Geo Salmo’s new land farm finally breaks the ice

Breaking ground at GeoSalmo's new hybrid flow-through farm, Ölfus

Icelandic company Geo Salmo has finally broken ground on its state of the art hybrid flow-through farm in the south west of the country.

Amid sub-zero temperatures, the company carried out a start of construction ceremony at the site west of Þorlákshöfn which is not too far from the town of Grindavik, currently hit by a volcanic eruption. The company hopes to start production in 2026.

Because of the unpredictable nature of Icelandic winters, guests were invited to view the ceremony at a reception hosted at the nearby Ölfus Town Hall.

Jens Þórðarson, CEO of GeoSalmo said: “We have worked tirelessly over the past two years to design and develop our new facility… the fish farm and associated buildings that we have broken ground on today are among the largest constructions undertaken by a private company in Iceland, and if done right, land farming could emerge as a leading industry in this country.”

GeoSalmo’s first functional land-based salmon farming facility will be capable of producing up to 24,000 tons annually.

The initial phase of the project will produce roughly 7,500 tons and the first products are expected to launch in 2027.

The company completed a successful financing round at the end of last year with Norwegian, Swedish, Icelandic and Dutch investors participating.

Among new investors joining the project are SKEL Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA and Dutch fish processing and distribution company Adri& Zoon.

The first sod at the ceremony was turned by (pictured, from left) Sigurður Ingi Jóhannsson, Iceland’s Minister of Infrastructure, Guðrún Hafsteinsdóttir, Minister of Justice, and Hreiðar Hreiðarsson, Head of Aquaculture at GeoSalmo.

The company said it was a pleasure to have the two ministers participate, considering their local roots in the area.

Justice Minister Guðrún Hafsteinsdóttir said: “It is a cause for celebration that substantial investments are being made here to foster employment and create value in Ölfus.

“Such dedicated investment is of great importance for the local community and neighbouring areas, as it stimulates the economy and contributes to societal advancement.

“It‘s not just a matter of constructing one sizable project – it’s about cultivating a flourishing community that will come to hold significance to the country’s entire economy,” she maintained.

“Salmon farming is becoming an increasingly important part of the world’s protein production, and witnessing the dedication that defines the company’s initiative in this field is truly gratifying,” Sigurður Ingi Jóhannsson, Minister of Infrastructure added.

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