Shareholders reaffirm strong confidence in First Water’s sustainable land-based aquaculture project
Þorlákshöfn, March 25, 2025 - First Water, a company specializing in sustainable land-based salmon farming in Þorlákshöfn, has completed a share capital increase amounting to EUR 39 million. The capital raise was led by existing shareholders, including Stoðir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóðurverslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR.
Robust financing
Prior to this share increase, the company had raised EUR 122 million in equity. With this latest round, total equity financing now stands at EUR 161 million. At the end of last year, the company also secured EUR 80 million in loan financing from Landsbankinn and Arion Bank. In total, First Water has now secured approximately EUR 240 million in funding, with investment in the project exceeding EUR 137 million to date.
This share increase enables First Water to complete the construction of phase one of six in Þorlákshöfn, further solidifying the company’s position as a leading player in sustainable land-based salmon farming in Iceland. The company emphasizes high-quality production while minimizing the environmental impact – key components of a reliable and responsible operation.
Operations Underway
First Water has already sold approximately 2,000 tonnes of premium-quality salmon, demonstrating the company’s ability to meet the growing global demand for sustainable and eco-friendly seafood products.
Upon completion, First Water’s land-based aquaculture facility will produce around 50,000 tonnes of salmon annually, developed in six phases, and expected to be fully operational by 2030. Each phase will contribute approximately 8,300 tonnes of salmon production per year. The total investment in the project will amount to approximately EUR 825 million, and when fully operational, the company is expected to employ around 330people.
To secure future production capacity, First Water has signed a 20 MW power purchase agreement with Landsvirkjun, with plans to expand to 50MW once Hvammsvirkjun hydropower station becomes operational. Additionally, the company has reached an agreement with Landsnet fo rpower delivery.
Eggert Þór Kristófersson, CEO of First Water:
“This share increase is a powerful endorsement from our shareholders, who know us best. Their continued investment signals strong belief in our team, our vision, and our ability to deliver results in sustainable aquaculture. It allows us to continue investing in the development of our operations in Þorlákshöfn and to accelerate the production of high-quality export products. Our development plans are on track, and we expect to complete the first phase of the project this year. We’re seeing strong international interest in premium land based salmon,produced for global markets using cutting-edge technology and a strong focus on sustainble use of natural resources. Sustainability and strict quality control are the cornerstones of everything we do at First Water. We are grateful for our shareholders' strong support and excited about the opportunities ahead.”