Aurora Abalone has closed a share capital increase of ISK 1.5 billion (approx. EUR 11 million). The proceeds will support the largest build-out phase in the company's history: building annual production of 100 tonnes of abalone. Abalone is a gourmet product sought after by the world's leading chefs.
Aurora Abalone builds on decades of research and development, now aimed at delivering high-quality products to demanding export markets. The company runs warm-water, land-based farms in Grindavík and in HS Orka's Resource Park on the Reykjanes peninsula, where its own farming system, SustainCycle™, draws on Iceland's natural advantages: cold, lava-filtered borehole seawater warmed with geothermal heat.
Aurora Abalone is Iceland's only abalone farm. It breeds and grows Ezo abalone (Haliotis discus hannai), prized in Japanese cuisine, and an Ezo and red abalone hybrid, on land in Grindavík and on the Reykjanes peninsula. Its broodstock has been built over decades from Japanese lines from Hokkaido, Iwate and Miyagi. The farms use lava-filtered borehole seawater warmed with spent seawater from a geothermal power plant, and sea lettuce (Ulva) grown on site forms part of the animals' diet. The company employs 11 people. It is now preparing a new farm in HS Orka's Resource Park that will be the largest abalone farm in Europe, and is building markets for its products in Europe, the United States and Asia.
The round was led by Dorg, Eyrir, ReykVC, Kjölur fjárfestingarfélag and Trøndelag Helgeland Invest, together with private investors.
Arctica Finance and BBA//Fjeldco advised the company on the financing.
