What Norcod AS does

Norcod AS is a Norwegian publicly listed aquaculture company founded in 2018 and headquartered in Trondheim, trading on Euronext Growth Oslo Stock Exchange under the ticker NCOD. The company cultivates Atlantic cod (Gadus morhua) at large scale in clear, cold Norwegian fjords and markets the product under the "Snow Cod" brand. Norcod claims to be the world's first operator of meaningful-scale commercial Atlantic cod farming, addressing a long-standing industry challenge of producing this species economically outside wild catch.

Norcod's core technology combines Norwegian fjord-based grow-out with vertically integrated juvenile supply via its Florø hatchery joint venture with Havland (established 2021), formalized by an exclusive juvenile supply agreement in June 2026. Processing and by-product operations run from the Krakøy facility in Åfjord, Trøndelag, where a cod liver oil factory was launched in January 2026 with a NOK 20 million investment. In Q1 2026, 94.4% of harvested fish achieved superior quality, validated at the operational level.

Revenue is generated via B2B sale of Snow Cod to European seafood distributors, wholesalers, and food service providers. Distribution is channel-led: Sirena Group serves as the primary European distributor and Maris Seafood handles UK distribution. Pricing is not publicly disclosed and is handled through business inquiry contacts. Norcod operates with 11-50 employees. Q1 2026 revenue of NOK 30.7 million reflects a deliberate harvest reduction to 404 MT from 3,929 MT in Q1 2025 — a strategic decision to increase average harvest weights and build biomass for future periods. To fund this growth investment, Norcod secured approximately NOK 270 million in 2026 financing across debt facilities, equity/shareholder loans, and an Innovation Norway loan.

Name

Norcod AS

Legal name

Norcod AS

Website

https://norcod.no

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Norcod AS is a Norwegian publicly listed aquaculture company that sustainably farms and distributes premium Atlantic cod ("Snow Cod") from Norwegian fjords to European seafood distributors, wholesalers, and food service providers via channel partners Sirena Group and Maris Seafood.

Ownership category

akta.pro rank

Product category

Sustainable Aquaculture / Farmed Atlantic Cod

NAICS

Aquaculture (1125), Seafood Product Preparation and Packaging (3117), Fish and Seafood Merchant Wholesalers (42446)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092), Canned, Frozen & Preservd Fruit, Veg & Food Specialties (2030)

akta.pro primary industry

Aquaculture Harvest, Processing & Packing (Farmed Finfish/Shellfish; On-Farm Plants) (AFANADAL)

akta.pro secondary industries

Aquaculture Processing & On-Farm Value-Add (primary handling, icing, packing) (AFAEAAAN), Value-Added Seafood Packaging (MAP/Vacuum, Portion Packs, Private Label) (AFANADAM)

Keywords

• Sustainable cod farming
• Atlantic cod aquaculture
• Norwegian seafood production
• Marine fish products
• Farmed cod distribution

Headquarters

HQ city

Trondheim

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Snow Cod Product Sales: Norcod generates revenue through the sale of premium Atlantic cod (Snow Cod) products to seafood distributors, wholesalers, and food service providers across Europe. The company sells firm, bright-white cod meat suitable for master chefs and meal makers.
2. Cod By-Product Processing: Norcod processes by-products from cod operations, including cod liver oil production at its Krakoy facility. This creates additional revenue streams from materials previously considered waste.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Norcod AS produces and distributes sustainably farmed Atlantic cod (branded as "Snow Cod") raised in Norwegian fjords. The company operates an end-to-end aquaculture value chain including cod farming, processing (including a dedicated cod liver processing facility), and distribution to seafood wholesalers, distributors, and food-service customers in Europe and the United Kingdom.

Product overview

Norcod AS operates as a single-product aquaculture company focused on sustainable Atlantic cod farming. The company's sole branded product is Snow Cod, a North Atlantic cod naturally raised in Norwegian fjords. Beyond whole fish sales, Norcod is expanding into by-product processing, notably investing approximately NOK 20 million (~USD 1.9 million) in a new cod liver oil factory at its Krakøy harvesting and processing facility in Åfjord, Trøndelag, Norway. The company is listed on Euronext Growth on the Oslo Stock Exchange.

Differentiator

Problem solved

Functional benefit

Brands

• Snow Cod: Premium North Atlantic cod naturally raised in clear, cold Norwegian fjords. A saltwater cod product marketed as firm, bright-white meat worthy of master chefs and meal makers.

Products and services

• Snow Cod (Farmed Atlantic Cod) Premium sustainably farmed Atlantic cod raised in Norwegian fjords, sold whole, fresh, and frozen to seafood distributors, wholesalers, and food-service operators across Europe and the UK.
• Cod Liver Products Processed cod liver produced at Norcod's dedicated cod liver processing facility, sold as a food ingredient to industrial and food-service buyers.

Quantifiable outcome

• 94.4% superior quality achievement rate on harvested cod
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• HavlandcoreStrategic or Co-development Partner · 18 June 2026Norcod entered an exclusive juvenile cod supply agreement with Havland, its long-time supplier. All cod juveniles produced by Havland will be exclusively supplied to Norcod. The two companies have collaborated since 2018, including a 2021 joint venture to establish a cod hatchery in Florø, Norway, supporting Norcod's farming operations as the industry approaches profitability.
• Maris SeafoodcoreChannel Partner/ Reseller/ Distributor · 1 January 2025Maris Seafood, a Warrington-based seafood wholesale and distribution company, partners with Norcod for access to sustainable and organic cod products. The partnership is attributed to strategic expansion across Europe and contributed to Maris Seafood's revenue growth from £25.9m to £33m.
• Sirena GroupcoreChannel Partner/ Reseller/ DistributorNorcod partners with Sirena Group on sales and distribution of Snow Cod. Sirena Group handles sales and distribution of fresh Snow Cod across Europe, serving as the primary distribution channel for the product.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mowi ASA: Mowi is the world's largest Atlantic salmon producer, with integrated farming, processing, and sales. It is a broad incumbent comparable to Norcod as a publicly listed Norwegian seafood farming company with EU foodservice exposure.
• High Liner Foods: High Liner Foods is a North American value-added frozen seafood company and Norcod's strategic investor (10% stake). Comparable as a downstream buyer and channel partner for farmed whitefish/cod products.
• Cermaq Group AS: Cermaq is one of Norway's largest salmon farming companies, operating aquaculture in Norway, Chile, and Canada. It is comparable to Norcod as a Norwegian-based marine aquaculture operator, but focused on salmon rather than cod.
• SalMar ASA: SalMar is a leading Norwegian salmon aquaculture company listed on Oslo Børs, also operating Ocean Farm 1 offshore. Comparable to Norcod as a publicly listed Norwegian aquaculture operator pursuing innovation in marine farming.
• Cooke Aquaculture: Cooke is a large North American family-owned seafood company with salmon farming in Atlantic Canada and other species. Comparable to Norcod as a vertically integrated aquaculture/farmed seafood company supplying EU and North American markets.
• Lerøy Seafood Group: Lerøy is a major Norwegian seafood group spanning salmon aquaculture, whitefish, and distribution. It is comparable to Norcod as a vertically integrated Norwegian seafood company with EU distribution and cod/whitefish exposure.

Others

• Akva Group ASA: Akva Group supplies equipment, technology, and services to the global aquaculture industry, including Norwegian salmon and emerging species. Comparable to Norcod as an aquaculture-enabling participant in the Norwegian farming ecosystem.
• Sirena Group: Sirena Group is Norcod's primary European distribution partner for Snow Cod. It is an adjacent seafood distributor rather than a direct competitor, but materially linked through its commercial partnership with Norcod.

Emerging players

• Kingfish Zeeland: Kingfish Zeeland operates a land-based RAS facility farming yellowtail kingfish for European markets. It is an emerging aquaculture comparable pursuing premium farmed whitefish-like species with sustainability positioning similar to Norcod's Snow Cod.
• Atlantic Sapphire ASA: Atlantic Sapphire pioneered land-based salmon farming (Bluehouse technology). Comparable to Norcod as an innovation-led aquaculture challenger attempting to industrialize finfish farming outside traditional wild-catch or net-pen models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/norcod-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 Norcod AS