Aquaculture for all

GeoSalmo reels in €13.4 million investment

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GeoSalmo, an Iceland based company, has completed a financing round of €13.4 million with the participation of Norwegian, Swedish, Icelandic, and Dutch investors for a hybrid-flow through salmon farm.

Computer rendering of planned GeoSalmo hybrid flow-through facility, which will be located in Iceland

© GeoSalmo

GeoSalmo has acquired, in their latest financing round, €13.4 million which will enable the Icelandic company to initiate construction of its state-of-the-art hybrid flow-through salmon farm, along with continuing other development activities.

"This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company," stated Jens Þórðarson, CEO of GeoSalmo, in a press release.

A broad group of investors from Iceland, Norway, Sweden and the Netherlands join the shareholder group in this equity increase. The company hopes this will form a strong foundation for their continued growth. Among the new investors in GeoSalmo are Skel Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA and Dutch fish processing and distribution company Adri & Zoon.

As part of this funding, Pål Reiulf Olsen, chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry and financial markets, and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company's board. The pair will serve on the board alongside founder and main shareholder of GeoSalmo, Aðalsteinn Jóhannsson.

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