Nutreco backs US land-based salmon operation in Nevada

West Coast Salmon AS closed first stage equity financing with lead anchor investors Bregal Partners and Nutreco N.V. and initiates the development of RAS Atlantic salmon farming facility serving the U.S. West Coast market, with the first harvest planned for the second half of 2024.

Nutreco backs US land-based salmon operation in Nevada
October 6, 2020

Norway-based West Coast Salmon AS, along with its US operating subsidiaries, secured first stage equity financing with lead anchor investors Bregal Partners and Nutreco N.V. In addition, Beach Point Capital Management, AquaMaof, founders, management and select financial investors participated in the private placement.

The strong owner backing from aquaculture and seafood sector specialists ensures a solid platform for the company to execute on its plan to build and operate an industrial-scale, land-based Atlantic salmon operation outside of Reno, Nevada. The first phase will deliver 12,600 tons of production capacity in the second half of 2024, serving fresh and sustainably-raised Atlantic salmon to health- and environmentally-conscious US West Coast consumers.

The facility’s proximity to major markets will ensure a continuous local supply of a high-quality, fresh and environmentally sustainable product that has a longer shelf life and significantly reduced CO2 footprint than conventionally farmed salmon transported by air from Chile and Europe. In addition, the company’s ESG commitment will be further demonstrated by primarily sourcing renewable energy and reutilizing outputs from the operation as valued byproducts.

The company’s business plan consists of three development phases for up to a total of around 50,000 tons HOG production. Significant land acreage for expansion, close to infrastructure (electric grid and highway), with associated permitted freshwater rights, is owned by West Coast Salmon. The salmon farming operation will be based on the latest RAS technology from AquaMaof, a state-of-the-art processing facility at the site, as well as specialized RAS feed from Skretting, Nutreco’s aquaculture division.

As part of the capital raise and initiation of development, the company is pleased to have secured two highly competent seafood industry veterans to join the board of directors, alongside Hallvard Muri as chairman. Both Amy Humphreys and Keith Decker have a background as executives at several major seafood companies. Currently, Amy and Keith serve as CEO of Bristol Bay Seafoods and Blue Harvest Fisheries, respectively.

“We are thrilled to invest in West Coast Salmon as this fits well with our strategy to play a leading role in the development of innovative and sustainable solutions to fulfill our mission of Feeding the Future. We are continuing to strengthen our commitment to alternative farming models such as RAS to meet the growing demand for high-quality, sustainable protein production. We look forward to working together,” said Rob Koremans, CEO of Nutreco.

West Coast Salmon will evaluate a potential stock listing later in 2021 or the first half of 2022. DNB Markets and Pareto Securities acted as joint global coordinators, and SEB and Danske Bank as co-managers, in the private placement.