GeoSalmo, a Kópavogur-based company, secured a significant financing round of €13.4 million with investors from Norway, Sweden, Iceland, and the Netherlands. GeoSalmo is an Icelandic pioneer in environmentally conscious land-based fish farming, particularly specializing in salmon production, aiming to revolutionize the aquaculture industry through sustainable practices and technological innovation. This includes leveraging Iceland’s natural advantages for land-based salmon farming, focusing on environmentally friendly production, ensuring consistent quality, and timely delivery of products. Pål Reiulf Olsen, Chairman of Endúr and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company’s board.
GeoSalmo pioneers environmentally conscious land-based fish farming, particularly focusing on salmon production. Their mission centers on revolutionizing the aquaculture industry by integrating innovative technology with Iceland’s natural resources to establish a 24,000-ton salmon facility in Ölfus. Emphasizing sustainability and societal harmony, GeoSalmo aims to deliver high-quality salmon while upholding eco-friendly practices.
“This is a significant milestone for GeoSalmo and provides the company with the capital to take the next steps on its journey. We are extremely pleased with the group of investors joining the project now, their experience and connections will benefit us greatly in the development of our company,” says Jens Þórðarson, CEO of GeoSalmo. “This also demonstrates investor confidence in our vision for land-based farming, our technology, and our experienced team.”
A broad group of strong investors from Iceland, Norway, Sweden and the Netherlands join the shareholder group in this equity increase, forming a strong foundation for the company’s continued growth. Among the new investors in GeoSalmo are Skel Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA and Dutch fish processing and distribution company Adri & Zoon.
As part of this funding, Pål Reiulf Olsen, Chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry, and financial markets, and Marinella Haraldsdóttir, CEO of Úthafsskip, will join the company’s board. Pål and Marinella will serve on the board alongside founder and main shareholder of GeoSalmo, Aðalsteinn Jóhannsson.
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