Nordic Halibut AS (“NOHAL” or “the Company”) is pleased to announce the successful securing of NOK 230 million in financing for its new land-based facility in Tingvoll. The financing enables NOHAL to realize phase two of the Company’s growth plan to 10,350 tonnes HOG within 2031, more than doubling existing production capacity.
The construction financing for the facility of NOK 230 million is secured with Sparebank 1 SR-Bank and Sparebank 1 Nordmøre, in a syndicated deal with SR-Bank as agent. The long-term financing, scheduled for implementation upon facility completion, have been established with Innovation Norway, Eksfin, Sparebank 1 SR-Bank and Sparebank 1 Nordmøre (the “Finance Parties”).
– We are pleased to have solidified the debt financing for the Tingvoll facility and are now able to proceed with the realization of phase 2 of our growth plan to achieve a production of 10,350 tonnes HOG within 2031. The new land-based facility at Tingvoll will greatly enhance and streamline our operations and serve as a focal point for our further growth. With this financing in place, we are confident that we, along with our stakeholders, are well positioned to meet our production targets towards 2031, says CEO Edvard Henden.
Situated in close proximity to the established production hub at Nordmøre, the Tingvoll facility will play a crucial role in mitigating risks associated with future production cycles. Distributing early-phase production across multiple locations will notably enhance the robustness of the production process.
The production target of the Tingvoll facility is to annually produce 1 million juveniles for release into sea. When combined with existing capacities, NOHAL will have the ability to produce and release 2 million fish into the sea annually, aligning with the production target set for growth phase 2.
The company remains on track to reach its long-term production targets, and the secured financing for the Tingvoll facility further secures the financial position.
– We would like to thank the Finance Parties for their cooperation and interest in this project. The production of sustainable halibut on an industrial scale represents a unique opportunity, and we are pleased to observe that these strong financial institutions share our vision, says CEO Edvard Henden.
Groundwork on the location was initiated in August 2023 and the Company intend to commence construction of the new land-based facility during H1 2024. According to the previously communicated project timeline, the facility is planned to be fully operational from 2027. The new debt financing and current project development strengthens the estimates for facility completion. The Company anticipates phasing the facility partly into production during 2025-26, further increasing the robustness and flexibility of the value chain.
About the Tingvoll facility:
NOHAL intend to develop and build a new land-based facility with all land-based production phases integrated at one location, targeting annual production of 1 million juveniles released into sea. Coupled with the Company’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 10,350 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, Tingvoll 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 minimizing technological risk throughout the production cycle.
NOHAL has as part of the Company’s sustainability ambition designed the new land-based facility to be close to self-sufficient by utilizing its own renewable solar power installed at the roof-top of the production units. Additionally, the facility will serve as a center of competence and R&D development – further strengthening the competitive advantage of NOHAL.
– The new land-based facility will for the first time in the company`s history be tailor-made for halibut farming specifically, without any legacy cost both in terms of location
and technology. Utilizing Torjulvågen`s natural environment and water properties enables us to produce energy efficient and sustainable superfood at an industrial scale, says CEO Edvard Henden.
For more information, please contact:
CEO Edvard Henden email@example.com
+47 911 41 165
CFO Kenneth Meyer firstname.lastname@example.org
+47 452 12 424