Norwegian cod farmer Norcod has raised NOK 105 million (€10.5 million/$11.3 million) in a private placement, taking the first steps towards establishing cod farming on an industrial scale, said manager and bookrunner SpareBank 1 Markets.
The company is targeting a first harvest of 6,500 metric tons in 2021, with further scale-up to 36,000 metric tons in partnership with fellow cod producer Namdal Settefisk.
The first batch of juveniles was transferred to sea grow-out in January, and the company has received a large batch of juveniles, expected to be transferred to sea phase in June.
