The land-based farming company Thor Salmon has completed a equity raise of ISK 4 billion through a private placement. The equity raise was led by IS Haf Investments and four of the fund’s shareholders: Útgerðarfélag Reykjavíkur, Birta Pension Fund, Almenna Pension Fund, and Íslandsbanki Pension Service.
Arctica Finance Corporate Finance managed the equity raise.
The funding secures the financing for the next phase of Thor Salmon’s operations, which involves the development of a 4,750 ton grow out facility at Þorlákshöfn. The first salmon harvest is expected in the autumn of 2027. This represents the second phase of a four-stage project, as the company ultimately plans to build a 20,000 ton land-based salmon farming operation. The first phase of the project is nearing completion this summer; it consists of a state-of-the-art smolt station capable of supplying smolt for the full 20,000-ton production, along with extensive preparatory work in research and licensing, all of which has been secured.
Thor Salmon’s management team consists of Jónatan Þórðarson, Þórður Þórðarson, and Halldór Ragnar Gíslason, with Vignir Stefánsson and Sigurður Örn Jakobsson also part of the company, all bringing extensive experience across multiple fields of aquaculture. The company also benefits from strong expertise on its board, which includes Jónas Engilbertsson, Alex Vassbotten, Birna Einarsdóttir, Carl‑Erik Arnesen, and Hermann Kristjánsson.
