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Salmon Evolution announces North American expansion

Norway's Salmon Evolution has increased its long-term production target to 100,000 tonnes and embarks on new farming operations across the Atlantic.

The Fish Site
by The Fish Site
8 June 2022, at 10:35am
Salmon Evolution's Indre Harøy facility
Salmon Evolution's Indre Harøy facility

The Indre Harøy facility is expected to produce 31,500 tonnes of HOG salmon © Salmon Evolution

In a press release on 8 June, Salmon Evolution announced that it is in the process of expanding its farming operations into North America as it raises its production capacity to target 100,000 tonnes head-on, gutted (HOG) by 2032.

As part of this process, Salmon Evolution is currently evaluating identified potential production sites in North America. The company expects to use the remainder of 2022 for such site selection and initial site verifications. It is expected that the pre-construction phase including regulatory approval processes will take two to three years, allowing for construction start in 2025, upon which the plan is to build a full scale 31,500 tonnes HOG “Indre Harøy” facility, drawing on the experiences learned in both Norway and Korea.

To facilitate this expansion, the Company has established a dedicated team of both in-house and external resources. Additionally, the Company will establish a US corporate structure under its full ownership.

Mr Håkon André Berg, CEO of Salmon Evolution said, “although starting in Norway, Salmon Evolution has always had global ambitions. With the addition of North America into our portfolio, we will have an operating platform on all the three major salmon consuming continents.

"Over the coming 12 months we expect to demonstrate the operational viability of our concept, solidifying Salmon Evolution’s global leadership position within the land-based salmon farming industry. Given the long lead times for this industry, we see it as critical for our long-term value creation to build and develop a tangible pipeline of high-quality projects.”

The press release says that company’s strategy of pursuing accretive partnerships in overseas markets remains unchanged. As their project develops, Salmon Evolution will pursue partnership structures that leverage the company's human capital as it maximises shareholder value. aims to engage in partnership structures leveraging the company’s human capital and maximising shareholder value.