Thor Salmon has completed a closed ISK 4 billion share capital increase.
The fundraising was led by the private equity fund IS Haf, which accounted for roughly half of the issuance. Other investors included Útgerðarfélag Reykjavíkur, Birta Pension Fund, Íslandsbanki Pension Services, and Almenni Pension Fund.
Arctica Finance managed the offering.
Kristrún Auður Viðarsdóttir, Managing Director, IS Haf Investments:
“It is very gratifying to see construction begin this summer on a fully financed grow‑out phase, with the smolt facility already in operation. Strong cooperation between the fund and the founders has paved the way for the next stages.”
Runólfur Viðar Guðmundsson, CEO, Útgerðarfélag Reykjavíkur:
“We see Thor Salmon as an opportunity to support sustainable, high‑tech food production in Iceland. Land‑based aquaculture strengthens local communities and the industry, and supports a greener future. Iceland has the potential to become a global leader in this sector, and we want to be part of that journey.”
Halldór Ragnar Gíslason, Managing Director, Thor:
“The founders are thrilled with the strong support from experienced investors. Cooperation with IS Haf during the early phases has been excellent, and we look forward to continuing our development with this powerful shareholder group.”
The financing will enable Thor to complete the next 4,750‑tonne grow‑out phase — the second of four stages towards 20,000 tonnes of annual production.
The current phase includes commissioning the smolt facility and completing preparatory research. The first harvest from Thor’s land-based farm is expected in autumn 2027.
The picture shows, from left,
Indriði Sigurðsson (Arctica Finance),
Jón Þór Sigurvinsson (Arctica Finance),
Þórður Þórðarson (Thor),
Kristrún Auður Viðarsdóttir (IS Haf),
Vignir Stefánsson (Thor),
Runólfur Viðar Guðmundsson (ÚR),
Jónatan Þórðarson (Thor),
Halldór Ragnar Gíslason (Thor),
Brynjólfur Gísli Eyjólfsson (IS Haf),
Gunnar Rúnar Gunnarsson (ÚR).