Norwegian land-based salmon producer Bulandet Miljofisk successfully raised NOK 100 million (€9.7 million/$11.6 million) in collaboration with Norne Securities, enough for the operation to move its project forward from concept to reality.
The first construction phase of the land-based fish farm is scheduled for completion in 2021, with the first delivery of fish planned during the spring of 2022.
The production model in Bulandet is based on flow-through technology with a combination of harvested fish and post-smolt.
In the first phase, the company will produce approximately 1,000 metric tons per year.
Investors such as Aquaculture Innovation, Jakob Hatteland and Karstein Gjersvik are investing heavily in the company.
The three largest shareholders accounted for 75 percent of the issue.
The company has a development plan for Bulandet which will mean an increase beyond the current permits of 5,500 metric tons, Bulandet Miljofisk General Manager Hans Haddal said.
