Icelandic land-based salmon company Laxey raised €42 million ($45 million) from local investors as part of its first fund raising round.
Laxey, which previously operated as Icelandic Land Farmed Salmon, has begun construction of its fish farming facilities in Westman Islands, an archipelago off the south coast of Iceland. The project consists of a hatchery and a growout facility.
The fish farm will use a hybrid flow-through system in which about 65 percent of the seawater is reused, while 35 percent is fresh seawater pumped from the ground.
