New location for land-based facility that enables volume ramp-up to 9.000 tonnes HOG

Nordic Halibut AS (NOHAL) has signed an agreement with certain landowners that secures the location for its new land-based facility to be built at Torjulvågen in Tingvoll, Møre & Romsdal. The transaction will enable Nordic Halibut to realise phase two of the volume ramp-up plan to 9.000 tonnes HOG. Further, it will also significantly de-risk future production cycles as early-phase production will be spread across numerous locations throughout the production lifecycle.   

– This is an important milestone for Nordic Halibut. Tingvoll and Torjulvågen represent the perfect location for our new land-based facility. Torjulvågen has access to clean water with stable temperature well suited for Halibut farming in addition to being strategically located in our core production hub in Nordmøre. Proximity between land-based and sea-based production units enables optimal resource allocation across our value chain, says CEO Edvard Henden.

The new facility is planned to be divided into three 1.500 m2 production units and all land-based production phases will be integrated at one location. Production capacity at the facility once fully operational will be 1.25 million juveniles per year. Coupled with NOHAL’s already existing land-based infrastructure, the company will have the capacity to put over 2 million fish to sea per year, corresponding to a harvest volume of 9.000 tonnes HOG.

The facility will be built with well-established and proven technology and will be based on a 100% flow-through system. The fjords surrounding Torjulvågen are deep, enabling NOHAL to access water of high quality and stable temperature perfectly suited for land-based halibut production without the need for advanced technological water treatment or heating. This makes the facility energy efficient in addition to minimising technological risk throughout the production cycle.

Further, NOHAL has as part of the Company’s sustainability strategy the ambition to make the new land-based facility autonomous and close to self-sufficient by utilizing its own renewable solar power installed at the roof-top of the production units. 

– The new land-based facility will for the first time in the company’s history be fit-for-purpose and designed for Halibut farming specifically, without any legacy cost both in terms of location and technology. Utilizing Nordmøre’s natural environment and water properties enables us to produce energy efficient and sustainable superfood at an industrial scale, says CEO Edvard Henden.

Construction is planned to commence in Q2 2022 and gradually phased into production in 2023/24. This is ahead of schedule for NOHAL’s land-based facility and will enable a possible progressed timeline towards the initial production target of 9.000 tonnes HOG within 2030.

The parties to the agreements will aim at completing the transaction during Q4 2021, subject to necessary approvals from relevant authorities, such as required aquaculture licenses, discharge permits and building permits, as well as certain other third-party approvals. Nordic Halibut has received positive feedback from both local and regional authorities.

For more information, please see attached presentation or contact:
CEO Edvard Henden, edvard@nordichalibut.no, +47 91 14 11 65

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) art. 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. The announcement is made by Business Controller Kenneth Meyer on 30 September 2021 at 08:00 CET.