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AKVA strikes up new partnership Israeli investor to build land-based salmon farm

Equipment supplier, AKVA, has announced it has finalised a contract for a full grow-out recirculating aquaculture system (RAS) project from Norwegian company, AquaCon, following a preliminary announcement made in June that AKVA had entered into a contract for the construction of a land-based fish farm for AquaCon, in Maryland, on the U.S. East Coast.

The final signed contract has agreed to an increase from US $130 million to US $150 million, and the farming volume in creased from 15,000 tons to 16,000 tons of salmon in the facility’s first phase.

AKVA and Israel Corp., a listed Israeli investment company, will jointly participate in a US $5 million convertible loan, and will have the option to invest an additional US $15 million, each under certain conditions, according to a statement accompanying the announcement.

Additionally, Israel has acquired 15 per cent stake in AKVA for €52.3 million (US $60.6 million), and will partner with AKVA to attract investments for land-based projects based on AKVA solutions and technology. Egersund Group AS will still hold the majority ownership in AKVA.