Pure Salmon has officially broken ground at the site of its planned USD 228 million (EUR 192.5 million) recirculating aquaculture system (RAS) facility in Tazewell County, Virginia, U.S.A.
The company, which recently moved its headquarters from Singapore to Abu Dhabi, U.A.E., is building a series of land-based salmon farms around the globe, including France, Japan, and Lesotho. It also recently announced its plan to construct five additional facilities in China and one in Southeast Asia.
The U.S. facility will have an annual capacity of growing and processing 20,000 metric tons of salmon annually, and is expected to be completed by 2023.
Karim Ghannam, a partner and co-founder at 8F Asset Management, the primary owner of Pure Salmon, told SeafoodSource the relative lack of pomp around the Virginia groundbreaking and the groundbreaking at its Japan facility in September 2020 was intentional.
“We like it that way,” he said. “The goal is not exactly to be in news every day … Our goal is to be focused on our construction, plans, and operations.”
Ghannam said he expected the company to break ground on its facility in Bologne-Sur-Mer, France in 2022, “hopefully” – as he said the date has been pushed back twice due to complications arising from the COVID-19 pandemic – in addition to the recently-announced 10,000-MT land-based salmon farm in Brunei. The facility is being developed in partnership with the Strategic Development Capital Fund, a Brunei government fund under the purview of the country's ministry of finance and economy.
“Maybe we’ll even be able to get start work in Abu Dhabi in 2022 as well,” Ghannam said, referencing a project announced last month. “We’re moving forward and we have the support of our investors. Pure Salmon as a team is growing rapidly both regionally and at our headquarters in Abu Dhabi. Obviously, COVID has had its impact, but we kept on moving forward.”
Ghannam clarified Pure Salmon’s position regarding AquaMaof, its partner at its pilot farm in Poland, following 8F’s purchase of the aquaculture division of Krüger Kaldnes in June 2021. Sandefjord, Norway-based Krüger Kaldnes specializes in RAS technology, offering services including maintenance, consulting, operational support, and training. Rosh Haayin, Israel-based RAS specialist AquaMaof had previously announced its partnership with Pure Salmon on its farms in France and Japan, but Pure Salmon will shift all of its projects besides Pure Salmon Poland to management by Krüger Kaldnes, Ghannam said.
“The relationship [with AquaMaof] is fine. We are still a joint owner of Pure Salmon Poland and our plan is to remain an owner, but the rest of our facilities, from a technical perspective, will move under Pure Salmon Kaldnes,” he said.
Ghannam reiterated the company’s objective of producing 260,000 metric tons (MT) of salmon by 2025, and pointed to the closing of its Southeast Asia fund in September, raising USD 61 million (EUR 52 million) despite recent troubles in the RAS sector, as evidence the company could continue to advance its ambitious agenda. Its investors include aquafeed firm Nutreco and agricultural conglomerate Louis Dreyfus Co.
“Our client base is still very positive on our story, and on the larger RAS story,” Ghannam said. “Our integration of Krüger Kaldnes into the Pure Salmon family has given us a boost with our message because we now own the technology and have integrated the value chain.”
Photo courtesy of Pure Salmon
