According to the Norwegian-headquartered company’s latest quarterly report, the test harvest in mid-February yielded salmon of “supreme quality”, with live weights averaging 5 kg and they are now fully focused on launching their Atlantic salmon into the Chinese market.

They added that good fish health and welfare had been recorded with mortality rates below 1.6 percent and no signs of maturation.

The farm, which is located on Gaotang Island off China’s east coast, will be built in three phases, taking capacity from 4,000 to 8,000 and then 20,000 tones and the company has reported that the construction works for stage 1 have been completed “on time and on budget”.

Commenting on the development, CEO Ragnar Joensen, said: “The fourth quarter of 2023 was another eventful quarter for Nordic Aqua. Biological performance was good during the quarter with good fish health and strong growth. We continued the important work of increasing management capacity and expertise as we continue to grow. During the quarter, we also conducted a successful private placement, strengthening our liquidity and securing necessary equity funding for the next phase. The overall status at the end of the period is that the Nordic Aqua team, with strong support from local authorities and in collaboration with leading industrial partners, is all set for the first harvest at the end of next quarter and ready to execute on the next steps in developing the company towards 20,000 tonnes.”

Looking ahead, the company noted that equity funding for Stage 2 has been secured and the company is currently in the process of evaluating sources of debt funding of this second phase which will double capacity to 8,000 tones.

Preparations for the Stage 3 expansion to 20,000 tones, with first harvest possibly in 2027, are also well underway. A final decision on timing for Stage 3 will be made during the third quarter of 2024, they add.

The report continues: “Hatchery and start feeding will be completed by April 2024 with the first inlay of eggs expected in Q3 2024, and the first harvest from Stage 2 expected in Q3 2026. Nordic Aqua expects production to gradually increase through April to reach full-scale harvest in the second quarter of 2024, aiming for a monthly harvest volume of approximately 350 tones. Harvest volumes for 2024 are expected to be 3,400 tones.”