Andfjord Salmon
Andfjord Salmon is a Norwegian land-based Atlantic salmon aquaculture company using its patented Natural Flow flow-through system at Kvalnes on Andøya, selling premium salmon to food-service and retail buyers and post-smolt to ocean net-pen farmers such as Eidsfjord Sjøfarm.
- Company typePublic
- Founded2014
- HeadquartersSortland, Norway
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Andfjord Salmon does
Andfjord Salmon Group AS is a Norwegian land-based Atlantic salmon aquaculture company founded in 2014 and listed on Euronext Growth Oslo under the ticker ANDF, headquartered at Kvalnes on Andøya in Vesterålen (69°N). Its core technology is the patented "Natural Flow" system, a closed flow-through architecture that draws fresh seawater from below the sea lice and algae layer, re-creating the salmon's natural habitat on land with ultra-low energy use of approximately 1 kWh per kilogram of salmon produced and no requirement to heat, cool, or lift water. The company also formulates its own proprietary feed ("Calanus Plus") based on natural zooplankton, and operates a multi-cleaning system that collects biological waste as a commercial resource.
The company produces three outputs: premium Atlantic salmon for human consumption, post-smolt sold to ocean net-pen operators for grow-out, and the Calanus Plus feed. The Kvalnes facility holds a Norwegian government licence for 10,000 tonnes MAB (equivalent to ~19,000 tonnes HOG), with secured land supporting a long-term ambition of up to 90,000 tonnes HOG across Kvalnes, Breivika and Fiskenes. Pools K0, K1, and K3 are operational as of mid-2026, with K2, K4, K5, and K7 under construction under fixed-price contracts.
Andfjord's business model combines two go-to-market streams: direct sales of premium salmon to food-service companies, retailers, and seafood distributors supported by chef and sustainability-led brand building, and a strategic post-smolt off-take partnership — primarily with Eidsfjord Sjøfarm — that supplies juvenile salmon for shorter, lower-risk ocean grow-out, with processing secured via Holmøy Havbruk. Strategic equity investors include Jerónimo Martins (10.1% stake since 2022) and High Liner Foods (4.5% stake since 2024), each holding board representation, while bank financing totals NOK 1.5 billion (NOK 600 million undrawn as of Q1 2026). The company is in a pre-revenue growth phase, with its inaugural commercial post-smolt sale completed in June 2026 and first human-grade harvests scheduled from Q4 2026.
Andfjord Salmon firmographics
Firmographics- Name
- Andfjord Salmon
- Legal name
- Andfjord Salmon Group AS
- Website
- https://andfjordsalmon.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Andfjord Salmon is a Norwegian land-based Atlantic salmon aquaculture company using its patented Natural Flow flow-through system at Kvalnes on Andøya, selling premium salmon to food-service and retail buyers and post-smolt to ocean net-pen farmers such as Eidsfjord Sjøfarm.
- Ownership category
- akta.pro rank
Andfjord Salmon industry classification
Industry- Product category
- Land-based Atlantic Salmon Aquaculture
- NAICS
- Finfish Farming and Fish Hatcheries (112511), Seafood Product Preparation and Packaging (3117)
- SIC
- Prepared Fresh Or Frozen Fish & Seafoods (2092)
- akta.pro primary industry
- Marine Shellfish Farming (e.g., oysters, mussels, clams) (AFAEAAAB)
- akta.pro secondary industries
- Salmonid Hatcheries (Salmon, Trout, Char) (AFAEAKAD), Finfish Feed (Salmonids, Trout, Sea Bass/Bream, Tilapia, Catfish) (AFADADAA), Aquaculture Harvest, Processing & Packing (Farmed Finfish/Shellfish; On-Farm Plants) (AFANADAL)
Keywords
Where Andfjord Salmon is headquartered
LocationHeadquarters
- HQ city
- Sortland
- HQ country
- Norway
- HQ region
- Europe
Offices1 record
Markets served
Andfjord Salmon business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Human-Grade Salmon Sales: Andfjord Salmon sells premium Atlantic salmon to food service companies, retailers, and seafood distributors. The company retained approximately 290,000 fish in pool K1 for grow-out as human-grade salmon, with first harvest expected Q4 2026. Revenue recognition is anticipated as harvests occur and products are delivered to buyers.
- Post-Smolt Sales: Andfjord Salmon produces and sells post-smolt (juvenile salmon) to ocean net-pen fish farmers such as Eidsfjord Sjøfarm. The inaugural post-smolt sale was completed in June 2026 with approximately 450,000 fish sold. This strategy enables higher biomass turnover, improved EBIT, shorter runway to revenue and positive cash flow effects.
- Processing Services: Processing agreement with Holmøy Havbruk secures harvest capacity when required for Andfjord Salmon's own salmon production, as part of the broader strategic cooperation with the Eidsfjord Sjøfarm partnership ecosystem.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Andfjord Salmon product offering
Product offeringCore offering
Andfjord Salmon produces premium Atlantic salmon and post-smolt (juvenile salmon) using its patented Natural Flow flow-through aquaculture system at the Kvalnes facility on Andøya island, Norway. The technology draws fresh seawater from below the sea lice and algae layer, and the company offers Calanus Plus proprietary feed alongside its salmon products.
Product overview
Andfjord Salmon operates a land-based Atlantic salmon aquaculture business using its proprietary Natural Flow flow-through technology. The company offers three main product lines: Premium Atlantic Salmon (the core product harvested for human consumption), Post-Smolt (juvenile salmon sold to partner fish farmers for ocean net pen grow-out), and Calanus Plus Feed (proprietary salmon feed made from natural sea plankton). The products are produced at the company's Kvalnes facility on Andøya in Vesterålen, Norway, with operations expanding across multiple pools (K0, K1, K3, and under construction K2, K4, K5, K7).
Differentiator
Problem solved
Functional benefit
Brands
- Calanus Plus by Andfjord Salmon: Proprietary salmon feed made from natural plankton from the sea, giving the salmon unique taste and quality.
Products and services
- Premium Atlantic Salmon Premium Atlantic salmon produced in land-based flow-through facilities at Kvalnes, Andøya, using the patented Natural Flow technology. Sold to food service companies, retailers and seafood distributors with first harvest expected Q4 2026.
- Post-Smolt Juvenile salmon at the post-smolt stage (around 1,234 grams) sold to ocean net-pen fish farmers such as Eidsfjord Sjøfarm for further grow-out, enabling shorter ocean-based grow-out with reduced disease and sea lice exposure.
- Calanus Plus Feed Proprietary salmon feed developed by Andfjord Salmon, made from natural plankton from the sea alongside other healthy ingredients, producing salmon with a unique taste and quality profile.
Quantifiable outcome
- 97.5% survival rate in first production cycle (industry-leading), with recent cycles achieving >99% survival in pools K0 and K1
- +7 more outcomes
Companies that use Andfjord Salmon
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Andfjord Salmon technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Andfjord Salmon partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Entreprenør Harald Nilsen AScoreFixed-price construction contractor for pools K5 and K7 at Kvalnes. Same contractor currently completing pools K2 and K4, where the company reports high satisfaction with quality and progress. Securing pools on a fixed-price basis provides cost certainty for the continued build-out at Kvalnes.
- Nornebygg ASminorConstruction contractor working alongside Entreprenør Harald Nilsen AS on pools K3, K2, and K4 at Kvalnes.
- Eidsfjord SjøfarmcoreStrategic post-smolt partnership where Andfjord Salmon sells post-smolt to Eidsfjord Sjøfarm for ocean net-pen grow-out. The partnership includes deliveries of one million post-smolt already in 2026. Eidsfjord Sjøfarm is also a smolt supplier to Andfjord Salmon (for pool K3) and is associated with board member Knut Roald Holmøy (CEO of Holmøy Maritime, owner of Eidsfjord Sjøfarm). The cooperation enables Eidsfjord Sjøfarm to release robust fish into ocean net pens with a shorter grow-out phase, reducing disease risk and salmon lice exposure.
- Holmøy HavbrukcoreProcessing agreement with Holmøy Havbruk secures harvest capacity when required for Andfjord Salmon's own salmon production. This is part of the broader strategic cooperation between Andfjord Salmon and the Eidsfjord Sjøfarm ecosystem. Holmøy Havbruk is associated with board member Knut Roald Holmøy.
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
Andfjord Salmon competitors and assessment
Company assessmentDirect peers
- Salmon Evolution: Norwegian land-based Atlantic salmon aquaculture company using hybrid flow-through technology at its Indre Harøy facility. Closest pure-play comparable to Andfjord in terms of species, geography, and hybrid land-based production model.
- Atlantic Sapphire: US-listed (BlueHouse) land-based Atlantic salmon producer with operations in Florida and Denmark. Direct peer as the highest-profile land-based salmon pure-play, although using RAS rather than flow-through technology.
Emerging players
- Pure Salmon Technology: Land-based salmon production technology provider and operator building facilities globally. Adjacent competitor sharing the land-based salmon thesis with Andfjord.
- Nordic Aquafarms: Land-based salmon and steelhead producer developing facilities in Norway and the US. Directly competes in the land-based Atlantic salmon category with Andfjord.
Broad incumbents
- Mowi ASA: World's largest Atlantic salmon producer with extensive sea-based and emerging land-based operations. Dominant incumbent setting global salmon pricing benchmarks that affect Andfjord's realized prices.
- Bakkafrost: Faroese salmon farming major with premium positioning. Comparable premium-Atlantic-salmon operator competing for the same food service and retail buyers as Andfjord.
- Nordlaks Produkter AS: Vertically integrated Norwegian salmon producer; Andfjord's chairman Roger Brynjulf Mosand is CEO of Nordlaks. Comparable vertically integrated Norwegian salmon farming operation.
- Lerøy Seafood Group: Vertically integrated Norwegian seafood major covering salmon farming, processing, and distribution. CEO Martin Rasmussen previously worked at Lerøy, providing indirect industry linkage.
- SalMar ASA: Norwegian salmon farming giant with Ocean Farm 1 offshore and growing land-based initiatives (SalMar Aker Ocean). Major incumbent shaping competitive dynamics in Norwegian salmon.
Others
- BioMar Group: Global aquaculture feed manufacturer and supplier to most major salmon producers. Comparable as ecosystem participant and potential competitor to Andfjord's proprietary Calanus Plus feed.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Andfjord Salmon social profiles
Digital presenceAndfjord Salmon financial estimates
Financial estimateRevenue estimate
Valuation estimate
Andfjord Salmon leadership team
Management profileNumber of profiles
Profiles12 records
Andfjord Salmon funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Andfjord Salmon 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 Andfjord Salmon
What does Andfjord Salmon do?
Andfjord Salmon produces premium Atlantic salmon and post-smolt (juvenile salmon) using its patented Natural Flow flow-through aquaculture system at the Kvalnes facility on Andøya island, Norway. The technology draws fresh seawater from below the sea lice and algae layer, and the company offers Calanus Plus proprietary feed alongside its salmon products.
Is Andfjord Salmon a public or private company?
Andfjord Salmon is a public company. It is classified as public and is currently operating.
When was Andfjord Salmon founded?
Andfjord Salmon was founded in 2014. It employs 11 to 50 people.
Where is Andfjord Salmon based?
Andfjord Salmon is headquartered in Sortland, Norway, in the Europe region.
How does Andfjord Salmon make money?
Three revenue lines are on record. Human-Grade Salmon Sales are the primary driver. The others are post-Smolt Sales and processing Services.
Who are Andfjord Salmon's main competitors?
Direct peers on record are Salmon Evolution and Atlantic Sapphire. Emerging players are Pure Salmon Technology and Nordic Aquafarms. Broad incumbents are Mowi ASA, Bakkafrost, Nordlaks Produkter AS, Lerøy Seafood Group and SalMar ASA. BioMar Group is listed as an others.
Does Andfjord Salmon have an API?
No public API is recorded for Andfjord Salmon.
What industry is Andfjord Salmon in?
Andfjord Salmon's product category is Land-based Atlantic Salmon Aquaculture. Its primary akta.pro industry code is AFAEAAAB, Marine Shellfish Farming (e.g., oysters, mussels, clams), with a secondary code of AFAEAKAD, Salmonid Hatcheries (Salmon, Trout, Char). Its NAICS code is 112511 and its SIC code is 2092.