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EIB Provides SEK 530 Million to Swedish Salmon Farm for Greener, Sustainable Food Production

Global Association for ESG

21 Dec 2022

The EIB, the EU climate bank, has agreed a SEK 530 million venture debt investment in food company RE:OCEAN, backing the development of Sweden’s first in-land fish farm in Säffle, Värmland.

  • The EIB, the EU climate bank, has agreed a SEK 530 million venture debt investment in food company RE:OCEAN, backing the development of Sweden’s first in-land fish farm in Säffle, Värmland.

  • This is among the biggest investments into innovative and sustainable food production ever made in Sweden. It will support the Swedish bio-economy by producing sustainable fish in a large-scale, land-based ocean.

  • The Säffle facility will eventually produce 10 000 tonnes of fish a year — one in five salmon consumed in Sweden. Nearly all of Sweden’s salmon is currently imported.

The European Investment Bank (EIB) is funding a brand-new, incredibly inventive initiative in the Swedish town of Säffle that involves building a sizable, environmentally friendly land-based fish farm to produce salmon, which is now entirely imported from abroad. With the aid of cutting-edge zero-water circulation technology, in-land salmon farming expert RE:OCEAN will be able to build Sweden's first large-scale, commercial salmon farm on land. The complex will house all stage of production, from egg to harvest, slaughter, processing, and packing, under one roof. It will make it possible to supply fresh, sustainably caught salmon directly to restaurants and stores in Sweden. An average of 12 kilograms of fish is consumed annually by Swedes. By producing roughly 20% of the domestically eaten salmon locally, this bio-economy project increases Sweden's independence in terms of its domestic food and protein production.

90% of commercial fish stocks worldwide are either overfished or underutilised, placing them under severe stress. At the same time, demand worldwide is increasing. The "ocean-on-land" farming practised by RE:OCEAN offers a different, scalable, and sustainable new supply. In 88 pools, salmon will be raised in controlled environments with clean water recirculating, being cleansed, and being reused in a closed cycle. With no emissions or contaminating sea or river water, this revolutionary technique completely cleans the water environment for the fish and gives complete control over the process from eggs to completed product. Additionally, the initiative will help the local economy and help create more jobs in the area.

Axfood, Coop, and ICA, three of Sweden's top wholesale firms, are supporting the initiative because they see enormous prospects in being able to provide consumers with nutritious and sustainable Swedish salmon.

EIB Vice President Thomas Östros, who is responsible for EIB operations in Sweden, commented: "At the EIB, we are honoured to support this ground-breaking, significant project for the production of sustainable food. With the aid of cutting-edge zero-water circulation technology, RE:new OCEAN's facility will not only supply the Swedish people with domestically and sustainably farmed salmon, but it will also do it in an inventive and environmentally responsible manner. Additionally, the availability of food has grown to be a crucial component of any economy's key infrastructure, and the Säffle salmon plant will increase Sweden's food resilience and self-sufficiency."

RE:OCEAN CEO Morten Malle said : "We are ecstatic with the EIB's assistance. As a consequence of a year of close collaboration, the EIB investment serves as a powerful expression of confidence and a pillar for additional investors in our novel, sustainable food production idea. This procedure also validates the industry expertise of our team and partners, as well as the cutting-edge solutions and new technologies that will allow consumers to enjoy clean, healthy locally farmed salmon while protecting the environment."

RE:OCEAN Chair Katarina Klingspor added: “This EIB investment validates RE:OCEAN’s pioneering mission to establish a revolutionary, state-of-the-art technology on the doorstep of Sweden’s salmon consumers. With the support of the EIB and other investors, we plan to move forward with construction and ramp up to full production with ready-to-eat salmon by 2026.”

Financing innovation in climate action and sustainability

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