Yellowtail kingfish farmer The Kingfish Company has secured a bridge loan to continue development of its Netherlands-based facility.
The €10 million ($11 million) loan is being provided by Dutch lending giant Rabobank.
Long-term debt financing options to secure completion of Phase 2 development in the Netherlands is in advanced stages, according to the company.
The Kingfish Company saw its revenue surge 159 percent to €3.8 million ($4.3 million) during the fourth quarter of 2021, thanks to a 144 percent volume increase to 335 metric tons and an average price increase to €11.20 ($12.70) per kilo whole weight equivalent (WFE).
The increases reflected a year of strong growth for the producer, which doubled sales from €5 million ($5.7 million) in 2020 to €10.4 million ($11.8 million) in 2021 and boosted production volume to 1,154 metric tons compared to 467 metric tons in 2020.
In the second half of 2021, spending on Phase 2 capital development amounted to approximately €13 million ($14.7 million). Total spending on capital development in the second half of 2021 was €18.7 million ($21.2 million).
As a result of the start of Phase 2B, which will include a second pump house, second intake- and exhaust pipeline and an expanded hatchery in the Netherlands operation, the company anticipates an acceleration of capital expenditures in 2022, with the majority of expenditures occurring in the first half of the year.
As previously announced, total capacity in the Netherlands has been increased to 3,500 metric tons per year once completed, up from a projected 1,750 metric tons to 2,000 metric tons per year.
Across the Atlantic, the company obtained its final government approvals late last year. Kingfish Maine’s RAS facility is projected to produce up to 8,500 metric tons of yellowtail annually upon completion.