Land-based salmon farmer Proximar targets positive cash flow after $17 million funding

Land-based salmon farmer Proximar Seafood said it expects a new NOK 180 million (€15.4 million/$16.9 million) financing package secured with the backing of major shareholders to help the company achieve positive cash flow by mid-2024.

The company plans to produce 5,300 metric tons of salmon from its land-based facility at the base of Mt. Fuji in Japan during the first phase of the project.

Last month, Proximar secured a corporate loan of NOK 680 million (€60 million/$65 million) from Mizuho Bank, Shizuoka Bank and Development Bank of Japan.