Salmon inside a tank at Indre Harøy.

Salmon Evolution achieved average gutted weight of 3.75 kg in first harvest

Land-based farmer expects steady state production by Q3 2023


Land-based fish farmer Salmon Evolution achieved an average gutted weight of 3.75 kg (4.5 kg live weight) in its first harvest, which was spread over three rounds from early November to early December last year, it reported today.

The fish had been stocked at the end of March 2022, meaning an effective grow-out cycle of just 7-8 months.

The last of the three harvesting rounds had fewer than 2% of fish below 3 kg HOG and 80% above 4 kg HOG (see graphic below). Total harvest volume from the first batch of salmon stocked at the Norwegian plant was 340 gutted weight tonnes.

The average realized price for batch 1 ended at NOK 75/kg and NOK 78/kgfor Superior 3+ kg HOG, representing a NOK ~3/kg premium to corresponding Nasdaq prices.

Weights of fish in Salmon Evolution's first harvest, which was spread over a few weeks.

Salmon Evolution, which uses a hybrid system of two-thirds recirculation andXS one-third flow-through of seawater, is ramping up production as more tanks are completed in the first phase of its facility on Indre Harøy (Harøy Island).

Eight of the 12 large tanks in the first phase have now been handed over by the contractors, and the other four are nearing completion, the company said in its report for the fourth quarter of 2022.

It is reporting good growth and low mortality in three subsequent batches of smolts stocked and expects to reach steady state production from late Q3 2023, yielding an annualised production of 7,900 tonnes HOG from phase 1.

Pickup in growth

“Batch 3 was stocked in late October and comprised 200,000 smolt with an average weight of around 220 grams,” said Salmon Evolution. “Average weight now stands at ~870 grams following a good pickup in growth lately.

“Batch 4 was stocked in early December and comprised 265,000 smolt with an average weight of around 260 grams, marking the company’s first ‘full size’ smolt release. As per 31 January 2023 the group had reached an average weight of ~550 grams. Going forward the company plans to stock "full size" batches of smolt at Indre Harøy every second month.”

Preparatory work on the second phase, which also have a capacity for 7,900 tonnes, is already under way. A third phase will take production to 31,500 tonnes HOG.

Salmon Evolution is also involved in a joint venture to build a salmon farm in South Korea and is seeking a suitable site for a 31,500-tonne HOG farm in North America.