ISK 12.3 billion equity raise completed.
Landeldi, now First Water, which is developing a sustainable salmon farm in Þorlákshöfn, has completed a EUR 82 million equity raise, worth approximately ISK 12.3 billion. The increase in share capitalization secures funding for the first phase of First Water’s land-based salmon farm. The production capacity of the first phase will be approximately 8 thousand tons of salmon annually. According to the company’s strategy, the total capacity will amount to 50 thousand tons once development is completed in 2028. The plan is for First Water to be listed on a stock exchange in 2025 and simultaneously seek additional capital.
A story on First Water’s website reads: The company, which for a brief period was known as Landeldi hf., has adopted a new name: “First Water – Salmon from Iceland”. The name originates in the quality categorization of gemstones. The most translucent gemstones are called “first water”, like the clearest water. The name references the high quality of the water available to First Water’s land-based salmon farm in Þorlákshöfn, both the water’s natural quality and after being processed through First Water’s unique technology. It was determined that the company’s name should be in English as nearly all of the company’s products will be sold to foreign markets.
The company has completed an environmental impact assessment and has obtained all necessary licenses to breed 8 thousand tons of salmon annually. Currently there are approximately 1.8 million salmon in First Water’s smolt and post smolt production facilities. The first harvest took place in May 2023 and the next harvest is scheduled in August 2023. After the increase in share capital, shareholders number 115. Among shareholders are entrepreneurs, managers and employees, in addition to private and institutional investors. Investment company Stoðir hf. is First Water’s largest shareholder.