Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company that utilizes a hybrid flow-through system (HFS) for fish production. The company's primary facility is located at Indre Harøy in western Norway, with a planned annual production capacity of 31,500 tonnes head-on gutted (HOG) salmon when fully developed. Salmon Evolution's approach combines the best conditions offered by the sea with innovation and new technology on land, allowing for responsible and sustainable salmon farming in a controlled environment.

The company's HFS technology reuses about 65% of the water while introducing 35% new filtered seawater, which simplifies the process compared to conventional recirculating aquaculture systems (RAS). This method aims to eliminate the risk of parasites, limit infection threats, and provide optimal growth conditions for the salmon. Salmon Evolution's first phase of production at Indre Harøy has a capacity of 7,900 tonnes HOG per year, with the facility having commenced operations in March 2022.

In August 2021, Salmon Evolution acquired Kraft Laks AS, a smolt producer with an annual production of around 1.8 million smolt and a license to produce up to five million smolt per annum. This acquisition supports the company's vertical integration strategy and ensures a steady supply of smolts for its operations. Salmon Evolution is listed on the Oslo Stock Exchange under the ticker "SALME" and has secured green power agreements to run its operations on hydroelectric power, further enhancing its sustainability profile.

The company achieved Aquaculture Stewardship Council (ASC) certification in October 2023, demonstrating its commitment to stringent aquaculture standards. Salmon Evolution began commercial harvesting in November 2022, with its products becoming available in Norwegian markets. In Q4 2023, the company reported a standing biomass of over 2,200 tonnes live weight and achieved EBITDA break-even in its farming segment.