Ningbo, China, September 26, 2025
News Summary
Nordic Aqua Partners announced a RMB 300 million equity investment from two unnamed Chinese investors for a 20% stake in its Ningbo unit, valuing the operation at RMB 1.2 billion. The funds will complete Stage 2 construction and kick off Stage 3 to reach a planned 20,000 metric ton annual capacity. Parallel early agreements with Bank of China (Ningbo) and other lenders aim to provide long-term loans. The company is also evaluating an IPO for the Ningbo entity. Operational improvements and remediation investments have restored production momentum, with recent commercial harvests and revenue growth amid ongoing expansion.
Nordic Aqua secures RMB 300 million from two unnamed Chinese investors to push Ningbo salmon farm toward 20,000 MT capacity
Oslo-headquartered Nordic Aqua Partners announced on 25 September that it has agreed a new financing package that will provide RMB 300 million in cash from two unnamed Chinese investors in exchange for a 20% stake in the Ningbo operation, valuing the subsidiary at a pre-money valuation of RMB 1.2 billion. The company says the funding will support completion of Stage 2 construction and finance the next build phase that is intended to reach an annual production capacity of 20,000 metric tons.
Key deal elements and immediate conditions
The investment converts to approximately USD 42.1 million (EUR 35.8 million) for the RMB 300 million cash infusion, while the stated pre-money valuation equals roughly USD 168.3 million (EUR 144.4 million). The transaction remains subject to final company approval at an upcoming general meeting. The company describes the new partners as strategic minority investors expected to strengthen local equity and help scale operations commercially and operationally in China.
Use of proceeds and construction plan
Proceeds are earmarked to complete Stage 2 at the Ningbo land-based Atlantic salmon farm and to advance planning toward Stage 3. The company previously revised Stage 2 capital expenditure down to EUR 65 million from a prior estimate of EUR 77 million and had accrued roughly EUR 30 million of Stage 2 capex by 30 June. Stage 2 is progressing to plan with first harvest from the stage scheduled for the third quarter of 2026.
Stage 3 has been secured through a 30-year land and facilities lease. Detailed engineering for Stage 3 is planned in 2026 with construction expected to begin in late 2026 or early 2027, subject to a final investment decision, and first harvest from Stage 3 projected in 2029 if the plan proceeds.
Bank financing and IPO options
In parallel with the equity package, the company reports an early-stage agreement with Bank of China’s Ningbo branch and other major Chinese banks to provide long-term lending to support the existing Gaotang facility and other projects. Management says local bank financing will provide a stable platform for completion and expansion and is expected to be necessary for major, long-term investments.
The firm is also evaluating the potential for an initial public offering of the Ningbo subsidiary in China and Hong Kong as part of a broader capital and growth strategy.
Operational context and recent performance
The company’s China expansion into land-based salmon farming has been underway since 2023. After a mid-2024 operational issue where about 190 metric tons of harvest were removed from the market due to off-flavour caused by elevated geosmin (a harmless compound that creates a dirt-like taste), the company installed technical fixes and made process changes. Fixes included added protein skimmers, vacuum UV systems, increased ozonation capacity, new biofilter protocols and more. Capital expenditure related to resolving that incident was reported at EUR 19 million.
Management reports the facility resumed harvesting after the upgrades and described operational recovery. In Q4 2024 the company reported mortality below 1% and the ability to produce 7 kg fish at scale without maturation. For Q2 2025, commercial harvest totaled 756 tonnes HOG with average weight 4.6 kg HOG and 99% of production graded as superior. Q2 revenue was EUR 5.1 million, average sales price EUR 6.74/kg, and operating EBIT for Q2 showed a loss of EUR –2.6 million, reflecting ramp-up and expansion investment. H1 2025 revenue reached EUR 6.5 million.
The company closed June with EUR 13.3 million in cash and an equity ratio of 45%. Earlier financing activity includes a successful EUR 30 million private placement used to fund continued development.
Strategic rationale and market positioning
Management frames the transaction and bank financing combined as a transformational financing framework to secure completion and expansion of local production. The company aims to capture demand in China’s premium market through locally produced, sustainably farmed Atlantic salmon and notes repeat orders from retail and hospitality customers as evidence of demand. Harvest guidance for 2025 is about 2,300 tonnes HOG.
Next steps and timeline
- Final approval of the equity transaction at an upcoming general meeting.
- Continue Stage 2 construction to schedule; first harvest from Stage 2 planned Q3 2026.
- Detailed engineering for Stage 3 in 2026 and possible construction start in late 2026 or early 2027; first Stage 3 harvest expected in 2029 subject to final investment decisions and financing.
- Conclude local bank lending arrangements and continue evaluating IPO options in China and Hong Kong.
FAQ
What did Nordic Aqua announce?
Nordic Aqua announced a financing package including RMB 300 million in cash from two unnamed Chinese investors for the Ningbo salmon project, giving them a 20% stake in the relevant business and valuing the operation at a pre-money RMB 1.2 billion.
How will the money be used?
Funds will finish Stage 2 construction at Ningbo and help fund planning and early execution for Stage 3, which aims to reach 20,000 MT annual capacity.
Is the deal final?
The investment is conditional on final company approval at a general meeting and on completing associated documentation and bank arrangements.
What other financing is in place?
The company has early-stage agreements with Bank of China’s Ningbo branch and other large Chinese banks for long-term lending. It is also considering an IPO of the Ningbo unit in China and Hong Kong.
What operational issues has the project faced?
In June 2024, roughly 190 MT were taken off the market due to geosmin-related off-flavour. The company invested in technical and process upgrades and reports the facility is back in production and performing well.
What are the near-term milestones to watch?
Approvals at the company general meeting, completion of Stage 2 and its first harvest in Q3 2026, detailed engineering for Stage 3 in 2026, and finalization of bank financing and any IPO decisions.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What did Nordic Aqua announce?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Nordic Aqua announced a financing package including RMB 300 million in cash from two unnamed Chinese investors for the Ningbo salmon project, giving them a 20% stake in the relevant business and valuing the operation at a pre-money RMB 1.2 billion.”
}
},
{
“@type”: “Question”,
“name”: “How will the money be used?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Funds will finish Stage 2 construction at Ningbo and help fund planning and early execution for Stage 3, which aims to reach 20,000 MT annual capacity.”
}
},
{
“@type”: “Question”,
“name”: “Is the deal final?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The investment is conditional on final company approval at a general meeting and on completing associated documentation and bank arrangements.”
}
},
{
“@type”: “Question”,
“name”: “What other financing is in place?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The company has early-stage agreements with Bank of China’s Ningbo branch and other large Chinese banks for long-term lending, and it is evaluating an IPO of the Ningbo unit in China and Hong Kong.”
}
},
{
“@type”: “Question”,
“name”: “What operational issues has the project faced?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “In June 2024, roughly 190 MT were removed from the market due to geosmin-related off-flavour. The company invested in equipment and process upgrades and reports the facility is back on track.”
}
}
]
}
Key features at a glance
| Feature | Detail |
|---|---|
| Investor cash | RMB 300 million (≈ USD 42.1M / EUR 35.8M) |
| Equity consideration | 20% stake in the Ningbo business/subsidiary |
| Valuation (pre-money) | RMB 1.2 billion (≈ USD 168.3M / EUR 144.4M) |
| Primary use of funds | Complete Stage 2; fund Stage 3 development toward 20,000 MT annual capacity |
| Stage 2 capex (revised) | EUR 65 million; EUR 30M accrued as of 30 June |
| Stage 2 harvest | First harvest scheduled Q3 2026 |
| Stage 3 timeline | Engineering 2026; construction late 2026/early 2027; first harvest 2029 (subject to FID) |
| Bank financing | Early-stage agreements with Bank of China Ningbo branch and other major Chinese banks |
| Operational issues | Geosmin incident affected ~190 MT; remedial capex ≈ EUR 19 million |
| Recent production & financials | Q2 2025 harvest 756 MT HOG; Q2 revenue EUR 5.1M; H1 2025 revenue EUR 6.5M; Q2 operating EBIT EUR –2.6M; cash EUR 13.3M |
| 2025 guidance | Harvest ~ 2,300 tonnes HOG |
Deeper Dive: News & Info About This Topic
Additional Resources
- SeafoodSource: Nordic Aqua Partners secures financing for Chinese expansion
- Wikipedia: Recirculating aquaculture system
- Just-Food: Nordic Aqua Partners receives Chinese investment for farmed Atlantic salmon
- Google Search: Nordic Aqua Partners Ningbo investment
- Intrafish: Nordic Aqua eyes IPO after landing $42 million in Chinese backing
- Google Scholar: land-based salmon China Nordic Aqua
- SalmonBusiness: Land-based farmer raises $42m from Chinese investors, signals market listing plans
- Encyclopedia Britannica: Aquaculture in China
- WeAreAquaculture: Nordic Aqua Partners revises production strategy, targeting larger fish
- Google News: Nordic Aqua Partners
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
