Thor Salmon and ON Power have signed an electricity supply agreement securing 5 MW for Thor Salmon’s land‑based salmon farming operations.
Thor is preparing to develop a land‑based salmon farm near Þorlákshöfn, with a planned first‑phase production of 5,000 tonnes. The initial phase of the project involves building a smolt facility.
Alongside the electricity agreement, the companies signed a memorandum of understanding to increase capacity by up to 10 MW, supporting Thor’s future expansion.
Thor aims to build a 20,000‑tonne land‑based salmon farm in Þorlákshöfn and has secured more than 20 hectares of land at Laxabraut, west of the town. The site is well suited to land‑based aquaculture, with abundant freshwater and geothermal seawater—critical resources for this type of production.
The project is led by Halldór Ragnar Gíslason, Jónatan Þórðarson, and Þórður Þórðarson, with the IS Haf private equity fund as a shareholder.
Halldór Ragnar Gíslason, Thor’s Managing Director:
“We at Thor are very pleased to have reached this milestone with ON and look forward to our collaboration. This agreement marks an important step towards the development of our salmon-farming operations.”
Árni Hrannar Haraldsson, ON Power’s CEO:
“This agreement enables energy from the Hellisheiði Geothermal Plant to support development in the region, creating jobs and revenue for the municipality. ON Power produces and sells electricity responsibly and sustainably, with environmental care at the forefront. We are a pioneer in Iceland’s energy transition, and Thor Salmon’s vision aligns well with our goal of working closely with companies that have a positive, environmentally conscious outlook.”
Thor’s project is currently undergoing environmental assessment. The first batch of eggs is expected to reach the smolt facility in autumn 2024.
] Representatives from ON Power and Thor Salmon at the Hellisheiði Power Plant after signing an agreement to supply electricity for Thor’s land-based salmon farming in Þorlákshöfn.