Information for investors
The project has been under development since early 2019. From the establishment of the original development company, Sjálfbært fiskeldi í Eyjum ehf., the focus has been on professional execution, thorough preparation, and transparent communication. All investor materials have been prepared by specialists in their respective fields, and the project has been developed in close dialogue with stakeholders and the local community in Vestmannaeyjar.
LAXEY’s first financing round was completed in July 2023 with strong results, enabling the company to reach key construction milestones. In parallel with the equity offering, all holders of convertible bonds elected to convert their bonds into equity, increasing the number of shareholders from one to 22.
In April 2024, LAXEY completed a €40 million private placement. Due to strong investor demand, an additional €6 million was raised in June 2024 through a private placement. This financing marked the start of construction of the second phase of the 4,500-ton land-based salmon facility.
During the second financing round of 2024, employees were offered the opportunity to participate in the equity offering. These financing rounds further diversified the shareholder base, increasing the number of shareholders from 22 to 68.
In 2025, LAXEY completed two significant financing transactions. First, a combined equity and debt financing totaling approximately €130 million. This was followed by an additional equity raise of approximately €28 million, which was oversubscribed. These transactions significantly strengthened the company’s balance sheet, secured capital for continued expansion, and attracted new institutional and strategic investors.
Following these transactions, the ownership structure reflects a strong and balanced shareholder base. The Ós family, the company’s anchor investor, holds approximately 38% of the shares. Strategic international investors hold 22%, Icelandic pension funds hold 20%, and other private investors hold 20%.
In total, the 22 largest shareholders own approximately 90% of the company, providing a solid and long-term ownership foundation for continued growth and execution.
The project has undergone a comprehensive environmental assessment, conducted by Eflu hf., Iceland’s leading consulting firm in this field. No significant objections have been raised regarding the company’s plans.
When selecting technology and solutions, a strong emphasis has been placed on sustainability and minimal water usage. The company has partnered with one of the world’s leading firms in RAS system construction to ensure efficient and sustainable water utilization, with no negative impact on water resources in Vestmannaeyjar.
Collaboration with energy providers and suppliers has been key to securing the necessary infrastructure, ensuring that the facility’s operations will always be supported by a stable energy supply. The company is committed to using 100% green energy in all its operations.
Vestmannaeyjar offer unique conditions for land-based aquaculture. The selected development site, Viðlagafjara, is highly suitable for land-based salmon farming. The project’s key design principles are based on:
- Reliability
- Biosecurity
- Water quality
- Stable growth environment
- Automation
The land-based farming facility benefits from proximity to marine resources at optimal temperatures, a strong knowledge-based community, and close access to key seafood industry infrastructure.
All fish will be transported by ship to market, and Vestmannaeyjar’s strategic location makes it highly advantageous for exports to both Europe and North America.