Salmon Evolution plans $185 million land-based facility in South Korea
Monday, March 1, 2021
Salmon Evolution Holding signed a joint venture term sheet with Dongwon Industries, a leading seafood company based in South Korea, to develop, construct and operate a land-based salmon farming facility with an annual capacity of 20,000 tons in South Korea using Salmon Evolution’s hybrid flow-through technology. The joint venture, named K Smart Farming (“K Smart”), cost for phase 1 including capital expenditure, project management and working capital build-up, is estimated to NOK 1.6 billion ($185 million).
“We are honored to team up with a well-reputed and experienced partner like Dongwon. This collaboration is in accordance with Salmon Evolution’s overall strategy for international expansion, leveraging our in-house experience and HFS competence in developing close-to-market salmon production in collaboration with local first-class partners,” said Håkon André Berg, CEO of Salmon Evolution.
As part of the collaborations, the parties shall establish branding and marketing of premium, land-based Atlantic salmon from K Smart and Salmon Evolution in the Korean market. The parties expect to enter into definitive agreements during Q2 2021.
Photo caption (from left, in front): CEO Salmon Evolution Håkon A. Berg, Honorary Chairman Dongwon Kim, Jae Chul, President and CEO Dongwon Myoung Woo Lee, COO Salmon Evolution Ingjarl Skarvøy, Vice Chairman Dongwon Kim, Nam Jung and Business Management Office / SVP & CFO Dongwon Yun kiyun. Photo credits: Salmon Evolution/Dongwon.
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