Salmon Evolution ASA: Announcement of signed agreement for feasibility study for smolt and grow out facilities for Korean JV company K Smart Farming
Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) refers to the stock exchange notice dated 31st of March 2021 where the Company announced that it had signed a JV Agreement with Dongwon Industries regarding the establishment of K Smart Farming, a South Korean company established with the purpose to develop, construct, own and operate land-based facilities for salmon farming in South Korea.
After this announcement, the parties have been working to secure data regarding the quality of the planned smolt site in Jeungseon and the grow out location in Yangyang. As these studies have been satisfying, K Smart Farming has now entered into an agreement with the Norwegian company Artec Aqua regarding a feasibility study for the two facilities. The outcome of this study will be the basis for further concept development, detailed engineering as well as application for relevant building permits etc.
The agreement was signed in Seoul, Korea with both the top management of Dongwon, Salmon Evolution and Artec Aqua precent, and shows that the progress for Salmon Evolution’s involvement in South Korea is going according to plan.
Mr Håkon André Berg, CEO of Salmon Evolution says:
“We are very pleased with the progress of our joint venture with Dongwon in South Korea. We are also happy to announce that the partnership between Salmon Evolution and Dongwon continues to develop. This feasibility study is the first of many engineering and construction contracts that K Smart Farming will enter into, and we are excited to continue to work closely with Dongwon in building up K Smart Farming as a substantial land-based salmon farmer in the Korean market over the coming years.”
For further information, contact:
Håkon A. Berg
CEO, Salmon Evolution
+47 411 92 257
Trond Håkon Schaug-Pettersen
CFO, Salmon Evolution
+47 911 91 327
About Salmon Evolution
Salmon Evolution is a Norwegian land-based salmon farming company focused on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk.
The Company’s first production facility is under construction at Indre Harøy, strategically located on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure for salmon farming, and an educated and experienced work force. The entire project is designed for an annual capacity of approx. 31,500 tonnes HOG.
The Company has also entered into a joint venture with Dongwon Industries, called K Smart Farming, where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s HFS technology.
Salmon Evolution ASA is listed at Euronext Growth under the ticker SALME.
To learn more, please visit www.salmonevolution.no.