First Water hf., formerly known as Landeldi hf., a company working towards developing sustainableland-based fish farming in Þorlákshöfn, Iceland, has completed an EUR 82 million, or ISK 12.3 billion,equity raise. The investment company Stoðir hf. remains First Water’s largest shareholder after thecapital increase. New shareholders in the company include the private equity fund Horn IV and a broadrange of domestic and foreign investors, such as pension funds and private investors. The purchase ofshares amounting to approximately ISK 2.5 billion is subject to investor’s final board approval.Landsbankinn Corporate Finance acted as sole financial advisor to First Water in connection with thecapital raise.
With this increase in share capital, financing for the initial phase of First Water’s inland farm isguaranteed. While annual production capacity in the first phase will be approximately 8 thousand tonsof salmon, First Water expects an eventual total capacity of around 50,000 tons by the target date of2028. The company intends to seek additional capital alongside listing on a stock exchange in 2025 tofund further development.
Until recently, the company was known as Landeldi hf., but has now adopted a new name: “First Water– Salmon from Iceland”. The name comes from the gemstone trade, where “first water” describes thehighest quality of diamonds. The name also alludes to the high quality of the water used in FirstWater’s land-based fish farming in Þorlákshöfn, both the water’s natural quality and its processingthrough First Water’s unique technology.
“The company goes from one major milestone to the next these days. We are very pleased with thegreat interest in the company shown by investors, both new and existing, and we offer a particularwelcome to the many new shareholders joining us. Our project has high prospects, as evidenced by thissuccessful capital increase despite today’s challenging market conditions. We recently completed ourfirst harvest and sold and shipped our first products to buyers overseas, both of which were enormousmilestones. The response from buyers and consumers exceeded all our expectations, and there isobviously a great market demand for high-quality raw material such as ours, with unsurpassed purityand sustainable production methods. Finally, we are launching the company's new name and brand:First Water – Salmon from Iceland. The name focuses on the remarkable water quality enjoyed by oursalmon, and will be highly beneficial to us in overseas markets. In light of all this, we have good reasonto be optimistic and continue developing our environmentally friendly and sustainable land-basedsalmon farming."
First Water operates a hatchery in Hveragerði and a grow out facility in Þorlákshöfn. The projectbenefits from the excellent conditions in Ölfus, with its plentiful access to land, environmentallyfriendly energy and, not least, pure fresh and sea water at an ideal temperature for salmon farming.Development is geared toward environmentally friendly production where salmon is farmed underideal conditions in fresh seawater pumped through layers of lava, and with all energy originating fromthe renewable energy sources of Landsvirkjun’s hydroelectric and geothermal power plants. Theproximity to transport routes also ensures the delivery of fresh, premium products to major overseas markets. The company has completed an environmental assessment and has obtained all permits tofarm approximately 8 thousand tons of salmon annually, but the company's ultimate goal is toeventually reach an annual production capacity of 50 thousand tons. First Water’s hatcheries and growout facilities are currently home to about 1.8 million salmons. The first harvest was in May 2023 andthe next is planned in August 2023. There are about 115 First Water shareholders following the capitalincrease, including entrepreneurs, executives and employees, as well as private and institutionalinvestors. Investment company Stoðir hf. is First Water’s single largest shareholder.
For more information, contact Eggert Þór Kristófersson, firstname.lastname@example.org