Land-based fish farming group Nordic Aquafarms Europe recently raised millions in new capital to help accelerate its conversion from raising salmon to growing yellowtail.

The company recently raised NOK 90 million (€8.4 million/$9 million) from both new and existing shareholders, which values ​​the company at NOK 1.1 billion (€102.5 million/$110.3 million).

"There was very good interest in the capital raise, and the issue was oversubscribed," Nordic Aquafarms Europe CEO Bernt Olav Rottingsnes told Intrafish.

The money will partly be used to expand production at its hatchery in Denmark and to convert its facility in Fredrikstad, Norway, from salmon to yellowtail kingfish production.