Laxey, a company developing land-based salmon farming in Vestmannaeyjar, Iceland, has raised €28 million to finance the construction of Section 2 of its facility. The fundraise was oversubscribed.
The company said it uses clean energy and stable local seawater from boreholes and that 70% of water is reused. Waste will be removed from the effluent and will be utilized as much as possible. Juveniles are vaccinated but no drugs will be used in the salmon farming.
The country’s three largest pension funds, LSR-The Pension Fund for State Employees in Iceland, LIVE-the Pension Fund of Commerce, and Gildi Pension Fund, are now shareholders.
This organization will use the funds for a large smolt facility that will be located in Viðlagafjara. It will be equipped with eight 1,100 cubic meter tanks in a covered building. Harvesting is planned for November 2025, when the fish will have reached a harvest size of 4–5 kilograms.
Construction of the processing plant has begun, and it will be ready for use this autumn. The processing facility will be an important part of the company’s value chain, ensuring that Laxey controls the entire process, from egg to harvest.
“We view this successful financing as confirmation of the confidence investors have in the company and our vision for the future,” said Lárus Ásgeirsson, Chairman of Laxey’s Board. “It enables us to accelerate development, strengthen revenue streams, and deepen cooperation in the sector on a foundation that is stable, responsible, sustainable for communities and the environment, and realistic over the long term. We are happy to further strengthen our shareholder group, which will reinforce the company, and support our journey.”
