Onshore fish farming venture First Water seeks €200 million in funding

First Water, a land-based fish farming company in Thorlakshofn, South Iceland, has begun raising up to EUR 200 million (approximately ISK 30 billion) in equity, according to business website Innherji. The company, which has the capacity to produce 50,000 tons annually, has so far relied on domestic investors and banks but is now seeking international investment. At a conference in London last week, Investment Opportunities in the Arctic, which was held by Arion Bank and law firm BBA//Fjeldco, CEO Eggert Thor Kristjansson highlighted the bright future of the industry, with demand expected to grow by 8% annually over the next decade, compared to a 2–3% annual supply increase. First Water recently secured loan facilities worth EUR 80 million, with an option to extend to EUR 120 million from Icelandic banks. London-based investment bank Lazard is advising the company on the fundraising process, expected to conclude in the first half of 2025.