The European Investment Bank has agreed a SEK 530 million (USD 50 million) venture debt investment in the company RE:OCEAN, backing the development of Sweden’s first in-land fish farm in Säffle, Värmland.

The facility will encompass all the production steps under one roof, from egg to harvest, slaughtering, processing and packaging. Salmon will be farmed in 88 pools under monitored conditions, with clean water circulating, being purified and reused, in a closed cycle.

The farm will enable the delivery of fresh and sustainable salmon directly to Swedish supermarkets and restaurants. The project is supported by Sweden's three leading wholesale companies — Axfood, Coop and ICA — which see great opportunities in being able to offer consumers healthy and sustainable Swedish salmon.

“At the EIB, we are delighted to finance this groundbreaking, major project for sustainable food production. Not only RE:OCEAN’s new facility will provide the Swedish population with domestically and sustainably produced salmon but it will also do so in an innovative and climate-friendly way, employing cutting-edge zero-water circulation technology. In addition, the food supply has become an important part of the critical infrastructure of any economy and the Säffle salmon facility will strengthen Sweden’s food self-sufficiency and resilience,” said EIB vice president, Thomas Östros.