Hofseth BioCare (HBC), a Norwegian consumer and pet health ingredient supplier that utilizes Atlantic salmon, is building a second hydrolysis plant to triple its production capacity.
The company said the new facility will be located in Berkåk, Norway, and will be built through a wholly owned subsidiary of HBC dubbed Hofseth Berkåk. The new facility will manufacture, market, and sell human-grade marine proteins, collagens, and oils that use Atlantic salmon raised in Norway as an ingredient.
HBC currently has one facility in Midsund, Norway, and said the new Berkåk plant will have over twice the capacity.
“The project will strengthen HBC’s commitment to R&D and discovery science, which has enabled the development of a unique portfolio of sustainably sourced and clinically proven ingredients for human and pet markets globally,” the company said.
HBC said it is now working to secure the funding needed to build the new facility, as well as other working capital needs for its buildout via bank and leasing facilities.
“The intention is to develop a second enzymatic hydrolysis plant to more than triple current production volumes of HBC’s unique marine ingredients,” the company said.
The announcement comes roughly one year after HBC reached an agreement with Ålesund, Norway-based salmon farmer and processor Hofseth International, which saw NOK 144 million (USD 12.9 million, EUR 12.2 million) of HBC’s debt converted into shares with a subscription price of NOK 9 (USD 0.80, EUR 0.76) per Class B share.
The move covered HBC’s debt to Hofseth International for raw materials it had received from the company – mainly salmon heads, backbones, and skins that it used in its manufacturing process.
HBC has also received investments form Aqua-Spark, a sustainable aquaculture investment fund, which purchased a roughly EUR 10 million (USD 10.5 million) stake in the company in 2021.
Both HBC and Hofseth International were founded by Roger Hofseth.
