Laxey has awarded a contract worth EUR 20 million (USD 20.6 million) to AKVA Group related to its plans to build a land-based salmon farm in Iceland.
AKVA announced the new contract on the Oslo Børs, which it said is related to a module for a land-based growout facility for Atlantic salmon in Iceland. The realization of the contract, and AKVA’s delivery of the equipment, is subject to Laxey obtaining financing.
According to AKVA, Laxey expects to secure the necessary financing in March 2025.
The announcement comes two months after Laxey and BAADER announced an agreement on processing equipment for the aquaculture facility. Laxey – originally called Icelandic Land Farmed Salmon – was initially planning a 10,000-metric-ton (MT) salmon farm but since increased those plans to a 32,000 MT flow-through salmon farm in Iceland’s Westman Islands.
The announcement is also not the first time AKVA Group has worked with Laxey. AKVA announced a partnership in April to design and install advanced oxygenation and degassing systems for its farms. That contract followed a separate one on a smolt recirculating aquaculture system (RAS), which Laxey said has been in steady operation.
“The collaboration between Laxey and AKVA group began in 2022 with a contract to build Iceland's first true RAS facility for Atlantic salmon smolt in Vestmannaeyjar,” Laxey said in a release.
In August 2024, Laxey said it chose AKVA for its proven expertise in engineering in design, and that the company had excellent collaboration with the aquaculture equipment provider.
Laxey already secured a EUR 40 million (USD 41 million) investment in April through Blue Future Holding – which itself built upon EUR 42 million (USD 43 million) it raised in September 2023.
