First Water Secures €39M to Advance Iceland’s Largest Land-Based Salmon Farm

Icelandic aquaculture innovator First Water has locked in €39 million in fresh equity funding, propelling the expansion of its cutting-edge, land-based salmon farming operation in Þorlákshöfn. This latest financial boost cements the company’s position as a major player in sustainable seafood production.

With this infusion, First Water’s total equity financing now stands at €161 million. Factor in the €80 million in loan financing secured from Landsbankinn and Arion Bank in late 2024, and the company’s total funding pool soars to €240 million—a staggering commitment to reshaping the industry.

More than €137 million has been funneled into the project, with the fresh capital earmarked for completing Phase One of its six-phase hybrid flow-through facility. This advanced system filters clean groundwater through volcanic rock, ensuring an optimal environment for salmon growth.

Once fully operational, the facility is projected to produce a remarkable 50,000 tonnes of premium salmon annually. Each phase contributes an additional 8,300 tonnes to the output, bringing Iceland closer to the forefront of sustainable aquaculture. The full-scale buildout, slated for completion by 2030, represents an €825 million investment and is expected to generate around 330 new jobs.

CEO of First Water Eggert Þór Kristófersson said the funding represents "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," Kristófersson stated in a press release.

"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 the sustainable 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," Kristófersson added.

The latest capital increase saw continued backing from a powerful consortium of investors, including Stodir hf., FW Horn slhf., Framherji ehf., Lífeyrissjóður verslunarmanna, Brú lífeyrissjóður, Líra ehf., and LSR. Their sustained commitment underscores the confidence in First Water’s vision.

The company isn’t just building for the future—it’s already making waves. First Water has successfully delivered 2,000 tonnes of premium salmon to market, demonstrating both proof of concept and growing demand.

First Water has locked in a 20 MW power purchase agreement with Landsvirkjun, Iceland’s National Power Company, to sustain its ambitious production goals. But the company’s vision doesn’t stop there—it plans to ramp up to 50 MW once the Hvammsvirkjun hydropower plant goes live. Additionally, an agreement with Iceland’s grid operator, Landsnet, ensures seamless energy distribution, reinforcing the project’s commitment to clean, renewable energy.