About us

First Water is revolutionizing the salmon farming industry with its innovative approach to sustainable aquaculture. Founded in 2017, the company set out with a clear vision: to produce high-quality salmon while minimizing environmental impact and leading the way in responsible seafood production. By harnessing Iceland's unique natural resources, particularly its renewable energy and pristine seawater, First Water is setting new standards in the industry.

Located in Þorlákshöfn, Iceland, First Water's state-of-the-art, land-based facility is a testament to the company’s commitment to innovation and sustainability. The facility is being developed in a series of six meticulously planned phases, each designed to incrementally increase production capacity and operational efficiency. Currently, the project is in its first phase, which, once complete, will yield an impressive 8,300 tons of Head-On Gutted (HOG) salmon annually. At full capacity, the facility will be a powerhouse of sustainable salmon production, setting a new benchmark for the industry.

Our story

2017
First Water founded
The company was founded in 2017 under the name “Landeldi” by a group of investors and experienced people within land based farming.
2020
Phase 1 EIA finalized
In beginning of 2020 the Environmental Impact Assessment (EIA) was finalized marking an important step for First Water.
2020
Öxnalækur hatchery acquired
An operational hatchery in Öxnalækur was acquired that will enable 1.8 million smolt production a year. The hatchery is 20km from the First Water facility.
2021
Start of phase 1 construction
Construction on the grow-out facility in Laxabraut, Þorlákshöfn started.
2022
20 MW electricity agreement signed
First Water signed signed Green Power Purchase Agreement with National Power Company Landsvirkjun for up to 20 MW of electricity.
2023
Phase 2-4 EIA finalized
In second quarter of 2023 the Environmental Impact Assessment (EIA) was finalized.
2023
Equity raise
First Water raised EUR 94m in a private placement
2023
First harvest
First two successful harvests were completed in May and October. The harvest amount was 370 tons of HOG Atlantic Salmon.

Meet our dedicated team

Management and key employees

Eggert Þór Kristófersson
CEO
Helgi Þór Logason
CFO
Stefán Ágústsson
COO
Guðmundur Þórðarson
CCO
Stefán Þór Winkel Jessen
CTO
Ómar Grétarsson
CMO
Valgerður Friðriksdóttir
HR Director
Stefán Sigurðsson
Intergrate Management
Amelía Ósk Hjálmarsdóttir
Station Manager

Board of directors

Örvar Kærnested
COB
Baldvin Valdimarsson
Board member
Steinar Helgason
Board member
Jón Sigurðsson
Board member