Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey

Salmon Evolution: A Norwegian salmon farming company targeting a global leading position in sustainable production of high-quality salmon from land-b

Salmon Evolution: Results for the third quarter 2021

  (NORWAY, 11/17/2021)

Third quarter highlights

  •     Construction of Phase 1 at Indre Harøy progressing according to plan - on time on budget
  •     Preparing for first smolt release at Indre Harøy in Q1 2022
  •     Acquired smolt company Kraft Laks AS, securing in-house smolt for Indre Harøy Phase 1
  •     Kraft Laks smolt performing well, Indre Harøy March 2022 batch already 200+ gram
  •     Listing of the company's shares at the main list on Oslo Stock Exchange
  •     Available liquidity of NOK 1,198 million per 30 September 2021 including committed undrawn credit facilities and adjusted for Cargill USD 5m private placement

Subsequent events

  •     Entered strategic feed partnership with Cargill, combined with USD 5 million private placement towards Cargill

Since the groundwork at Indre Harøy started in May 2020, Phase 1 has developed according to plan, on time and on budget. Ten out of twelve fish tanks are now assembled, and the remaining two are expected to be completed in Q4 2021. In October Salmon Evolution also successfully installed the two water inlet pipes, and the full intake station is expected to be completed in Q4 2021. The company remains on track for the first smolt release which is scheduled for March 2022.

Total capital expenditures during the quarter were NOK 239 million, of which NOK 230 million were investments related to the turnkey project with Artec Aqua at Indre Harøy. As per 30 September 2021, accumulated capex from project initiation in 2019 amounts to NOK 745 million.

On 16 August 2021 Salmon Evolution announced the acquisition of smolt company Kraft Laks AS (“Kraft Laks”). Kraft Laks currently has an annual production capacity of around 1.8 million smolt but holds licenses to produce up to 5 million smolt per year subject to certain conditions. The acquisition secures access to quality smolt for Phase 1 at Indre Harøy. Kraft Laks utilizes a similar production technology as Salmon Evolution’s hybrid flow-through system (HFS), making Kraft Laks an ideal fit for Salmon Evolution.

On July 9, the Salmon Evolution share was transferred to the main list on Oslo Stock Exchange, opening new opportunities for funding of further growth.

Commenting on the development, CEO Håkon André Berg, said:

"The company is now putting a lot of focus and attention into planning for production start. During Q3 2021 several new employees were enrolled. The company will continue to retain highly qualified operating personnel also in Q4, ensuring a well functioning operating organization in place well ahead of March 2022. In South Korea, the initial feasibility study was delivered in October and K Smart is now in the process of tuning the facility layout and production plans”.

In October 2021 Salmon Evolution entered a strategic partnership with feed producer Cargill. Cargill has committed to allocate significant resources and R&D capacity, with the purpose of developing sustainable feed solutions tailored to Salmon Evolution's operational targets. As part of the agreement, Cargill invested USD 5 million in Salmon Evolution through a private placement.


Salmon Evolution is now only some four months away from releasing the first smolts into the fish tanks at Indre Harøy and the activity level at the construction site is at all-time high.

Salmon Evolution’s success is dependent on the competence of the people in the organization. As part of the operational planning, Salmon Evolution is now in process of hiring day to day operating personnel. In this context, the Board is very pleased to observe that Salmon Evolution is regarded as an attractive employer and that the company is able to recruit tier 1 personnel across the entire organization.

The average Fish Pool salmon price in Q3 2021 was NOK 55.5/kg, compared to NOK 48.6/kg in Q3 2020. Total export of Atlantic salmon from Norway during the quarter increased 17% year over year. The solid price development in parallel with high volume growth is a good indicator on the underlying development in the salmon market and the development seen during the third quarter indicates that the market is well underway to recover from the challenges caused by Covid-19.

Salmon Evolution reiterates its view that land-based salmon farming will play a vital role in growing the overall salmon market. However, it will take time before meaningful volumes are brought forward, as lead times are long, capital intensity is high and access to competent and experienced personnel may become a bottleneck.

With all committed projects fully funded, the first smolt soon to enter the fish tanks, a solid organization and world leading partners across the value chain, the Board is of the opinion that Salmon Evolution is uniquely positioned to take a global frontrunner position in the future development of land-based salmon farming.

[email protected]

Information of the company:
Address: Eikremsvingen 2C,
City: Molde
State/ZIP: (NO-6422)
Country: Norway
Phone: +47 901 16 803
E-Mail: [email protected]
More about:



Click to know how to advertise in FIS
Skretting Introduces New Feed Formulation Concept
FDO Showcases Range of Seafood Products at HORECA Oman 2024
Atlantic Sapphire Further Reduces Carbon Footprint by Joining Esteemed FPL Solar Together Program
GSA Launches BAP Consumer Websites in French and German
High Liner Foods Invests US$10M in Andfjord Salmon
Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31
Filetfabrikken is Ready for the Future of Fish Processing
Wanda Fish Unveils Its First Cell-Cultivated Bluefin Tuna Toro Sashimi
Veramaris Achieves a Record-breaking Year With a 50% Increase in Production Volumes
Online registration is Now Open for Aquaculture Vietnam 2024
Tasmanian Oyster Company Renews Friend of the Sea Certification
Good Results in a Biologically Challenging Quarter for Mowi in Norway
Coles Canned Tuna Range to Get Tick of Approval from MSC
Seaweed Caviar: The “Roe” of the Future
A Gourmet Line of Peruvian Seafood Like no Other
Shinkei Announces USD 6 Million in Seed Funding for Sustainable Robotic Fish Harvesting
BEWI Introduces New EPS Grades and Fish Boxes with 60% Lower CO2 Footprint
Enabling the Blue Food Revolution
American Seafoods Releases Annual Sustainability Report
Natural Shrimp, Inc. Completes Successful Trial in Japan
More Articles...

Vietnamese canned tuna increases market share in the US
Viet Nam Vietnam's canned tuna exports continue to grow rapidly in the first months of 2024. In April 2024 alone, canned tuna exports to this market increased by 127 %, reaching more than 10 million USD. A...
GSA Releases Outline of the Responsible Seafood Summit 2024 Conference Program
United Kingdom Global Seafood Alliance (GSA) has announced the release of an outline of its highly anticipated Responsible Seafood Summit conference program for 2024. Set to take place in October in St Andrews,...
Indian Ocean squid price index: Flying squid (Ommastrephes bartramii)
China In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association&n...
Court Ruling Orders Seizure of the Tai An Vessel
Argentina Federal Court No. 11 where the case for environmental damage is being processed in a collective process decided to issue the definitive seizure of the ship, after considering that the plaintiffs have ...

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER