Giant Japanese conglomerate Marubeni invested NOK 21 million (€2 million/$2 million) in Proximar Seafood's latest fund raising, and last month it also announced it had raised NOK 250 million (€24.3 million/$24.1 million) in a convertible bond. The company's total remaining financing need for Stage 1 production is estimated to be NOK 735 million (€70.6 million/$70 million). An additional NOK 110 million (€10.6 million/$10.5 million) is needed to secure financing to the end of March 2023, thus bringing the total financing requirement to NOK 300 million (€28.8 million/$28.6 million), the company said in September.

Proximar plans to solve its near-term liquidity requirements by a combination of increasing its debt facility by approximately NOK 50 million (€4.8 million/$4.8 million) and a NOK 250 million (€24 million/$23.8 million) convertible bond.

Jeronimo Martins, a Portugal-based international food industry group, invested NOK 173.9 million (€16.7 million/$17.5 million) in Andfjord Salmon during the summer and it recently secured a NOK 50 million (€4.8 million/$5 million) loan from Sparebank 1 Nord Norge.

Atlantic Sapphire raised over NOK 1.2 billion (€116 million/$113 million) in equity earlier this year. The company is set to receive $130 million (€133.5 million) in loans, mainly from DNB, in order to complete phase 2 of the facility.

Salmon Evolution announced this summer that “lower productivity on the construction site” has seen the final completion date slip to 2023, with capital expenditure (CAPEX) of about NOK 1.5 billion (€150 million/$150 million) now expected, compared to earlier estimate of NOK 1.4 billion (€140 million/$140 million), the company said. The company announced it had raised another NOK 300 million (€30 million/$30 million) from a private placement to fund the second phase of its Indre Haroy facility.

'Investors are increasingly asking for proof': Can the land-based aquaculture sector find financing in a recession?