Genetically modified (GM) salmon producer AquaBounty presented its long-term strategy to investors, highlighting that the company is targeting to have up to five new farms in the coming years to reach a target of 50,000 metric tons by 2028.

The company is expecting its first harvests in the second and fourth quarters of this year.

Earlier in January, AquaBounty offered $10 million (€8.9 million) worth of shares of its common stock to investors. The company intends to use the capital to continue construction and renovation at its Rollo Bay and Indiana facilities, as well as invest in sales, marketing and research and development.

The closing sale price of the Nasdaq-listed stock was $2.66 (€2.39) per share on Jan. 14. The company expects 25.3 million shares to be outstanding after the offer.

The new investor report also estimates that each new farm would incur a cost of roughly $75 million (€67.8 million) to $100 million (€90.4 million) to construct.

The company is exploring North America for site expansion, but has previously been approved for field trials in Brazil, Argentina, and China. There is also a strong interest from Israel.