Atlantic Sapphire knocked off its perch as world's most valuable land-based salmon farmer

There's a new land-based salmon farming giant in town.

The share price of Salmon Evolution, a company backed in part by Korean food giant Dongwon and US agri-giant Cargill, has risen over 30 percent in the past week, and market watchers think there's even more upside to come.

The company, whose project outside Molde, Norway, reached a key milestone last week with fresh seawater flowing into the company's first test tanks, is now worth NOK 3.294 billion ($376.2 million/€331.5 million) on the Oslo Stock Exchange at Thursday's market close.

That market capitalization puts the company among the world's most valuable seafood companies, just 18 months after the company first debuted on the Oslo Stock Exchange.

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Atlantic Sapphire, which has long held the spot as the world's most valuable salmon farmer, had a market cap of NOK 3.237 billion ($369.9 million/€325.8 million) at the close of trading Thursday, close to an all-time low.

At one point in its history, Atlantic Sapphire's market cap exceeded $1 billion (€882 million).

The company has suffered a string of setbacks over the past year, sending investors fleeing.

Pareto Securities Analyst Carl-Emil Kjolas Johannessen told IntraFish that Salmon Evolution investors may have been given a confidence boost with images posted this week on social media of the water ranks being filled.

In addition, the company also announced it would be taking delivery of its first smolts soon.

The first construction phase of the Norwegian Salmon Evolution project has a production capacity of 7,900 metric tons.

As part of its partnership with Dongwon, Salmon Evolution owns 49 percent of the massive K Smart project in South Korea.

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The cost for the first phase of that project, which will produce 10,000 metric tons of Atlantic salmon, is projected to be NOK 1.6 billion (€154 million/$187 million). Ultimately the project plan calls for producing 20,000 metric tons.

Dongwon, which also owns canned tuna brand Starkist, will hold 51 percent of the project.

In October, Cargill invested $5 million (€4.3 million) in Salmon Evolution, and has also inked a deal with the group to supply feed to its facility in Norway.