Pure Salmon raises $358.8 million to fund first RAS farms

8F Asset Management has raised $358.8 million for the construction of Pure Salmon RAS facilities in Poland, Japan, France and the U.S.

Pure Salmon raises $358.8 million to fund first RAS farms
Photo source: Pure Salmon
March 16, 2020

Pure Salmon has over the last 12 months announced plans for several new RAS salmon facilities around the world. The company now has the capital required for phase one of its global rollout covering the projects in Poland, Japan, France and the U.S., thanks to the completion of fundraising from 8F Asset Management, closing its first aquaculture private equity fund at $358.8 million.

The investor base comprises leading family and institutional investors including several sovereign wealth funds, insurance companies and pension funds from Europe, Asia, the Middle East and the United States. The project also attracted substantial investments from the aquaculture industry including AquaMaof, Pure Salmon’s RAS technology partner.

This phase represents a total production target of 40,000 tons per year and will be delivered by Pure Salmon’s growing team of experts including specialists in aquaculture, salmon, RAS technology, sales and marketing, construction planning and execution, and finance and accounting. The Pure Salmon management team is being brought together in a new global headquarters to be based in Abu Dhabi’s financial center, ADGM (Abu Dhabi Global Market), which will create a centrally located hub from which the Pure Salmon vision will be realized in local markets around the world.

While the RAS facility in Poland is already up and running, the first three new-build projects – Japan, France and USA – are progressing according to their respective timelines, with the Japan project being most advanced in terms of design, permitting and other preparations, and where it is expected Pure Salmon will break ground in early Summer 2020. Pure Salmon is also working with Nippon Koei, Japan’s leading engineering consultant towards that goal. The completion of works is expected by late 2021 with the first harvest planned for 2023.

Stephane Farouze, board director of Pure Salmon and chairman and founder of 8F Asset Management, said that “with this highly successful asset raise we have reached a critical milestone in the development of Pure Salmon and have truly begun our journey towards 260,000 tons p.a. production of sustainable salmon. What’s more, having attracted such a highly respected group of investors, shows the level of confidence in the potential of the land-based aquaculture industry and in the ability of Pure Salmon and 8F to successfully deliver their vision”.

Each Pure Salmon farm will use RAS technology provided by Pure Salmon’s technology partner AquaMaof Aquaculture Technologies.