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Salmon Evolution launches North America expansion and increases long term production target to 100,000 tonnes

Stock exchange notice

Salmon Evolution ASA (“Salmon Evolution” or the “Company”, OSE: SALME) is pleased to announce that it has initiated a process with the aim of expanding its farming operations into North America and at the same time raising its production capacity target to 100,000 tonnes HOG by 2032.

As part of this process, Salmon Evolution is currently evaluating identified potential production sites in North America. The Company expects to use the remainder of 2022 for such site selection and initial site verifications. Further, it is expected that the pre-construction phase including regulatory approval processes will take 2-3 years, allowing for construction start during 2025, upon which the plan is to build a full scale 31,500 tonnes HOG “Indre Harøy” facility, drawing on the experiences learned in both Norway and Korea.

To facilitate this expansion, the Company has established a dedicated team of both in-house and external resources. Additionally, the Company will establish a US corporate structure under its full ownership.

Mr. Håkon André Berg, CEO of Salmon Evolution comments:

“Although starting in Norway, Salmon Evolution has always had global ambitions. With the addition of North America into our portfolio, we will have an operating platform on all the three major salmon consuming continents.

Over the coming 12 months we expect to demonstrate the operational viability of our concept, solidifying Salmon Evolution’s global leadership position within the land-based salmon farming industry. Given the long lead times for this industry, we see it as critical for our long-term value creation to build and develop a tangible pipeline of high-quality projects.”

The Company’s strategy of pursuing accretive partnerships in overseas markets remains unchanged. As the project develops, Salmon Evolution aims to engage in partnership structures leveraging the Company’s human capital and maximizing shareholder value.

 

For further information, contact:

Håkon A. Berg
CEO, Salmon Evolution
+47 411 92 257

Trond Håkon Schaug-Pettersen
CFO, Salmon Evolution 
+47 911 91 327

 

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a production capacity of 100,000 tonnes HOG by 2032. The Company’s core focus is on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its chosen hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk. 

The Company’s first production facility is strategically located at Indre Harøy on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure, and an educated and experienced work force. Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes HOG at steady state. Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s chosen HFS technology.

Furthermore, the Salmon Evolution has initiated a process with the aim of establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no