Iceland-based salmon farming company Laxey is in the final stages of securing a €40 million ($44.4 million) investment from a group of institutional investors, a critical step in the completion of the €400 million ($444 million) land-based project.

Laxey is based on the island of Vestmannaeyjar, around 150 kilometers southeast of Reykjavik. The island is a “hardcore seafood community,” and its 5,000 residents have welcomed the project “100 percent,” according to Laxey Chairman Larus Asgeirsson.

The positive reaction to the project, Asgeirsson said, comes in part from the fact that its primary backer is a fourth-generation fishing family with roots on the island.