Embattled land-based salmon producer Atlantic Sapphire said it has raised another $65 million (€60.8 million) from a share issue, as the company battles to keep operations afloat and ensure development work on the first two phases of its Bluehouse farm operations near Miami, Florida can continue.

Atlantic Sapphire is also aiming to raise another NOK 140 million (€12.2/$12.9 million) from a subsequent share issue, the company said in a separate update late on Tuesday.

This comes after the company reported lower revenue for the first half of 2023 caused by weaker-than-expected production because of water temperature issues at the farm, the latest in a string of setbacks to dog the project.