Fully subscribed share issue for Andfjord Salmon

Andfjord Salmon AS and Pareto Securities completed a fully subscribed share issue of NOK 150 million within two days.

The issued amount will be used to start the development of the first phase of the awarded license for the farming of 10,000 tonnes of salmon at Andøy. The company aims to build the world's largest flow-through farming facility, combining the best of traditional aquaculture and closed systems.

Andfjord Salmon has already created international interest with its innovative patent for breeding salmon in a sunken pool on the shore. The method ensures the flow of pure nutrient-rich Atlantic water with optimum breeding temperature both summer and winter. The salmons are given plenty of space and thus living conditions that provide high quality fish welfare and good growth. Founder and chairman Roy Bernt Pettersen has a long track record in the aquaculture industry, and has long been a clear advocate for fish welfare and sustainability.

- Our vision is to build a future-oriented facility, which represents sustainable development of the aquaculture industry. Our most important advantage is the pure and cold seawater, which enables us to supply high quality salmon that the market demands, says Pettersen.

The Andfjord Salmon farming facility becomes escape-proof, lice-free and does not expose marine life to pollution or disturbance.

The goal of Andfjord Salmon, ever since the establishment of the company, has been to develop the most optimal operation of a farm that is sustainable and which minimizes energy consumption.

-A fish that thrives is a fish that grows. When seawater is collected at 160 meters deep, with 7 degrees throughout the winter, we avoid the salmon lice problem, because the salmon lice are best at five to ten meters depth. This will give us premium salmon, and it feels amazing that the vision is now being realized, says Pettersen.

Andfjord Salmon has conducted tests and used reputable external consultants and research environments to document that the system has low operating costs and minimal energy consumption.

- This project seems very exciting, and we look forward to working together on good fish welfare and fish health through planning and operation, says veterinarian Christine Thomassen, department manager for Åkerblå AS, Vesterålen.

Pettersen believes it would have been impossible to get to the Andfjord project if the company had not had access to interdisciplinary expertise and experienced professionals who have been willing to share their thoughts on the future of salmon farming.

Andfjord Salmon is a closed sea facility, which has been lowered to sea level on land. It has 100% throughput, with continuous renewal of fresh seawater. This differs from traditional land-based facilities, which are mainly based on water purification recycling.

In the first phase, the technology will be tested in one pool with approx. 1,000 tonnes of production, with an average harvest weight in excess of 4 kg. Next, a total of ten pool units will be built, which will provide ample space - with stable, oxygen-rich seawater for the farmed fish.

Andfjord Salmon is a Norwegian company established in 2014. The company is listed at Oslo Stock Exchange (ANDF), and located at Kvalnes on the northernmost island of Andøya in Vesteraalen, Norway.