Proximar Seafood

Proximar Seafood is a Norwegian land-based salmon farming company developing its first production facility near Mount Fuji in Japan. The company aims to produce fresh Atlantic salmon using recirculating aquaculture system (RAS) technology. Proximar inserted its first batch of eggs in October 2022 and plans its first harvest in September 2024. The facility utilizes high-quality groundwater secured close to Mount Fuji for salmon production. Proximar's targeted long-term harvest level is 5,300 tonnes (head-on-gutted) per year in Phase 1, with estimated combined harvest volumes for 2024 and 2025 projected to be around 4,700 tonnes. As of mid-May 2024, the company reported a standing biomass of 188 tonnes, with 15 batches and approximately 1.6 million individuals in production. The company's location near one of the world's most important fish markets provides advantages in terms of reduced costs and carbon footprint. In February 2024, Proximar experienced a setback when a rupture in one of its operational tanks resulted in the loss of approximately 50,000 fish. The company took measures to improve tank joints and seals to prevent future incidents. Proximar completed the land purchase for its Mount Fuji project in June 2023, using funds from an 8.8 billion Yen blue sustainability loan facility arranged earlier that year.

Key customers and partnerships

Proximar Seafood has secured a long-term off-take agreement with its Japanese sales and distribution partner, Marubeni Corporation, for all produced volumes. In March 2024, Marubeni launched a dedicated Proximar division to enhance the marketing and sales of Proximar's land-based Atlantic salmon. In July 2024, Proximar announced its first sales agreement, securing a fixed price per kilogram for a significant portion of the harvested volumes for 2024. This agreement is expected to cover approximately one-third of the expected harvesting volumes for the year, with the price achievement in line with expectations and reflecting a premium compared to the cost of imported Atlantic salmon from Norway. The customer for this agreement is described as a high-end chain with a focus on seafood, which Proximar views as valuable for branding and marketing purposes.