🇮🇸 LAXEY secures €130 million in combined equity and debt financing
LAXEY Secures EUR 130 million in Combined Equity and Debt Financing to Advance Land-Based Salmon Farming Project in Vestmannaeyjar, Iceland
Vestmannaeyjar, Iceland – May 5th, 2025 – LAXEY, a pioneering land-based salmon farming company developing up to 36,000 tonnes (HOG) of annual production in Vestmannaeyjar, Iceland, has successfully completed a EUR 35 million equity private placement. This milestone secures funding for Section 2 of the build-up, and a production of 10,000 tonnes (HOG) of premium land-based Atlantic salmon annually.
In parallel with the equity raise, LAXEY has entered into a long-term financing agreement with Arion Bank that includes both the refinancing and expansion of debt facilities for Section 1, as well as new debt funding to support the build-out of Section 2. The total capital secured through this combined equity and debt financing now amounts to EUR 130 million, reflecting strong institutional confidence in the company’s long-term strategy. Since inception, LAXEY has raised over EUR 115 million in equity financing.
The equity raise was supported by existing shareholders, with the addition of several new high-quality investors. LAXEY’s shareholder base is composed of a broad and robust mix of Icelandic and international investors, including industry veterans with expertise spanning the full salmon farming value chain – from feed and farming to processing and sales. The Sigurjón Óskarsson family from Vestmannaeyjar remains the company’s cornerstone investor. Approximately 20% of shares are held by strategic investors with deep aquaculture experience.
Construction Progressing on Schedule – Hatchery Fully Operational and Grow-Out Underway
The project continues to progress in line with its original plan. The hatchery, completed in August 2024, is fully operational and has ramped up production smoothly. Five batches of eggs have already been stocked, with development proceeding as planned. The hatchery is designed for an annual production capacity of up to 4.6 million smolts, each averaging 100 grams.
Section 1 of the grow-out facility is nearing completion, with two smolt batches already having been transferred to grow-out production. The first 5,000 m³ grow-out tank came online in April, with the second tank set to begin operation in the coming days. Each Section will include eight such tanks. This marks one of the project’s most significant milestones to date – a clear validation that the design and execution are performing as intended.
Preparations are also underway for the construction of the processing and harvesting facility, with the first harvest expected in autumn 2025, fully aligned with the original project timeline. LAXEY has secured key technology partners and processing equipment to ensure reliable, high-quality operations from day one.
Commercial Strategy and Utilization of Smolt Production Capacity
As part of its growth strategy, LAXEY will leverage its production infrastructure not only for salmon destined for human consumption but also to cultivate and sell high-quality post-smolt to third parties. This dual-use approach maximizes utilization of tank capacity, accelerates revenue generation ahead of full harvest volumes, and provides greater operational flexibility. By supplying robust post-smolt to other producers, LAXEY plays a strategic role in improving biological outcomes across the value chain—reducing time in sea-based systems, lowering exposure to biological risk, and enhancing predictability and security for farming partners.
Project Expansion and Updated Production Capacity
Originally designed for a total annual production of 27,000 tonnes (HOG), the LAXEY project has now increased its targeted output to 36,000 tonnes (HOG) per year. This increase is driven by more efficient use of equipment and tank space, the integration of larger post-smolt volumes, and expanded grow-out infrastructure. The revised capacity reflects learnings from initial construction phases, strengthened operational capabilities, and enhanced technical execution.
The LAXEY project continues to generate both local employment and long-term value creation in Vestmannaeyjar, a community with strong seafood and food production heritage.
“We are seeing strong interest and continued confidence in the project from both existing and new investors,” said Lárus Ásgeirsson, Chairman of LAXEY. “This is a clear indication that our long-term vision of a sustainable and financially sound land-based aquaculture is highly relevant to both the Icelandic seafood industry and global markets. The progress we’ve made so far, including our ability to generate early revenue through post-smolt sales, and the enthusiasm we’re receiving from the investor community, confirm that we are on the right track.”
Arion Bank acted as Manager of the equity private placement, with Mar Advisors serving as financial advisor to LAXEY.
Originally published on 5 May by Laxey.
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