Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Cod farming venture raises EUR 10.5m to build up biomass

Click on the flag for more information about Norway NORWAY
Friday, February 21, 2020, 10:20 (GMT + 9)

PRESS RELEASE

Norwegian cod-farming venture Norcod has successfully raised new investment totalling NOK 105m (EUR 10.5m) in its ambitious journey to become the world's leading producer of responsibly farmed cod on an industrial scale.

The company launched a contemplated private placement with a subscription period running from 31 January to 5 February. The cash was raised among new and existing investors from both Norway and Denmark. Sparebanken 1 Markets helped facilitate the transaction.

Several subscribers indicated they will continue to support Norcod in future funding rounds. “This is extremely encouraging as it's imperative for us to have a strong backbone of investors who recognize the value of the business and our efforts,” said managing director Rune Eriksen.

The 13 Norwegian investors hail both from Trondheim, where Norcod is headquartered, and Oslo. Many are already involved in aquaculture, which testifies to robust local backing and belief in the venture by industry experts.

“It's a major success for Norcod,” said Eriksen. The company is targeting a harvest volume of 9,000 metric tons (MT) of fresh cod in 2021, scaling up to 30,000 MT in 2025 as it adds new facilities.

“The investment helps us reach our earnings goals, as well as our vision to help feed the global population through the production of sustainable, healthy protein,” Eriksen said. “We want to contribute to food security and protecting the planet.”

Norcod will use the net proceeds to invest in access to juveniles and build-up of biomass. The first batch of juveniles was transferred to the sea in January.

Photo: NORCOD

“The first 200,000 fish are doing even better than expected, with much lower mortality than budgeted but faster growth,” said Eriksen. These key factors were part of the problems that afflicted the last attempts at commercial cod farming a decade ago. Things have changed radically since then; the fry are of much higher quality with hugely improved characteristics, in addition to new technology.

“Progress is fantastic and a great indication that Norcod can become a major success story. At the same time we've put the next 1.8 million fry into the growth phase with our partners Mørkvedbukta and EcoMarine. That's also going well,” said Eriksen. The company's next batch of juveniles is slated to enter the sea in June. “The Norcod team is expanding and we're all very excited,” Eriksen added.

Photo: NORCOD

Danish investors already showed their strong interest in Norcod by raising DKK 28.5m (EUR 3.8m) through Artha Kapitalforvaltning in November. Their enthusiasm was evident in that investment being fully subscribed in just one hour, according to Artha director Jan Severin Sølbæk. Artha is also a signficant investor in the latest equity raise, and the response was just as fast.
 

[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
United States
Apr 6, 17:00 (GMT + 9):
IN BRIEF - Maine elver fishing enters first weekend of delayed year
Japan
Apr 6, 06:20 (GMT + 9):
Volumes and prices | Black cod (sablefish) imports: USA and Canada (week 12)
United States
Apr 6, 06:10 (GMT + 9):
Statistics | Catches and prices: Black cod (sablefish) at WOC | 2018-19-20
United States
Apr 6, 06:00 (GMT + 9):
Statistics | Catches: Black cod (sablefish) GOA-BSAI | partial figures March
Iceland
Apr 6, 04:00 (GMT + 9):
Marel overcomes the challenge of COVID-19
Worldwide
Apr 6, 01:30 (GMT + 9):
Other Media | The Fish Site:Tuna stock levels hold firm
United States
Apr 6, 01:00 (GMT + 9):
Pacific Cod catches from the DAP in the BSAI (week 12): Longline and Pot
United States
Apr 6, 00:40 (GMT + 9):
Other Media | The Bristol Bay Times: Fishing continues despite pandemic (Bering Sea)
United Kingdom
Apr 6, 00:30 (GMT + 9):
Other Media | fishfarmingexpert: Scottish Government throws £10m lifeline to processors
Norway
Apr 6, 00:30 (GMT + 9):
Other Media | iLaks: The price goes sideways for Easter salmon
Norway
Apr 6, 00:00 (GMT + 9):
Marine impact from salmon farming
Japan
Apr 6, 00:00 (GMT + 9):
As fish consumption in restaurants decreases, fishermen and wholesale market see their business fall
Norway
Apr 6, 00:00 (GMT + 9):
Norwegian seafood exports grow in value in Q1 2020
United States
Apr 6, 00:00 (GMT + 9):
Judge allows Alaska tribal herring lawsuit to move forward
Russian Federation
Apr 6, 00:00 (GMT + 9):
Other Media | SalmonBusiness: Russian Salmon viewed as systemically important 'backbone organisation' to government



Lenguaje
FEATURED EVENTS
  
TOP STORIES
VARD signs contract with P/F Akraberg to build innovative trawler
Norway VARD, Fincantieri’s subsidiary and one of the major global designers and shipbuilders of specialized vessels, signed an important contract for the design and construction of a sophisticated unit...
VNIRO scientists will study stocks of pollock and crabs in the Sea of ​​Japan
Russia Fed. A new scientific expedition launched in the Far East The VNIRO esearch vessel “Zodiac” left the port of Vladivostok on April 1 to conduct comprehensive research in the Sea of ​​Japan and ...
IPNLF welcomes Camerican International
United Kingdom The global food sourcing company furthers its commitment to providing US consumers with sustainable tuna by becoming a Member of the International Pole & Line Foundation Camerican International, ...
Barbados bets on tuna to boost the value of fish exports
Barbados The island’s fishing sector players and United Nations organizations draw up a plan to increase the value and sustainability of tuna exports. Barbados fishing industry representatives and Unite...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER