8F raises $360m to fund four land-based salmon projects

It now has the capital required for phase one of its global rollout covering recirculating aquaculture system (RAS) projects in Poland, Japan, France and the US.

The investor base comprises family and institutional investors including several sovereign wealth funds, insurance companies, and pension funds from Europe, Asia, the Middle East and the US, said 8F. “The project also attracted substantial investments from the aquaculture industry including AquaMaof, Pure Salmon’s RAS technology partner.”

This phase represents a total production target of 40,000 metric tons per annum and will be delivered by Pure Salmon’s “growing team of experts” including specialists in aquaculture, salmon, RAS technology, sales and marketing, construction planning and execution, and finance and accounting.

The Pure Salmon management team is being brought together in a new global headquarters to be based in Abu Dhabi’s financial center, ADGM (Abu Dhabi Global Market), which will create a centrally located hub “from which the Pure Salmon vision will be realized in local markets around the world”.

Whilst the RAS facility in Poland is already up and running, the first three new-build projects – Japan, France, and USA – are progressing according to their respective timelines, the firm said.

The Japan project is the most advanced in terms of design, permitting and other preparations, and it is expected Pure Salmon will break ground here in early summer 2020. Pure Salmon is also working with engineering consultant Nippon Koei towards that goal.

Completion of works is expected by late 2021 with the first harvest planned for 2023.

Pure Salmon’s project in Boulogne-sur-Mer, France, is moving quickly with strong support from the local authorities, 8F went on.

The French government has offered a “fast track” process to obtain all necessary permitting by the fall of 2020. Pure Salmon has contracted three local specialist companies to execute geotechnical studies, hydrogeological studies and permit application assistance.

“As both Japan and France are 10,000t projects, the French facility will share many common design features of the Japanese facility, which helps the design process to be quicker. The company is in discussions with construction partners with a view to breaking ground before year-end, provided the permitting is completed as expected.”

For the 20,000t facility in the US, Pure Salmon has completed the site surveys and geotechnical studies. Its technology partner, AquaMaof, is scheduled to start working on the initial RAS technology design for this larger facility. The plan is to begin applications for permitting in a few months’ time and land preparation work is expected to commence during the last quarter of 2020, it said.

“Pure Salmon continues to develop its other projects including those announced in China, Africa, and Southeast Asia, which all contribute towards the global target of 260,000t of sustainable salmon production in local markets for local consumers.”

Stephane Farouze, board director of Pure Salmon and chairman and founder of 8F, called the asset raise highly successful.

“We have reached a critical milestone in the development of Pure Salmon and have truly begun our journey towards 260,000t per annum production of sustainable salmon. What’s more, having attracted such a highly respected group of investors, this shows the level of confidence in the potential of the land-based aquaculture industry and in the ability of Pure Salmon and 8F to successfully deliver their vision.”