The sustainability revolution is here, and Hima Seafood is leading the way.
Monday 1st of August marked the start of construction for the world’s largest land-based Recycling Aquaculture System (“RAS”) trout facility. It will be based in Rjukan, Norway and is expected to produce 150 tonnes of head-on-gutted (“HOG”) trout a week, or around 8,000 tonnes per year.
“Ensuring a consistent and stable water temperature for our fish is key to producing a world-class product. Superior product quality and environmental sustainability are not just slogans for us, they are part of Hima’s DNA”
Sten Falkum CEO of Hima Seafood
An attractive and sustainable proposition
Hima Seafood Rjukan has secured financing from two sustainability focused infrastructure funds managed by Foresight Group, and P Capital Partners (“PCP”), a Swedish credit fund. The sustainability and ESG aspect of this project has been one of the main drivers for these funds to invest into Hima Rjukan. In addition to outside capital, the founders of Hima have made further significant investments into the facility. Together the parties have committed NOK 2.5bn.
Sustainable and reliable production of food within controlled environments is gaining in significance on the back of a growing world population and limited natural resources. What makes the Rjukan project attractive is the high standard of fish welfare to which the facility will adhere, which is further emphasised by the strict existing regulations in Norway promoting fish welfare. This combination has provided the investors, especially Foresight Group, the comfort they seek, to make their maiden investment in the aquaculture sector.
“We are pleased to make our first investment into land-based aquaculture, contributing to the sustainable supply of trout to meet rising consumer demand. We consider that this investment will deliver environmental benefits to the food system and offer a product to suit today’s consumer needs.”
Chris Tanner Partner at Foresight Group LLP
”PCP has been active in funding the sustainability transition of the economy for years. Land-based aquaculture will play a key role in sustainable protein production globally. HIMA Seafood has put sustainability at the forefront, and we are excited in being their partner in funding this Nordic project.”
Daniel Sachs CEO, P Capital Partners ABThe investment will enable the construction of a facility using the latest proven technology, in which the fish will be hatched and grown out to a size of maximum 5kg. The facility will also include state-of-the-art water treatment equipment enabling 99.3% of the effluent water to be cleaned and recycled for further use to reduce water demand. Furthermore, an 11-km discharge pipe for the effluent water will be built, to be financed by the Tinn municipality and Hima Seafood Rjukan AS.
The facility will be 320 meters long, with a floor area of around 27,000 square meters over two stories. Partial operations are expected to commence in 2024, with steady-state operations to follow in 2025.
“We have chosen Rjukan for a number of reasons. Its access to fresh, high-quality water – important for the taste, proximity to market, access to process expertise and access to green, affordable power which further enhances the (sustainability / environmental) credentials of the overall project.”
Sten Falkum CEO of Hima SeafoodThought-out approach to construction, operations and distribution
The Rjukan facility will use the modern RAS technology, designed by Eyvi and constructed by Total Betong. Eyvi has more than 80 years of aquaculture industry experience between their specialists, being involved in the design and delivery of 16 smolt production facilities, including 58 RAS departments. They are focused on innovation, guided by passion for quality and sustainability. Total Betong is an established Engineering, Procurement & Construction provider with experience in building several RAS smolt facilities in Norway.
Osland Stamfisk, a supplier of roe with decades of experience, will provide Hima with optimal genetics to produce premium trout. This will be based on the Osland strain, which Osland Stamfisk has been researching and breeding since the 1960s. The Osland strain provides unique genetics well-suited for land-based RAS production and is recognised as one of the established trout specialists.
Villa Seafood, an established Norwegian seafood distribution company with a global reach, will be responsible for the processing, sales and distribution of the finished trout products. Villa Seafood is currently undertaking the construction of a brand-new processing and packaging facility in the Oslo area to accommodate the volumes from Hima Rjukan. In conjunction with Kind, an international multi-award-winning agency, a comprehensive sales and marketing strategy has been developed, focusing on high-end products for retail and businesses.
“We are looking forward to adding Hima Trout to our range of high-end seafood products as we see it as a perfect match for our discerning customer base. With the increased focus on sustainability and transparency in food production, the Hima production model will resonate well with current market trends and the demands of the modern consumer”
Ove Thu CEO of Villa Seafood Group
The Mission
Hima’s mission is to produce premium trout using the most sustainable and scalable form of aquaculture production available today.
Land-based fish farming with recirculated groundwater is a very environmentally friendly way of farming trout. RAS technology provides stable conditions and optimal water quality to ensure excellent fish health. Furthermore, land-based RAS provides other benefits compared to alternative methods of aquaculture, such as reductions in fish mortality, local environmental degradation, and usage of antibiotics and other chemicals.
With a strong focus on fish welfare, full control over production, and the best recycling system for aquaculture, Hima Seafood aims to ensure the Hima Trout is the freshest, healthiest and tastiest trout on the market.
Please take a journey through our website to learn more about Hima Seafood innovative project, our goals and environmental importance.
Notes to Editors
About Hima Seafood
Brand video
About Hima
Hima Seafood is establishing the world’s largest land-based RAS trout farm based ontechnology that recirculates pure, clean mountain water. This technology, known as Recirculating Aquaculture Systems (RAS), is the most sustainable, scalable and environmentally conscious form of aquaculture produc-tion available today.
Construction of the facility began in May 2021, and when fully operational, it will produce about 9,000 tonnes of premium Hima® Trout, equivalent to 22,000,000 dinners per year.
From a fish farming perspective, trout is a robust and nutritious fish that grows quickly and thrives well in fresh water. Production time is estimated at 17 months from fry to an ideal average weight of around 4 kg. Hima is collaborating with Osland Havbruk AS for OVA (eggs) deliveries to the new facility.
Furthermore, Hima has entered into a partnership with Villa Seafood, which is re-sponsible for the sale, distribution and processing of the Hima brand. The fish farm manager at Hima has 40 years of experience in farming salmon and trout, and sig-nificant RAS experience.
About Foresight Group
https://www.fsg-investors.com/
Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 330 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets.
Foresight operates from 12 offices across six countries in Europe and Australia with AUM of £12.2 billion*. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021.
*Based on FSG unaudited AUM as at 30 June 2022 and Infrastructure Capital’s AUM as at 31 March 2022.
About P Capital Partners
https://pcapital.se/
PCP provides tailored credit funding solutions to Northern and Western European companies in need of capital for expansion, acquisition financing and refinancing. The funds of PCP have combined assets of €2.5 billion and are managed by P Capital Partners AB.