Þorlákshöfn, Iceland-based salmon processor and exporter First Water announced 22 April 2026 that phase one of financial support to double its production capacity has completed, with the company earning approximately EUR 75 million (USD 88 million).
“We have achieved very good sales results in a short time, and the demand for our five-kilo salmon has exceeded expectations,” First Water CEO Eggert Þór Kristófersson said in a company release. “The most important thing for us is that this demand comes from buyers with high demands for quality and delivery reliability. This underlines our clear competitive advantage. This financing enables us to complete the first construction phase. With further development and increased production capacity, we expect significant growth in export revenues, which lays the foundation for further expansion of First Water's operations in Þorlákshöfn."
With the added capital, the company is now able to slaughter salmon weekly and said in a release that the EUR 75 million was comprised of a EUR 40 million (USD 47 miullion) convertible bond loan by the company’s existing shareholders and a EUR 35 million (USD 41 million) loan financed by Landsbankinn and Arion Bank. First Water said these funds will contribute to expanding the land-based facility’s production capacity from 5,000 tons to 10,000 tuns of gutted salmon. First Water uses specialized production lines to process salmon in-house, package, and export within the week of farming.
“Since its establishment [in 2017], First Water has raised EUR 185 million [USD 217 million] in equity, EUR 40 million [USD 47 million] through a convertible bond and secured around EUR 115 million [USD 135 million] in debt financing,” the company said in a release. “In total, the company has thus raised around EUR 340 million [USD 398 million].”
First Water added that three pension funds joined the company as new shareholders in 2025, which means eight of the 10 largest Icelandic pension funds are invested in the company, the largest being Stoðir, which holds a 33 percent stake.
According to the release, First Water completed construction for eight land-based 25-meter farming tanks in September 2025, which allowed the company to harvest five kilos of “premium salmon” that month. Since January 2026, First Water’s slaughter capacity averages 4.8 kilos per cycle and a superior share of 95 percent. Currently, the company has accrued approximately 3,000 tons of farmed salmon in 2026.
The majority of First Water’s customers include exports to Europe and the U.S., the company said in the release, to both corporations and distributors in European retail markets. With expansion efforts underway, the company said it plans to grow to a capacity of between 50,000-60,000 tons a year. Currently with this round of funding, the company expects 20,000 tons a year.
The company’s website said the expansions will occur across six phases, adding 10,000 additional tons of capacity for head-on gutted salmon to be processed per phase. The company’s 2017 founding was led by a group of investors called “Landeldi,” and the first operational hatchery was acquired in 2020 in Öxnalækur, Iceland. Phase one construction began in 2021, and the first two successful harvests occurred in May and October 2023. Subsequent funding began in 2024, and continued through present day.
First Water partners with sustainability technology company Terraforming LIFE to turn fish sludge and animal manure into biofertilizer and biogas, funded through the EU Environment and Climate Action Program.
