Salmon Evolution partnered with Artec Aqua for the phase 2 build-out at Indre Harøy in Norway. Phase 2 is expected to be identical to phase 1 and add 7,900 tons HOG of annual production, bringing the total planned production volume to 15,800 tons HOG per year. Artec Aqua is the turnkey supplier for Salmon Evolution’s phase 1 project at Indre Harøy where the first smolt is expected to be released during March 2022 and with the full facility currently expected to be completed in Q4 2022.

The purpose of this agreement is to enable Salmon Evolution to be in a position to swiftly commence construction of phase 2 following the completion of phase 1. Such timeline requires significant preparatory activities, including but not limited to, planning, concept and detailed engineering and structuring of subcontractor tender processes.

Additionally, this preparatory phase will focus on leveraging the know-how and experiences gained from phase 1, facilitating the implementation of identified areas of improvement, both from a biological, operational and financial perspective. Given the timeline with first groundworks commencing after completion of phase 1, the companies should also be able to implement learning effects obtained during the first 12 months of production.

Håkon André Berg, CEO of Salmon Evolution, said that “as the phase 1 build-out at Indre Harøy now is nearing completion, we are very pleased to start the preparations for phase 2 construction. Phase 2 will stand on the shoulders of a successful phase 1 ramp-up and, together with Artec Aqua, we expect to realize significant efficiency gains while, at the same time, being able to continue optimizing the facility.”

CAPEX for phase 2 is currently estimated to be NOK 1.3-1.4 billion ($147-159 million).