Andfjord Salmon will stock more than a million smolts on land
The Norwegian company will stock 350,000 fish in its original pool this month, and a further 750,000 in the first of its new pools in October.
"We believe that we have an even better farming concept now than we had two years ago, and we look forward to demonstrating this," stated Andfjord Salmon chief executive Martin Rasmussen in the company's report for the second quarter of this.
The important waterways, which will supply the pools with seawater, have now been completed.
The latest milestones include the breakthrough to the sea of the intake tunnel and the completion of the branch tunnel to basin K0, where Andfjord Salmon's first production cycle was completed.
Pool K0 will be filled with water this week, and the company will begin the final preparations before smolt release.
Pool K1 is almost completed.
"The tunnel infrastructure under the pools is now filled with seawater, which has been circulated for a period of time to ensure good water quality when the smolts are stocked. In addition, the port area is operationally ready to receive wellboats with smolt," the company reported.
Prepared the ground for more
Andfjord Salmon is currently developing its land-based fish farming facility at Kvalnes, Andøya.
Under the company's existing permit, a total production at Kvalnes is expected to be 23,700 tonnes (gutted weight and post smolt).
However, area infrastructure such as waterways and the port area has been developed to support a future production volume of 48,000 tonnes of salmon at Kvalnes.
The picture shows smolt from the first stocking. Photo: Andfjord Salmon
Upcoming smolt release
Andfjord Salmon plans to stock around 350,000 smolts into pool K0 at the end of September.
The first smolt stocking will be followed by the stocking of 750,000 smolts in pool K1 at the end of October. The smolts from K1 will, with the new logistics system, be distributed into new units as the biomass increases.
All technical infrastructure is now in place and being tested. This includes things like feeding systems, fish logistics, sludge treatment, oxygenation, and freshwater systems. Photo: Andfjord Salmon
Finances
To support the company's development, funds of approximately NOK 1.55 billion (£114.6 million) were raised in the quarter, including a private placement of NOK 400m in new shares, a bond loan of NOK 750m for investments and working capital for the Kvalnes development, as well as the implementation of a NOK 400m sale and leaseback agreement related to the Kvalnes port property.
Due to the ongoing construction at Kvalnes, Andfjord Salmon did not produce salmon in Q2 2025, resulting in close to zero revenue in the period (Q2 2024: NOK 0.1m). The company reported a net loss of NOK 26.8m for the quarter, compared to a loss of NOK 18.8min the same quarter last year.
