Photo: First Water hf.

Icelandic Company First Water Secures EUR 39 Million in Share Capital Increase

ICELAND
Thursday, March 27, 2025, 00:10 (GMT + 9)

Shareholders Reaffirm Confidence in First Water’s Sustainable Land-Based Aquaculture Project

Þorlákshöfn – First Water, a leading company in sustainable land-based salmon farming in Þorlákshöfn, Iceland, has successfully completed a EUR 39 million share capital increase. The financing round was led by existing shareholders, including Stoðir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóður verslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR, reaffirming their strong commitment to the company’s vision and long-term growth.

Strong Financial Backing

With this latest investment, First Water’s total equity financing now stands at EUR 161 million, following an initial EUR 122 million raised in previous rounds. Additionally, the company secured EUR 80 million in loan financing from Landsbankinn and Arion Bank at the end of last year. In total, First Water has now secured approximately EUR 240 million in funding, with over EUR 137 million already invested in the project.

The newly raised capital will enable First Water to complete the construction of Phase One— the first of six planned development phases— further strengthening its position as a leader in sustainable land-based aquaculture in Iceland. The company remains committed to producing high-quality salmon while minimizing environmental impact, ensuring responsible and efficient operations.

Operations Underway & Expansion Plans

First Water has already demonstrated its production capabilities, having successfully sold approximately 2,000 tonnes of premium-quality salmon to global markets.

Upon full completion, First Water’s state-of-the-art aquaculture facility will produce approximately 50,000 tonnes of salmon per year. The facility’s development is structured in six phases, with each phase adding around 8,300 tonnes of annual production capacity. The full-scale project, expected to be operational by 2030, represents a total investment of approximately EUR 825 million. Once complete, First Water is projected to employ around 330 people.

Photo: First Water

To secure future production capacity, First Water has signed a 20 MW power purchase agreement with Landsvirkjun, with plans to scale up to 50 MW upon the commissioning of the Hvammsvirkjun hydropower station. The company has also reached an agreement with Landsnet for power delivery, ensuring a sustainable and reliable energy supply.

CEO Statement

Eggert Þór Kristófersson, CEO of First Water, commented:

“This share capital increase is a strong vote of confidence from our shareholders, who continue to believe in our team, our vision, and our ability to deliver results in sustainable aquaculture. Their commitment allows us to accelerate the development of our Þorlákshöfn facility and expand the production of premium-quality salmon for global markets.

Our project is progressing according to plan, and we anticipate completing Phase One this year. We see significant international demand for high-quality, sustainably farmed salmon, and First Water is well-positioned to meet this need through cutting-edge technology and responsible resource management.

Sustainability and rigorous quality control are at the core of everything we do. We are grateful for the trust and support of our investors and excited about the opportunities that lie ahead.”

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