Iceland fish farmer completes first stage funding round for new project

First Water said it has secured around €75m (£64m). The financing comprises the issuance of a convertible bond of around €40m (£34m), led by the company’s existing shareholders, and approximately €35m (£30m) in debt financing facilitated by Landsbankinn and Arion Bank.

The company added: “With this financing in place, the company will complete construction of the first phase of its development and increase its annual production capacity from 5,000 tons to 10,000 tons of gutted salmon. 

Since it was established, First Water has raised up to €185m (£159m) in equity. This includes €40m through a convertible bond and secured approximately € 115m (£99m).

Last year, three pension funds joined as new shareholders. As a result, eight of Iceland’s ten largest pension funds are now among First Water’s investor base. Icelandic investment firm Stoðir remains the company’s largest shareholder, with a 33% stake.

Since January this year, First Water has commenced regular harvesting, with an average harvest weight of approximately 4.8 kg and a 95% superior ratio, indicating that 95% of the harvested fish qualifies for the highest quality grade. The total harvest for 2026 is projected to be around 3,000 tons (head on, gutted).

First Water CEO Eggert Þór Kristófersson said: “We have achieved outstanding results in sales in a short period of time, and demand for our 5 kg salmon has exceeded expectations.

“What matters most to us is that this demand and interest comes from buyers with high standards for quality and reliability.”

He added: “This underlines the clear competitive advantage of our product. This financing enables us to fully complete the first phase of construction. With continued construction and increased production capacity, we expect a significant rise in export revenues, laying the foundation for further expansion of First Water’s operations in Þorlákshöfn.”