First Water
First Water is an Icelandic land-based Atlantic salmon farming company operating a proprietary Hybrid Flow-Through System using lava-filtered geothermal seawater in Þorlákshöfn, producing premium 5kg salmon for enterprise buyers and European distributors while scaling toward 60,000 tonnes annual capacity.
- Company typePrivate
- Founded2017
- HeadquartersKópavogur, Iceland
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What First Water does
First Water hf. is an Icelandic land-based Atlantic salmon farming company founded in 2017 and headquartered in Kópavogur, Iceland (previously operating as Landeldi hf. until rebranding in July 2023). The company operates a proprietary Hybrid Flow-Through System (HFS) in Þorlákshöfn, Iceland, where subterranean seawater naturally filtered through 10,000-year-old lava layers is heated by geothermal energy to maintain optimal 7-9°C year-round growing conditions. The closed, covered 25-meter and 28-meter tank system eliminates sea lice, disease, and escape risks without antibiotics or chemicals, enabling production of large 5kg+ premium salmon with a 95% superior quality grade and water discharge cleaner than natural coastal seawater.
The company sells premium 5kg gutted Atlantic salmon primarily through direct B2B relationships to enterprise buyers including corporate dining facilities at leading US financial and technology companies, as well as through European distributors to retail markets across the UK, Netherlands, France, and Spain. Sales are geographically distributed with the UK at 40%, North America at 28%, the EU at 23%, and Iceland at approximately 10%. First Water has established initial domestic retail presence through Kronan and Hagkaup supermarkets in Iceland and operates a 20,000-tonne-capacity processing facility in the harbor of Þorlákshöfn.
First Water is executing a six-phase expansion plan targeting up to 60,000 tonnes HOG annual capacity at full build-out, requiring a total €825 million project investment described as Iceland's largest privately funded project. Phase 1 (10,000 tonnes) is targeted for completion in 2027 with current capacity at approximately 5,000 tonnes HOG. The company has raised approximately €340 million in total funding since inception (€185M equity, €40M convertible bond, €115M debt), with the largest shareholder being investment company Stoðir hf. at a 33% stake and eight of Iceland's ten largest pension funds as shareholders.
First Water firmographics
Firmographics- Name
- First Water
- Legal name
- First Water hf.
- Website
- https://firstwater.is
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- First Water is an Icelandic land-based Atlantic salmon farming company operating a proprietary Hybrid Flow-Through System using lava-filtered geothermal seawater in Þorlákshöfn, producing premium 5kg salmon for enterprise buyers and European distributors while scaling toward 60,000 tonnes annual capacity.
- Ownership category
- akta.pro rank
Where First Water is headquartered
LocationHeadquarters
- HQ city
- Kópavogur
- HQ country
- Iceland
- HQ region
- Europe
Offices3 records
Markets served
First Water business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Salmon Product Sales: First Water generates revenue through the sale of premium land-based Atlantic salmon. Products include whole gutted salmon and processed salmon sold to enterprise buyers (corporate canteens, restaurants) and retail distributors. Average harvest weight is approximately 4.8 kg with 95% superior ratio (top quality grade).
- Export Revenue: Revenue from exporting salmon products to international markets including Europe (UK, Netherlands, EU countries) and North America. Company projects annual revenues exceeding €481 million at full capacity.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Premium 5kg gutted salmon |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
First Water product offering
Product offeringCore offering
First Water operates a land-based Atlantic salmon farming facility in Þorlákshöfn, Iceland, using a proprietary Hybrid Flow-Through System (HFS) with lava-filtered geothermal seawater. The company produces premium 5kg gutted salmon year-round with no antibiotics or chemicals, processes them at an on-site facility, and exports to enterprise buyers and retail distributors in Europe and North America.
Product overview
First Water offers a single unified product system: premium land-based Atlantic salmon farming, processing, and export. The company's core offering is sustainable salmon produced using their Hybrid Flow-Through System (HFS) with lava-filtered geothermal seawater in Þorlákshöfn, Iceland. The integrated operations include smolt production at their hatchery in Öxnalækur, grow-out in advanced covered tanks (20m, 25m, and 28m diameters), and processing/packaging at their facility in Þorlákshöfn for export to customers in Europe and North America. The company targets premium buyers including corporate dining facilities at technology and financial companies, as well as retail markets. First Water has partnered with WiseFish for sales & logistics software integration.
Differentiator
Problem solved
Functional benefit
Products and services
- Premium Land-Based Atlantic Salmon
- Salmon Processing and Export
Quantifiable outcome
- 95% superior quality grade achieved, indicating 95% of harvested fish qualifies for highest quality grade
- +6 more outcomes
Companies that use First Water
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
First Water technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
First Water partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered supporting and core.
- WiseFishsupportingPartnership to implement Wisefish aquaculture solution for sales and logistics process efficiency. Provides better insight into costs, margins, and workflows. Helps ensure scalable, efficient, and profitable operations.
- Terraforming LIFEcoreEU-funded project (€6.3 million grant) developing methods to transform sludge waste from aquaculture into eco-friendly fertilizer and biofuel. Partnership between First Water, Icelandic Farmers' Association, Orkídea, Ölfus Cluster, and SMJ from Faroe Islands. Creates circular economy approach.
- Landsvirkjun (National Power Company)coreSigned Green Power Purchase Agreement for up to 20 MW of electricity from renewable hydroelectric and geothermal sources. Planned expansion to 50MW once Hvammsvirkjun hydropower station becomes operational. Agreement ensures 100% sustainable energy for operations.
- LindesupportingWater technology provider enabling advanced water reuse and purification systems. Advanced technologies enable reuse of up to 66% of groundwater.
- NP InnovationsupportingWater technology provider supplying equipment for advanced water reuse and purification. Technologies enable reuse of up to 66% of groundwater.
- Terraforming LIFE ConsortiumsupportingConsortium partners include Icelandic Farmers' Association, Orkídea, Ölfus Cluster, and SMJ from Faroe Islands, with Blue Ocean Technology from Norway as associate. Develops integrated agriculture aquaculture systems.
- Benchmark Genetics IcelandsupportingSupplier of salmon eggs (roe) for hatchery operations. Eggs transported to First Water's Öxnalækur hatchery facility.
- LandsnetsupportingGrid operator for power delivery. Agreement secured for power delivery to support operations expansion.
- ARMA AdvisorysupportingFinancial advisor to First Water on bond financing and share capital increases.
- BBA FjeldcosupportingAdvisor to First Water on bond financing.
Scale indicators14 records
Recent moves12 records
Expansion highlights7 records
First Water competitors and assessment
Company assessmentEmerging players
- AquaBounty Technologies: Land-based aquaculture company focused on genetically modified Atlantic salmon for faster growth. Emerging player with partial overlap in land-based salmon farming but differentiated by genetics focus rather than premium positioning.
Direct peers
- Pure Salmon: Global land-based Atlantic salmon company developing multiple RAS facilities across geographies (including Poland, Japan, US, China). Direct competitor targeting similar premium markets with a different technology approach (full RAS vs First Water's hybrid).
- Atlantic Sapphire: Direct land-based Atlantic salmon farming peer using RAS technology in the US (Miami Bluehouse) and Denmark. Most comparable operator globally and key indicator of category economics, though Atlantic Sapphire has experienced significant operational challenges, making it both a benchmark and a cautionary tale.
- Salmon Evolution: Norwegian land-based Atlantic salmon producer using a hybrid flow-through system (HFS) very similar to First Water's approach. Most direct technology and business model peer, with Phase 1 operational in Norway and expansion plans underway.
- Nordic Aquafarms: Norwegian-origin land-based salmon farmer developing facilities in Norway and previously in the US (Maine, California) using RAS technology. Direct competitor with similar premium positioning and target markets.
- Andfjord Salmon: Norwegian land-based salmon farmer using a flow-through system leveraging Arctic seawater. Direct competitor in land-based salmon with a similar biological strategy but different geography and water source.
Broad incumbents
- Bakkafrost: Faroese salmon producer with premium positioning and integrated operations from feed to finished product. Competitor in premium salmon markets with similar quality focus and is a key benchmark for premium pricing.
- Mowi ASA: World's largest Atlantic salmon producer with conventional ocean-based farming plus a growing land-based segment. Sets the benchmark for premium salmon pricing and serves as the dominant incumbent whose market share First Water is taking incremental share from.
- SalMar Aker Ocean: Major Norwegian salmon producer (SalMar) developing offshore and land-based salmon farming, including through the SalMar Aker Ocean joint venture. Broad incumbent with adjacent land-based ambitions and significant capital deployment capacity.
Regional players
- Hiddenfjord: Faroese premium Atlantic salmon producer (and former employer of First Water's Farming Manager Heðin Joensen). Regional peer serving similar premium markets in Europe and the US, operating conventional flow-through ocean farming.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
First Water social profiles
Digital presenceFirst Water financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Water leadership team
Management profileNumber of profiles
Profiles12 records
First Water funding detail
Funding detailFunding overview
Funding rounds5 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Water M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Water
What does First Water do?
First Water operates a land-based Atlantic salmon farming facility in Þorlákshöfn, Iceland, using a proprietary Hybrid Flow-Through System (HFS) with lava-filtered geothermal seawater. The company produces premium 5kg gutted salmon year-round with no antibiotics or chemicals, processes them at an on-site facility, and exports to enterprise buyers and retail distributors in Europe and North America.
Is First Water a public or private company?
First Water is a private company. It is classified as venture growth investor backed and is currently operating.
When was First Water founded?
First Water was founded in 2017. It employs 51 to 100 people.
Where is First Water based?
First Water is headquartered in Kópavogur, Iceland, in the Europe region.
How does First Water make money?
Two revenue lines are on record. Salmon Product Sales are the primary driver. The others are export Revenue.
Who are First Water's main competitors?
AquaBounty Technologies is listed as an emerging player. Direct peers are Pure Salmon, Atlantic Sapphire, Salmon Evolution, Nordic Aquafarms and Andfjord Salmon. Broad incumbents are Bakkafrost, Mowi ASA and SalMar Aker Ocean. Hiddenfjord is listed as a regional player.
Does First Water have an API?
No public API is recorded for First Water.