Icelandic fishing giant Samherji announced a ISK 3.5 billion (€25.1 million/$26.2 million) share capital increase on Thursday to help fund its new 40,000-metric-ton, land-based salmon farm.

Alf-Helge Aarskog, the former CEO of Norwegian salmon giant Mowi, has also invested in Samherji Fiskeldi -- the group's fish farming division -- and will take a seat on the company's board.

The funds will be used to build a pilot project in Oxarfjordur, Iceland, as well as for the design and construction of a 40,000-metric-ton farm in the Resource Park at Reykjanesvirkjun.