The investment means that the startup has now secured sufficient funding for its second phase, which will allow it to raise production to 10,000 tonnes of Atlantic salmon annually.

In parallel with the equity raise, Laxey has entered into a long-term financing agreement with Arion Bank that includes both the refinancing and expansion of debt facilities for Section 1, as well as new debt funding to support the build-out of Section 2. The total capital secured through this combined equity and debt financing now amounts to €130 million.

The equity raise was supported by existing shareholders, with the addition of several new investors. According to Laxey, its shareholder base is composed of a broad and robust mix of Icelandic and international investors, including industry veterans with expertise spanning the full salmon farming value chain – from feed and farming to processing and sales. The Sigurjón Óskarsson family from Vestmannaeyjar remains the company’s cornerstone investor, while approximately 20 percent of shares are held by strategic investors with deep aquaculture experience.

“We are seeing strong interest and continued confidence in the project from both existing and new investors,” said Lárus Ásgeirsson, chairman of Laxey, in a press release. “This is a clear indication that our long-term vision of a sustainable and financially sound land-based aquaculture is highly relevant to both the Icelandic seafood industry and global markets. The progress we’ve made so far, including our ability to generate early revenue through post-smolt sales, and the enthusiasm we’re receiving from the investor community, confirm that we are on the right track.”

Expansion on track 

According to Laxey, the project continues to progress in line with its original plan. The hatchery, completed in August 2024, is fully operational. Five batches of eggs have already been stocked, with development proceeding as planned. The hatchery is designed for an annual production capacity of up to 4.6 million smolts, each averaging 100 grams.

Meanwhile Section 1 of the grow-out facility is nearing completion, with two smolt batches already having been transferred to grow-out production. The first 5,000 m³ grow-out tank came online in April, with the second tank set to begin operation in the coming days. Each section will include eight such tanks. The company reports “a clear validation that the design and execution are performing as intended”.

Preparations are also underway for the construction of the processing and harvesting facility, with the first harvest expected in autumn 2025, as aligned with the original project timeline. 

As part of its growth strategy, Laxey will not only sell salmon for human consumption but also sell post-smolt to third parties, in order to maximise utilisation of tank capacity, accelerate revenue generation ahead of full harvest volumes, and provide greater operational flexibility. 

Originally designed for a total annual production of 27,000 tonnes of salmon, the project has now increased its targeted output to 36,000 tonnes per year. This increase is driven by more efficient use of equipment and tank space, the integration of larger post-smolt volumes, and expanded grow-out infrastructure.