Nordic Aqua Partners receives Chinese investment for the salmon of the cultivated Atlantic

Nordic Aqua Partners (NOAP) has sold a minority participation in its China subsidiary to local investors, since the business seeks to climb the salmon production of the cultivated Atlantic.

NOAP, which is quoted in Oslo, said it has received 300 million yuan ($ 42.1 million) in exchange for an interest of 20% in Nordic Aqua (NOBO) Co. to help finance the completion of the second stage of its terrestrial salmon cultivation operation in the city of Ningbo.

The financing, of two unidentified Chinese investors, will also support phase three of the project, whose plans will be completed next year.

Phase one has already been completed with the first salmon harvest “executed successfully” in April last year. The plan is to increase the annual production of 8,000 tons predicted to 20,000 tons in Nordic Aqua (NOBO), which was created by the parent company in 2018.

NOAP said in a statement today (September 25) that evaluations prior to engineering for phase three were completed next year with the aim of starting construction at the end of 2026 or early 2027.

In an advertisement of results of the first half of today, NOAP said that the first harvest of the agricultural project of stage three is expected in 2029.

The company added that the investment will strengthen the “Aqua Ning Aqua Ningbus position such as the main land on land (recirculating aquaculture system) and the Atlantic salmon platform on land in China, positioned exclusively to meet the demand of the country of safe, sustainable and locally produced country.”

The CEO of NOAP, Ragnar Joensen, said: “This marks an important strategic milestone for Nordic Aqua.

“Our long -standing collaboration with Chinese institutions dates back to the beginning of Nordic Aqua. The introduction of two entities respected as strategic minorities partners represents a natural evolution of that cooperation.”

In the long term, NOAP said he will evaluate the option of a public list in China or Hong Kong through an OPI for Nordic Aqua Ningbo. That, said the company, would provide a “retired road to the cash flow scale, the operational leverage and the creation of long -term value in the largest and fastest seafood market in the world.”

Reflecting the initial stages of the Nordic Aqua Ningbo project, the parent group registered a net loss in the first half of € 14.35m (-$ 16.84m), expanding from a loss of € 1.71 million the previous year.

Income increased 58% to € 7.39m. The salmon harvest, still of phase one, was 955 tons, compared to 523 tons of the year before.

The operational Ebitda remained red for a sum of 1.27 million euros, compared to a corresponding loss of € 1.98m. The EBIT was reported as a loss of € 6.6m versus a loss of almost 2 million euros.

“Nordic Aqua Partners receives Chinese investment for the salmon of the cultivation Atlantic” was originally created and published by Just Food, a brand owned by Globaldata.