Salmon Powered by iceland

Combining Iceland´s unique natural resources and state-of-the-art onshore farming technology, our salmon embodies innovation

GeoSalmo intends to be a leader in developing the onshore salmon farming industry to future success for the benefit of the world.

the Project

Building a 33.000 MT hybrid flow-through land-based salmon farm in Iceland.

The farm will have an on-site smolt facility, a grow-out and a processing plant. The production process will be linear and integrated, ensuring firm control and visibility on the 500 meter journey from ova to harvest size salmon.

The location

  • 01

    Iceland is nestled in the cold arctic circle between the powerhouse consumer markets of Europe and North America. Therefore, GeoSalmo has the ability to reach both continents with fresh products by ship.

  • 02

    The farm will be located in Þorlákshöfn, one of the largest fresh fish export harbors in Iceland. This secures optimal logistics to our main markets, reducing domestic transport costs and emissions.

  • 03

    The location is rich in sustainable natural resources, including freshwater and seawater that are naturally filtered through volcanic rock and collected at optimal temperature for salmon farming.

  • 04

    This will enable GeoSalmo to maintain rigorous control of water conditions in the facility, strongly contributing to biological safety, fish welfare and unmatched product quality.

Renewable Energy

  • 01

    Iceland has an abundance of clean, renewable energy thanks to its remarkable geography and geology. Iceland is literally powered by the land in the form of hydro- and geothermal energy.

  • 02

    GeoSalmo will use 100% renewable energy for its farming operations, while making sure to minimize its energy usage.

  • 03

    Efforts will be made to reuse energy as much as possible, for example, by using production generated waste heat for water heating.

  • 04

    GeoSalmo has concluded a stable and favorable long-term energy supply agreement with Icelandic energy provider ON (Orka Náttúrunnar).

Circular Economy

  • 01

    Various circular economy projects spring from growing land farmed salmon in Iceland. GeoSalmo will take full advantage of these opportunities and every bit of waste from the facility will be considered an opportunity to recycle.

  • 02

    Nutrient rich freshwater from smolt production will be utilized for vegetable production in an aquaponics greenhouse.

  • 03

    Sludge and effluent will be used to produce fertilizer or biogas.

  • 04

    Excess heat and flow will be recovered where possible within the farm.

Product
innovations

  • 01

    The company will focus on developing high-value products out of what would normally be considered waste in collaboration with innovative partners.

  • 02

    Driven by respect for the raw material, we strive to increase the value of all products created in the production process.

  • 03

    Nutrient rich freshwater from smolt production and CO2 from grow-out will be used to grow plants in a greenhouse.

  • 04

    Salmon by products will be used to produce high-quality food supplements and other high-value products.

Technology

Considering the unique and abundant recourses Iceland has to offer, utilizing innovative hybrid flow-through technology in onshore salmon farming is a natural choice.

Our salmon will be raised in a state-of-the-art hybrid flow-through system.

Freshwater and seawater, that has been filtered through volcanic rock, will be supplied from boreholes to the facility. Therefore, water conditions are ideal and no treatment is needed before utilization in the grow-out phase. Antibiotics and lice treatments will be completely eliminated.

The farming method enables the fish to grow in optimal conditions with minimal handling.

Hybrid flow-through is a proven method in fish farming. It limits biological risk, and ensures full control over the farming process. The technology removes the necessity to use undesirable chemicals in the farming process.

Our ideals

Clean energy

GeoSalmo strives to be a leading force when it comes to clean energy.

Circular economy

Our mission is to create a circular economy at our fish farming station, which would include wastewater usage, effluent treatment and re-use, heat and flow re-use.

Fish welfare

These procedures are a key factor in our ideals regarding environmental control and fish welfare, which will be at the forefront of our operations.

Sustainability profile

GeoSalmo has defined a set of measurable targets to ensure a robust and demonstrable sustainability profile. It will report on these in annual sustain-ability reports.

Sustainability

GeoSalmo is inspired by the UN Sustainable Development Goals (SDGs) and the Global Compact’s call to the private sector for corporate responsibility, transparency, and working toward becoming a part of the solution.

Zero Hunger

Sustainably produced salmon has the potential to become a leading global protein source by optimizing the use of natural resources.

UN Sustainable goal
02

Good Health & Well Being

Healthy and nutritious protein source rich in vitamins and minerals. Fatty fish is recommended as a regular component of a balanced diet by many leading authorities.

UN Sustainable goal
03

Decent Work and Economic Growth

High value, high-tech export industry for Iceland. Employment in small communities.

UN Sustainable goal
08

Responsible Consumption and Production

High-quality closed system production in clean conditions utilizing as few resources as possible and leaving as little as possible behind. Circular economy and utilization of waste for further value creation.

UN Sustainable goal
12

Climate Action

Farmed salmon is the lowest carbon animal protein available and a responsible value chain gives further opportunity to reduce this impact (i.e. feed production, transport, re-use of CO2 in ancillary production, etc)

UN Sustainable goal
13

Life below water

Land-based farming replaces sea-pen farming which has a significant impact on the marine environment. Effluent from the station will be filtered and the ingredients reused. Feed will be sourced from sustainable sources, replacing overfished forage fish.

UN Sustainable goal
14
Investing

An investment opportunity in a sustainable Natural land-based salmon farm supplying the fast-growing global seafood demand.

Looking to invest and need more information on the project?
Contact us
100%

It is projected that aquaculture will account for 62% of global fish production in 2030.

100m+

Supply of farmed Atlantic salmon is projected to be at 6m+ tons by 2040 with land-based  fish farming accounting for 27% of total supply.

100%

Ambitions for zero-carbon footprint and sustainable operations are at the heart of GeoSalmo’s design process with clear ESG goals.

100B

The business will deliver over NOK 1.5 billion in annual revenue at over 40% EBITDA margin once steady state operations are reached.

Our team

GeoSalmo’s leadership team is both experienced and dedicated to fostering a dynamic change-driven culture.

Jens Thordarson
Jens Thordarson
CEO
Karl Kari Masson
Karl Kari Masson
CFO
Hreidar Hreidarsson
Hreidar Hreidarsson
Head of Aquaculture
Jóhannes Gíslason
Jóhannes Gíslason
Head of Sales & Marketing
Bjarki Mar Johannson
Bjarki Mar Johannson
Head of Business Development
Gardar Sigthorsson
Gardar Sigthorsson
Head of Smolt
Ragnar Ingi Danner
Ragnar Ingi Danner
RAS & Greenhouse
Eythor Helgason
Eythor Helgason
Lead Engineer
Laufey Kristín Skúladóttir
Laufey Kristín Skúladóttir
Head of Project Management
News
10 min
 min(s)
January 19, 2024

GeoSalmo breaks ground

Yesterday, GeoSalmo broke ground on its new state-of-the-art hybrid flow-through salmon farm located west of Þorlákshöfn.

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News
5 min
 min(s)
January 2, 2024

GeoSalmo completes financing round

GeoSalmo has completed a financing round of 13.4 million EUR with the participation of Norwegian, Swedish, Icelandic and Dutch investors. The funding enables the Icelandic company to initiate construction of its state-of-the-art hybrid flow-through salmon farm in Iceland along with continuing other development activities.

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News
5 min
 min(s)
June 20, 2023

ON Power and GeoSalmo Agree on Purchase of Electricity

ON Power and GeoSalmo have successfully secured a contract to acquire up to 28 MW of electricity for their land-based salmon farm located in Þorlákshöfn. This agreement is a testament to both companies' unwavering commitment to environmental consciousness and sustainability.

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News
5 min
 min(s)
May 18, 2023

GeoSalmo environmental assessment confirmed

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News
5 min
 min(s)
March 30, 2023

Artec Aqua starts detail engineering phase

Earlier this month Artec Aqua and GeoSalmo held a kick-off meeting for the last phase of the design process of the joint project. The two companies signed a turnkey contract for the build of a 24,000-ton land-based farm, its first phase intended to produce 7,500 tons of salmon. The technology in the station is a mixed through-flow system that ensures best water quality with minimal interventions.

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News
2
 min(s)
February 6, 2023

Landsvirkjun aims to sell electricity to GeoSalmo

Landsvirkjun and GeoSalmo have signed a Term Sheet (TS) for electricity sales to the salmon farming company currently preparing a land-based salmon aquaculture in the vicinity of Þorlákshöfn. The TS states that the companies agree on the pending Power Purchase Agreement (PPA) rationale. GeoSalmo’s plans fit well with Landsvirkjun’s prioritisation in energy sales for the coming years, as GeoSalmo utilises Icelandic resources to produce high value, sustainable, climate-friendly, and nutritious salmon for consumption.

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News
5
 min(s)
December 16, 2022

GeoSalmo’s residents meeting in Þorlákshöfn

GeoSalmo held a residents’ meeting in Ölfus town hall in Þorlákshöfn on Wednesday, December 14th, and presented its plans for a land-based fish farming facility in the area. The purpose of the meeting was to present the main topics from the environmental assessment report which the company recently published, as well as to introduce the company and its future plans. Jens Þórðarsson, CEO, gave a presentation on behalf of the company. The meeting was well attended and sparked good conversations. GeoSalmo´s staff was present and available for the meeting's attendees for further questions at the end of the presentation.

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News
5
 min(s)
October 27, 2022

Five new employees at GeoSalmo

Five new employees have started working at GeoSalmo and join the company’s well-advanced preparation for the construction of its fish farm in Ölfus, near Þorlákshöfn. Construction is expected to begin in the first half of next year.

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News
5
 min(s)
August 26, 2022

GeoSalmo and Artec Aqua sign an agreement for the construction of a fish farm in Ölfus

GeoSalmo has signed a contract with the Norwegian company Artec Aqua for the design and development of its salmon farm on land in Ölfus, near Þorlákshöfn. GeoSalmo aims to build a 24,000-ton land-based farm, and the contract stipulates the development of its first phase, which is intended to produce 7,300 tons of whole salmon. The total value of the contract is between ISK 21-25 billion and covers the design, equipment, and structure of the station itself.

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