Iceland's Laxey secures €130m in combined equity and debt financing
Land-based Atlantic salmon farming company Laxey has successfully completed a €35 million ($40 million) equity private placement for its phase two build up to increase production by 10,000 tonnes (HOG) annually.
In parallel with the equity raise, the company has also entered into a long-term financing agreement with Arion Bank that includes both the refinancing and expansion of debt facilities for phase one, as well as new debt funding to support the build-out of phase two.
The total capital secured through this combined equity and debt financing now amounts to €130 million. Laxey has now raised over €115 million in equity financing.
The equity raise was supported by existing shareholders, with the addition of several new investors. The Sigurjón Óskarsson family from Vestmannaeyjar remains the company’s cornerstone investor.
Approximately 20 per cent of shares are held by strategic investors with deep aquaculture experience," said Laxey.
"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.
Phase one of the grow-out facility is nearing completion, with two smolt batches already having been transferred to grow-out production. The first 5,000m³ grow-out tank came online in April, with the second tank set to begin operation shortly. Each phase will include eight such tanks.
Preparations are also underway for the construction of a processing and harvesting facility, with the first harvest expected in autumn 2025.
As part of its growth strategy, Laxey plans to leverage its production infrastructure not only for salmon destined for human consumption but also to cultivate and sell post-smolt to third parties.
"This dual-use approach maximises utilisation of tank capacity, accelerates revenue generation ahead of full harvest volumes, and provides greater operational flexibility," said Laxey.
"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."
