- To assist finance the next stage of its operations, the land-based salmon farming business Salmon Evolution in Norway has secured NOK 365 million (USD 34.6 million, EUR 32.3 million) via a private placement.
- On June 18, SalmonEvolution said that it will be doing a private placement to raise funds for the first and second stages of building its flow-through salmon aquaculture plant on the Norwegian island of Indre Harøy.
- In under eight hours, Salmon Evolution collected NOK 365 million, compared to its original goal of NOK 350 million (USD 33.2 million, EUR 30.9 million).
- Subject to certain drawing restrictions, the private placement increased the company’s total available capital to NOK 2.225 billion (USD 211 million, EUR 196 million) after revealing NOK 675 million (USD 64 million, EUR 59 million) in additional funding from unidentified banks. The Phase 2 buildout is now completely financed “with a buffer” thanks to the new funding arrangements and the private placement, according to Salmon Evolution.
- Salmon Evolution CEO Trond Håkon Schaug-Pettersen remarked, “This is really a transformative milestone, as we now are creating a fantastic platform that is fully funded for 18,000 tons gutted with a significant cashflow generating capacity that can support strong organic growth.”
- Due to a good salmon harvest and competitive pricing, Salmon Evolution just reported its first positive profitability in Q1 2024.
