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 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.
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.
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.
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.
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.
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.
GeoSalmo will use 100% renewable energy for its farming operations, while making sure to minimize its energy usage.
Efforts will be made to reuse energy as much as possible, for example, by using production generated waste heat for water heating.
GeoSalmo has concluded a stable and favorable long-term energy supply agreement with Icelandic energy provider ON (Orka Náttúrunnar).
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.
GeoSalmo strives to be a leading force when it comes to clean energy.
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.
These procedures are a key factor in our ideals regarding environmental control and fish welfare, which will be at the forefront of our operations.
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.
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.
Sustainably produced salmon has the potential to become a leading global protein source by optimizing the use of natural resources.
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.
Decent Work and Economic Growth
High value, high-tech export industry for Iceland. Employment in small communities.
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.
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)
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.
An investment opportunity in a sustainable Natural land-based salmon farm supplying the fast-growing global seafood demand.
It is projected that aquaculture will account for 62% of global fish production in 2030.
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.
Ambitions for zero-carbon footprint and sustainable operations are at the heart of GeoSalmo’s design process with clear ESG goals.
The business will deliver over NOK 1.5 billion in annual revenue at over 40% EBITDA margin once steady state operations are reached.
GeoSalmo’s leadership team is both experienced and dedicated to fostering a dynamic change-driven culture.
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.Read moreRead more
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.Read moreRead more
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.Read moreRead more
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.Read moreRead more
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.Read moreRead more
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.Read moreRead more