Vestmannaeyjar-based LAXEY, a specialist in sustainable aquaculture, has raised €6 million in an equity private placement. This funding will be used to commence the construction of the second phase of their 4,500-ton HOG (Head On Gutted) land-based salmon production facility.
The funding round, which follows a €40 million private placement closed in April 2024, saw participation from Farvatn Private Equity and Kontrari, two Norwegian family offices experienced in seafood investments. These investors join existing stakeholders and employees, reinforcing confidence in LAXEY’s vision and execution.
Lárus Ásgeirsson, Chairman of the Board, commented, “The continued demand from prominent investors highlights the quality and hard work at LAXEY. Their experience and additional competence will be invaluable as we advance our project.”
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Progress and Future Plans
LAXEY has been making significant strides in its development. The hatchery, operational since November 2023, is performing well with the first two batches of smolt. The entire facility is expected to be fully commissioned by July, with a capacity to produce 4 million 100g smolt annually.
Construction of the grow-out site, utilizing a hybrid-flow-through technology, is also on schedule. The first grow-out tanks were erected in late June, with the facility set to welcome smolt insertion by fall 2024.
About LAXEY
Founded in 2019, the company previously known as Icelandic Land Farmed Salmon, operates a hybrid flow-through salmon farm on Vestmannaeyjar (the Westman Islands). Established by a family with over 75 years in the seafood industry, the icelandic firm aims to produce 27,000 HOG tons of Atlantic Salmon by 2031, significantly boosting Iceland’s current land-based salmon production.
The company’s operations are based on 100% renewable energy, and the company recycles biological waste for fertilizer production. The fish farm uses a hybrid flow-through system, reusing about 65% of the sea water and drawing 35% fresh sea water from local boreholes, ensuring optimal conditions for salmon farming.
With this substantial investment, the startup is set to advance its mission of sustainable aquaculture, contributing to a greener future for the seafood industry.
