The country’s three largest pension funds now join them as shareholders
Laxey, an Icelandic company developing land-based salmon farming in Vestmannaeyjar, reported that has completed the second part of its share offering to finance the construction of its Section 2, raising additional USD 32.74 million. In total, the company has increased its share capital by USD 73.65 million this year, about half of which comes from new investors. Due to strong oversubscription, the offering was significantly expanded beyond initial plans.
The country’s three largest pension funds now join Laxey as shareholders: LSR (the Pension Fund for State Employees in Iceland, LIVE), the Pension Fund of Commerce and Gildi Pension Fund, alongside prominent private investors. After the equity increase, the family of Sigurjón Óskarsson remains the leading shareholder with a 38% stake, strategic international investors hold about 21%, and Icelandic pension funds hold approximately 20%.
This capital increase secures, among other things, the financing of a large smolt facility that will be located in Viðlagafjara next to the grow-out tanks and will receive 100-gram smolt from the company’s smolt station. The facility will be equipped with eight 1,100 cubic meter tanks in a covered building, ensuring maximum utilization of production capacity, biosecurity, and operational reliability.
Arion Bank acted as lead manager of the share offering, with Mar Advisors as financial advisors to Laxey.
Processing Facility in Construction
Production for the company’s own farming continues to advance in its smolt station, which is now fully operational. The first batch of fertilized eggs arrived in the hatchery in November 2023 and was transferred to the grow-out stage in November 2024. That group has now reached an average weight of 2 kilograms and harvesting is planned for November 2025, when the fish will have reached a harvest size of 4–5 kilograms.
Construction of the processing plant has begun, and it will be ready for use this autumn. The processing facility will be an important part of the company’s value chain, ensuring that Laxey controls the entire process, from egg to harvest.
Construction of Section 2
Work has started on Section 2 of the Laxey grow-out station. The exterior walls of the first grow-out tank have already been erected, and construction continues schedule. This section will support increased production capacity and strengthen the company’s infrastructure.
“We view this successful financing as confirmation of the confidence investors have in the company and our vision for the future. It enables us to accelerate development, strengthen revenue streams, and deepen cooperation in the sector on a foundation that is stable, responsible, sustainable for communities and the environment, and realistic over the long term. We are happy to further strengthen our shareholder group, which will reinforce the company, and support our journey,” said Lárus Ásgeirsson, Chairman of Laxey’s Board.
Laxey is guided by operating in the spirit of sustainable food production, with a focus on quality, environmental responsibility, and animal welfare.
The Highest Quality
Aquaculture has for a long time been the fastest growing food industry worldwide. Global population growth and improved quality of life have meant that demand for salmon has been growing faster than supply.
According to them, Atlantic salmon is an ideal fish to farm: it produces high quality protein and is a popular food in many parts of the world.
They explain: “Our salmon farm on Heimaey will produce salmon of the highest quality with clean, environmentally friendly energy in clean seawater under favorable conditions. The sea temperature in the Westman Islands is the highest in the waters around Iceland. Waste will be removed from the effluent and will be utilized as much as possible. Juveniles are vaccinated but no drugs will be used in the salmon farming. This will create natural, high-quality food in a sustainable way.”
Their ambition is to work in harmony with society and nature and build a great workplace with the best staff available. The site for the farming facilities is located on the northeast side of Heimaey, the largest of the Westman Islands, in an area that has been used as a mine in recent years.
