Laxey, a land-based salmon-farming company, has pulled in EUR 47 million (USD 41 million) from its latest funding round, which it said was “substantially oversubscribed.”
Laxey, originally called Icelandic Land Farmed Salmon, is building a 35,000-metric-ton (MT) land-based salmon farm in Vestmannaeyjar, Iceland. Originally announced as a 10,000-MT facility, the company has announced several partnerships including some with ScaleAQ, BAADER, Marel, and AKVA and has already transferred smolt into grow-out tanks at its facility.
The new funding round, which the company said saw investments from both existing shareholders and new investors, will be used to refinance existing debt facilities and fund the next stage of the project’s development.
“This financing marks an important milestone for Laxey,” Laxey Executive Chair Lárus Ásgeirsson said. “The strongest endorsement a company can receive is when its existing shareholders choose to increase their investment. Their continued support reflects confidence in our strategy, our team and the progress we have achieved.”
The company said it also signed a committed term sheet coordinated by DNB Carnegie; with DNB, Rabobank, and Arion Bank as mandated lead arrangers and lenders; and with Eksfin as a lender.
The company said the proceeds will also be used to complete Section 3 of its farm and construct the first phase of “Smolt Station II,” which will have an initial capacity of 5 million smolts and is being designed to be upgradable to 15 million smolts per year. Section 3 forms a part of the company’s six-phase plan, which when complete is expected to produce roughly 35,000 MT of head-on gutted Atlantic salmon per year.
“Based on the company’s current plans, the equity raise and syndicated financing are expected to provide the funding required for the next stage of growth,” the company said. “Future expansion is expected to be supported through operational cash flow and debt financing.”
The company said it has been harvesting salmon on a weekly basis since November 2026 and expects to harvest 4,000 MT of salmon in 2026.
The company said the latest equity raise is a sign its financial foundation is strong and that it can continue onto the next phase of its development.
“LAXEY has a strong management team and a shareholder base with an ideal mix of local, strategic and financial investors, creating a solid foundation for continued growth,” Laxey CEO Daði Pálsson said. “With the addition of leading international banks to Laxey’s financing consortium, we are well-positioned to continue leading the development of land-based Atlantic salmon farming as a new industry.”
