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Pure Salmon secures $358 million investment

16 March 2020, at 10:45am

8F Asset Management has announced that it has raised $358.8 million – enough to finance the construction of Pure Salmon’s RAS facilities in Poland, Japan, France and US.

Pure Salmon now has the capital required for phase one of its global rollout thanks to input from investors including leading family and institutional investors, several sovereign wealth funds, insurance companies and pension funds from Europe, Asia, the Middle East and the United States. The project also attracted substantial investments from the aquaculture industry, including from AquaMaof, Pure Salmon’s RAS technology partner, said the firm in a statement today.

Pure Salmon's plans for a 20,000 tonne capacity production facility in the US
Pure Salmon's plans for a 20,000 tonne capacity production facility in the US

Phase one represents a total production target of 40,000 tonnes per annum. The Pure Salmon management team is being brought together in a new global headquarters to be based in Abu Dhabi Global Market (ADGM).

Whilst the company’s RAS facility in Poland is already up and running, the first three new-build projects – Japan, France, and USA – are progressing according to their respective timelines. The company says that the Japan project is currently the most advanced in terms of design, permitting and other preparations - with ground expected to be broken in early summer 2020. Completion of works is expected by late 2021, with the first harvest planned for 2023.

International operations

Pure Salmon adds that its project in Boulogne-sur-Mer is moving quickly, and that the French Government has offered a fast track process to obtain all necessary permitting by this autumn. As both Japan and France are 10,000-tonne projects, the French facility will share many common design features of the Japanese facility, which helps the design process to be quicker. The company is in discussions with construction partners with a view to break ground before year-end, provided the permitting is completed as expected.

For the 20,000-tonne facility in the US, Pure Salmon has completed the site surveys and geotechnical studies. Pure Salmon’s technology partner, AquaMaof, is scheduled to start working on the initial RAS technology design for this larger facility. The plan is to begin applications for permitting in a few months’ time and land preparation work is expected to commence during the last quarter of 2020.

Pure Salmon continues to develop its other projects, including those announced in China, Africa and South East Asia, which all contribute towards the global target of 260,000 tonnes of sustainable salmon production in local markets for local consumers.

Stephane Farouze, board director of Pure Salmon and chairman and founder of 8F Asset Management, commented: “With this highly successful asset raise we have reached a critical milestone in the development of Pure Salmon and have truly begun our journey towards 260,000 tonnes per annum production of sustainable salmon.

“What’s more, having attracted such a highly respected group of investors, shows the level of confidence in the potential of the land-based aquaculture industry and in the ability of Pure Salmon and 8F to successfully deliver their vision”.