Icelandic land-based salmon farmer GeoSalmo has received a key environmental approval from the Icelandic National Planning Agency.
"This marks the end of a two-year project and is the single biggest milestones in the company's preparations for its development," GeoSalmo CEO Jens Thordarson said.
"With this result, the company will soon be able to start construction, thus opening a new chapter in the company's history."
Earlier this year, Thordarson told IntraFish that the only outstanding assessment required after the environmental assessment is a fish farming license from the Icelandic Food and Veterinary Authority (MAST), which will be secured once construction is complete.
To finish construction and get ready for the first phase of the project, management is currently holding talks to raise between €150 million-€160 million ($158 million-$169 million), he also said at the time.
Arion Banki, Kvikaand and DNB Markets are working as advisors on the capital raise.
GeoSalmo's first phase has a projected capacity of 7,500 metric tons, and it aims to reach that volume by 2026. The first two phases are expected to have a combined production capacity of 24,000 metric tons.