Salmon Evolution

What Salmon Evolution does

Salmon Evolution ASA is a Norwegian publicly listed land-based salmon farming company headquartered in Elnesvågen, Norway and listed on Oslo Børs under ticker SALME (also tradable on Frankfurt as fra:60E). The company pioneered the Hybrid Flow-Through System (HFS), a land-based salmon farming architecture that combines benefits of sea-based and land-based farming by using fresh seawater intake in a controlled on-land environment, putting biology first and limiting operational and biological risk. Production is anchored at the Indre Harøy facility on Norway's west coast — the global centre of excellence — with Phase 1 (7,900 tonnes HOG/yr) in operation and an upsized Phase 2 (additional 10,100 tonnes HOG/yr) brought into operation with the first Phase 2 smolt released in April 2026, bringing combined Phase 1+2 capacity to ~18,000 tonnes HOG against a full Indre Harøy site plan of 31,500 tonnes HOG and a long-term corporate target of 100,000 tonnes HOG/yr by 2032. Additional volume is being developed through the K Smart Farming joint venture with Dongwon Industries for a 16,800 tonnes HOG/yr facility in South Korea using Salmon Evolution's HFS technology, with North America under evaluation.

The company makes money primarily by harvesting and selling head-on-gutted (HOG) Atlantic salmon at market-clearing all-in prices per kg — disclosed realizations ranged from NOK ~61/kg in Q3 2025 to NOK ~84/kg in Q1 2026, with 96–98% superior grade share supporting premium positioning. A second revenue stream was opened in February 2025 with the launch of Norway's first land-based smoked salmon under the premium Lofoten brand in Norwegian retail, extending into higher-margin value-added consumer products. A third stream is the long-term revenue participation via the Dongwon Industries K Smart Farming JV in South Korea. Customers include Norwegian retail (via Lofoten), food service and HoReCa buyers (served by a dedicated in-house sales team enabled by more consistent harvest frequency as Phase 2 ramps), and international wholesale via the South Korea JV. The Indre Harøy facility holds ASC certification (October 2023, after only 18 months of operation) and Global G.A.P. certifications across three Norwegian entities, which underwrite premium price realization and market access.

The business model is capital-intensive, funded to date through three equity private placements (NOK 525m in April 2023, NOK 365m in June 2024, and a 2026 placement at NOK 4.50/share) combined with a NOK 1,550m green debt facility from DNB and Nordea that was upsized to NOK 2,225m in June 2024 with maturity to March 2027. Reported financial inflection came in H1 2024, with Q2 2024 revenues of NOK 170.5m, Group EBITDA of NOK 45.4m, and Farming EBITDA of NOK 58.6m at NOK 37.1/kg — alongside a Q1 2024 Farming EBITDA of NOK 40.2/kg, the first quarter of positive Group EBIT. Operational performance has continued to strengthen, with five consecutive quarters of Q/Q biomass growth and a step-change in growth at Indre Harøy in Q1 2026 following revised feed and operating protocols. Management comprises a CEO, CFO, COO, CPO and Technical Director supported by an experienced board chaired by Tore Tønseth.

Name

Salmon Evolution

Legal name

Salmon Evolution ASA

Website

https://salmonevolution.no

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Salmon Evolution ASA is a Norwegian publicly listed land-based Atlantic salmon farming company that uses its proprietary Hybrid Flow-Through System (HFS) to produce premium salmon at the Indre Harøy facility, serving retail, food service, and international wholesale customers in Norway and South Korea.

Ownership category

akta.pro rank

Product category

Land-based Atlantic salmon farming

NAICS

Aquaculture (1125), Seafood Product Preparation and Packaging (31171), Shellfish Farming (112512)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092)

akta.pro primary industry

Salmonid Hatcheries (Salmon, Trout, Char) (AFAEAKAD)

akta.pro secondary industry

Fresh & Frozen Seafood Fillets (Portioned, Skinless/Boneless) (AFANALAA)

Keywords

• Land-based salmon farming
• Hybrid flow-through aquaculture
• Atlantic salmon production
• Premium seafood farming
• Sustainable aquaculture technology

Headquarters

HQ city

Molde

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel

Revenue model

1. Atlantic salmon farming and harvest sales: Core revenue from sale of head-on-gutted (HOG) Atlantic salmon harvested from the Indre Harøy land-based facility. Reported all-in price realization per kg (e.g., NOK ~61/kg Q3 2025; NOK ~84/kg Q1 2026) and superior grade share (96–98%) demonstrate premium positioning.
2. Premium branded retail product (Lofoten smoked salmon): Launched Norway's first smoked salmon from a land-based facility under the premium Lofoten brand in Norwegian retail (Feb 2025), extending into higher-margin value-added consumer products.
3. International joint-venture revenues (South Korea): Long-term revenue participation via the K Smart Farming JV with Dongwon Industries for a 16,800 tonnes HOG/yr land-based salmon facility in South Korea using Salmon Evolution's HFS technology.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Salmon Evolution farms Atlantic salmon on land at its Indre Harøy facility in Norway using its proprietary Hybrid Flow-Through System (HFS), and sells head-on-gutted (HOG) salmon to B2B customers through an in-house sales team. The company also markets a premium Lofoten-branded smoked salmon in Norwegian retail and licenses its HFS technology into a 16,800 t HOG/yr joint-venture facility in South Korea with Dongwon Industries (K Smart Farming).

Product overview

No source material with verifiable source IDs was provided in the input to extract a product overview.

Differentiator

Problem solved

Functional benefit

Brands

• Lofoten: Premium Norwegian retail brand under which Salmon Evolution launched its land-based smoked salmon in February 2025.

Products and services

• Indre Harøy Atlantic salmon (HOG) Head-on-gutted (HOG) Atlantic salmon harvested from Salmon Evolution's Indre Harøy land-based facility using the Hybrid Flow-Through System (HFS), sold to retail and food service buyers through the company's in-house sales team. Reported with premium positioning and 96–98% superior grade share.
• Lofoten premium smoked salmon

Quantifiable outcome

• NOK 40.2/kg farming EBITDA in Q1 2024 — first quarter of positive Group EBIT
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core, minor and flagship.

• Lofoten (premium Norwegian retail brand)coreGTM or Marketing Partner · 10 February 2025Salmon Evolution launched its land-based smoked salmon in Norwegian retail under the premium Lofoten brand — Norway's first smoked salmon from a land-based facility — as a GTM vehicle to reach premium retail customers.
• Artec Aqua (Phase 2 process facility)coreImplementation/ SI/ Consulting Partner · 19 June 2023Contracted for design, construction and commissioning of the process facility for Indre Harøy Phase 2. Artec Aqua was the turnkey supplier for Indre Harøy Phase 1 and brings land-based aquaculture process expertise. Phase 2 will add another 7,900 t HOG (later upsized to 10,100 t HOG) of annual production, bringing combined Phase 1+2 output to 18,000 t HOG p.a. Project cost originally estimated at NOK 1.6–1.7 billion.
• HENT (Phase 2 civil construction)coreImplementation/ SI/ Consulting Partner · 19 June 2023Contracted for civil design and construction of Indre Harøy Phase 2. HENT is one of Norway's largest general contractors with over 40 years of experience delivering large and complex construction projects in the Nordics. Selected alongside Artec Aqua to deliver the best of both worlds on civil construction and process facility for Phase 2.
• Advokatfirmaet BAHR ASminorOthers · 11 May 2023Legal advisor to Salmon Evolution ASA in connection with the April 2023 Private Placement and related share capital increases (Tranche 1 and Tranche 2) approved at the extraordinary general meeting on 11 May 2023.
• Dongwon Industries (K Smart Farming JV)flagshipStrategic or Co-development PartnerJoint venture with Dongwon Industries to 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 chosen Hybrid Flow-Through System (HFS) technology. 90% design review for the smolt site was completed as planned; permitting and grow-out site work intensified through 2023.
• HubSpotcoreTechnology or IntegrationHubSpot is used as the data processor for managing contact information and personal data collected via the Salmon Evolution website. All contact information is secured within Salmon Evolution's own HubSpot account on a need-to-know basis with two-factor authentication.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Andfjord Salmon: Norwegian land-based salmon farmer using a flow-through system on Andøya in northern Norway. Closely comparable in technology philosophy (flow-through vs recirculation), Norwegian geography and product focus, with comparable early-stage commercial production.
• Pure Salmon (Pure Salmon Technology / 8F Asset Management): Global land-based salmon platform using RAS technology with projects in multiple geographies (Poland, Japan, China, US, France). Directly comparable in scaling land-based salmon production internationally, although via a different technology stack than Salmon Evolution's HFS.
• Atlantic Sapphire: US-listed land-based Atlantic salmon farmer operating large-scale RAS facilities in Florida and Denmark. Most directly comparable to Salmon Evolution in product, customer base and capital-intensive land-based salmon model, though using RAS rather than HFS technology.
• Nordic Aquafarms: Norwegian-origin land-based salmon farmer developing large-scale RAS facilities in Norway and the US (Maine, California). Direct competitor in industrial land-based Atlantic salmon with overlapping target markets and customer segments.

Broad incumbents

• SalMar ASA: One of the world's largest salmon farmers and owner of the SalMar Aker Ocean offshore farming joint venture. Operates some land-based smolt/post-smolt facilities relevant to Salmon Evolution's positioning and competes in the same end-salmon market.
• Bakkafrost: Large Faroese salmon farmer with integrated smolt, feed and processing operations, plus growing land-based post-smolt capacity. Comparable in premium-branded salmon strategy and overlapping retail/HoReCa customers that Salmon Evolution serves with its Lofoten product.
• Mowi ASA: World's largest Atlantic salmon producer, primarily conventional open-pen farming with growing interest in land-based and post-smolt RAS. Sets global salmon pricing benchmarks that directly determine Salmon Evolution's realized prices and is the dominant incumbent Salmon Evolution seeks to differentiate against.
• Cermaq Norway: Major Norwegian salmon farmer (subsidiary of Mitsubishi) producing in Norway, Chile and Canada. Competes in the same end market for Atlantic salmon and increasingly invests in closed-containment and land-based technology relevant to Salmon Evolution's positioning.
• Grieg Seafood ASA: Norwegian-headquartered salmon farmer with operations in Norway, British Columbia and Newfoundland. Competes in the same Atlantic salmon market and shares the sustainability/premium-grade narrative that Salmon Evolution uses to justify premium pricing.

Regional players

• Samherji fiskeldi: Icelandic salmon and Arctic char farmer with land-based smolt and on-growing operations. Comparable in colder-water salmon production geography and integrated value chain, though operating primarily in Iceland rather than competing head-to-head in Norway.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Salmon_Evo
• Facebookfacebook.com/SalmonEvolution
• LinkedInlinkedin.com/company/salmonevolution
• Instagraminstagram.com/SalmonEvolution

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salmon Evolution