AquaCon's proposed salmon facility on Eastern Shore, Maryland. Image: AquaCon.

AKVA seals $150m deal to equip US salmon RAS

AKVA group has secured a contract with fellow Norwegian company AquaCon AS for the construction of the first phase of a land-based salmon farm in Maryland in the eastern United States.

Published Last updated

The contract will have a value of US $150 million (£111m), AKVA said in a stock market announcement this morning. AKVA previously signed a non-binding agreement for potential supply of equipment, engineering and design of the Maryland facility in June last year.

AquaCon plans to produce 16,000 tonnes of salmon a year in the first phase at the recirculating aquaculture system (RAS) facility, with an eventual target of around 50,000 tonnes as further capacity is built.

15% stake

Confirmation of the contract comes on the same day that AKVA announced that Israel Corp., a listed Israeli investment company, has agreed buys a 15% stake in the company. The deal means that AKVA group will receive around NOK 300 million (£25.6m) in new funds.

In addition, AKVA group and Israel Corp. agreed to establish an investment platform for investments in land-based fish farms worldwide, based on AKVA group’s technology. The goal is to invite more investors in this platform.

Knut Nesse: Contract is "a confirmation of our strategy and investment in land-based facilities for food fish".

AKVA chief executive Knut Nesse told Fish Farming Expert’s Norwegian sister site,, that the contract of $150m is by far the largest in the company’s history.

“It represents a confirmation of our strategy and investment in land-based facilities for food fish,” said Nesse.


Construction on the plant will start as soon as the entire financing is in place, added the executive.

“AKVA and Israel Corp participate in the financing and Israel Corp will also contact its investor network. AKVA’s role is to design the plant and deliver a complete RAS technology package. AKVA is also responsible for supervising the installation of the plant, but not the actual installation itself, which is carried out by a third party with a contract with AquaCon,” Nesse told

AKVA’s RAS technology based on its Zero Water Change concept will be used in the facility.

AKVA and Israel Corp. write in the stock exchange announcement that they will jointly provide a convertible loan of $5m, and that they have the option to invest an additional $15m, both under certain conditions.