Phase 1 of Salmon Evolution's facility at Indre Harøy, Møre og Romsdal, Norway. Phase 2 will have more tanks, and will take capacity from the cirrent 7,900 tonnes HOG to 18,000 tonnes HOG.

Salmon Evolution adds an extra 2,200 tonnes to phase 2 capacity

Gareth Moore editor
Published Modified

Land-based fish farmer Salmon Evolution is planning to increase annual production capacity at its facility in Norway from 7,900 tonnes (head on gutted) to 18,000 tonnes, more than originally planned, it said in a market announcement today.

Salmon Evolution initially intended to build a second phase of 7,900 tonnes but explained that after two years in operation and six batches successfully harvested in phase 1, it has identified several optimisations in the production plan to be implemented in phase 2.

“These optimisations will result in an improved phase 2, estimated to add another 10,100t HOG capacity to the current phase 1 capacity of 7,900t HOG. As such, total output from phase 1 and phase 2 is estimated to increase to 18,000t HOG. The increase in planned output from Phase 2 is achieved through added tank capacity leveraging existing infrastructure,” stated the company.

Salmon Evolution intends to partly fund phase 2 by raising NOK 350 million (£26m) through a private placement of shares and is increasing its loan facility from banks by NOK 675m to NOK 2.225 billion.

It said currently estimated capital expenditure for the improved phase 2 at its Indre Harøy site is NOK 2.2bn in addition to NOK 200m in project contingency, and includes the added tank capacity capex that is currently estimated to approximately NOK 350m.

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