Arion Bank and Laxey have signed a financing agreement. The cooperation between the two parties will support Laxey’s plans to operate a land-based fish farm in Vestmannaeyjar.
The agreement is an important factor in Laxey’s long-term operations and supports the company’s continued growth. The collaboration underscores Laxey’s commitment to developing salmon farming in Vestmannaeyjar, with sustainability and environmental concerns as guiding principles.
Rúnar Magni Jónsson, Managing Director of Corporate Banking at Arion Bank, stated: “It is exciting to sign this agreement with Laxey and support the development of salmon farming in Vestmannaeyjar. Arion Bank has supported various projects in the fish farming sector across the country, which has now become a vital industry, not only for communities across Iceland but also for the national economy. Laxey’s plans are ambitious, and it will be exciting to follow the development ahead.”
Lárus Ásgeirsson, chairman of Laxey, added: “The collaboration with Arion Bank is a significant step toward strengthening our operations. With the support of Arion Bank, we can continue on our current path, build a new industry in Vestmannaeyjar, and maintain our focus on environmentally friendly farming methods.”
Laxey aims to build a fish farm capable of producing 32,000 tons of salmon annually. Laxey already operates a hatchery, which uses a Recirculating Aquaculture System (RAS) that maximizes water reuse and is the first of its kind in Iceland. The land-based grow-out facility will use a flow-through system with approximately 65% water reuse, where clean seawater is pumped through the facility, purified, and returned to the ocean. This ensures optimal conditions for salmon growth in a sustainable manner.
The collaboration between Arion Bank and Laxey comes at a time when the fish farming industry in Iceland is experiencing significant growth, further strengthening Iceland’s reputation as a leading country in progressive and environmentally friendly fish farming.
