured approximately €240 million in funding, with investment in the project exceeding €137 million to date.
The raise enables First Water to complete the construction of phase one of six at their site in Þorlákshöfn, southern Iceland - hybrid flow-through facility, which uses clean groundwater filtered through volcanic rock. The company has already sold approximately 2,000 tonnes of salmon but, upon completion of phase six - which is scheduled to be finished by 2030, they aim to produce around 50,000 tonnes of salmon annually and generate around 330 jobs.
To secure future production capacity, First Water has signed a 20 MW power purchase agreement with Landsvirkjun, with plans to expand to 50 MW once Hvammsvirkjun hydropower station becomes operational. Additionally, the company has reached an agreement with Landsnet for power delivery.
Eggert Þór Kristófersson, CEO of First Water, said in a press release: “This share increase is a powerful endorsement from our shareholders, who know us best. Their continued investment signals strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture. It allows us to continue investing in the development of our operations in Þorlákshöfn and to accelerate the production of high-quality export products.
“Our development plans are on track, and we expect to complete the first phase of the project this year. We’re seeing strong international interest in premium land-based salmon, produced for global markets using cutting-edge technology and a strong focus on sustainable use of natural resources. Sustainability and strict quality control are the cornerstones of everything we do at First Water. We are grateful for our shareholders' strong support and excited about the opportunities ahead.”
