What Formax does

Formax (legal entity Formax Paralamp ehf) is a privately-held Icelandic engineering and equipment manufacturer founded in 1987 and headquartered in Reykjavik/Selfoss. The company operates two distinct product verticals: (1) fish processing equipment, centered on liquid-ice generation and handling systems (FB-300 blender, BG-1300 brine generator, IB-2000 ice containers, ST-series storage tanks, DS delivery systems) plus the MJÖLNIR roller dryer and ParaLamp LED inspection lighting; and (2) equine rehabilitation and training equipment, led by the Aqua Icelander water treadmill line (AQI 3100–3800) supported by the Aqua Dryer and the Aqua Wave vibrating-floor module using proprietary UME (Unique Muscle Equalizer) technology.

Technically, the Aqua Icelander combines adjustable water depth (0–120 cm), programmable incline (0–10%), touchscreen control with up to 200 stored programs, UV sanitation, automatic filtration, and optional chilled saltwater therapy down to 35°F — a feature set Formax flags as unique among equine aqua-trainers. The FB-300 liquid ice system uses PLC-controlled real-time software to dose ice, brine and water to produce slurry ice between 0°C and −15°C at ice ratios up to 60%, claimed to chill fish faster and with less bruising than conventional flake ice. All products are built in stainless steel to food-grade hygiene specifications.

Commercially, Formax operates a direct B2B sales model with no dealer network, supported by trade-show presence (Equitana Essen, DIHF Dubai) and a website-driven inbound funnel. Equipment is sold as one-time capital purchases at quote-based pricing for large systems; only the ParaLamp LED line carries published EUR pricing (€589–€903 per fixture). Customers are concentrated in elite enterprise segments: WinStar Farm (2018 U.S. Triple Crown winner), royal facilities in Dubai (Princess Haya of Jordan, Sheikh Hamdan), Washington State University, Warwickshire College UK, and leading fish processors such as SIF-France. The company has shipped into at least 12 countries and runs with a 11–50 employee footprint, with no external institutional funding beyond a 2015 Icelandic Technology Development Fund grant of approximately $75k.

Name

Formax

Legal name

Formax Paralamp ehf

Website

https://formax.is

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Formax Paralamp ehf is a privately-held Icelandic manufacturer of specialized equipment in two niches: liquid-ice systems and food-processing lighting for fish processing plants, and water-treadmill plus vibrating-floor rehabilitation equipment for elite equine training and veterinary facilities worldwide.

Ownership category

akta.pro rank

Headquarters

HQ city

Selfoss

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Equipment Sales - Aqua Icelander: Sale of water treadmills and aqua training equipment to equine facilities. Includes AQI 3100, 3800, 3500XL models with various configurations (built-in vs floor mount). Revenue from initial equipment purchase plus installation.
2. Equipment Sales - Liquid Ice Systems: Sale of liquid ice production systems including FB-300 blender, brine generators, storage tanks, and delivery systems to fish processing facilities. Modular system allows various configurations.
3. Equipment Sales - ParaLamp LED: Sale of LED lighting systems for fish processing with various models (SNL-215, SNL-218, SNL-436) and accessories. One-time product sales with pricing in EUR.
4. Equipment Sales - Aqua Dryer: Sale of horse grooming/drying equipment with infrared lamps and vibrating floor options. Includes AQI-30 and AQI-32D models.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Formax designs and manufactures two lines of specialty equipment: (1) fish processing systems including liquid ice generators (FB-300 blender, BG-1300 brine generator, ice containers, storage tanks), the MJÖLNIR roller dryer, and ParaLamp LED inspection lighting; and (2) equine equipment including the Aqua Icelander water treadmill (AQI 3100-3800), Aqua Dryer, and Aqua Wave vibrating floor (UME). Products are sold directly to enterprise end-users such as commercial fish processors, equine rehabilitation centers, veterinary hospitals, and racing/training facilities globally.

Product overview

Formax is an Icelandic company offering two distinct product lines: Fish Processing Equipment and Horse Products. The fish processing portfolio centers on liquid ice generation systems (FB-300 blender, BG-1300 brine generator, ice containers, storage tanks) for efficient fish chilling, complemented by MJÖLNIR dry fish roller systems. The horse products division centers on the Aqua Icelander water treadmill (AQI 3100-3800) as the core platform, with add-on modules including the Aqua Dryer (with IR lamps) and Aqua Wave vibrating floor (UME system). A third product line covers Paralamp LED lighting for fish processing quality inspection. All products feature stainless steel construction and food-grade materials for the fish line, with the horse equipment emphasizing rehabilitation and conditioning applications.

Differentiator

Problem solved

Functional benefit

Brands

• ParaLamp LED: LED lighting systems for trimming lines and quality inspection in fish processing, developed since 1987 for damp and wet working environments with IP68 insulation class.
• Aqua Icelander
• Aqua Dryer
• Aqua Wave

Products and services

• Aqua Icelander Water Treadmill (AQI 3100-3800) Submerged water treadmill for horses that allows exercise in adjustable water levels (0-120cm) with incline options (0-10%) for rehabilitation, training, and conditioning. Features stainless steel construction, safety glass windows, touchscreen control with up to 200 storable programs, UV sanitation, automatic filtration, and chiller/heater capabilities. Available in models AQI 3100, AQI 3500XL, AQI 3600, AQI 3800 in built-in or floor-mount configurations.
• Aqua Dryer (AQI-30, AQI-32D) Equine dryer equipped with dual blowers and 150 special air nozzles for even air drying, combined with ceramic infrared lamps for heat therapy. Available in two cabinet sizes (AQI-30: 230x186x240cm; AQI-32D: 250x196x265cm) with optional Vibrafloor UME (Unique Muscle Equalizer). Designed for post-exercise drying and IR therapy of horses.
• Aqua Wave Vibrating Floor (UME) Vibrating floor system using UME (Unique Muscle Equalizer) technology that rolls the plate side to side twice per minute, equalizing leg weight distribution so the horse's whole body absorbs the vibrating treatment. Available in horizontal and tilting configurations for muscle development and rehabilitation.
• ParaLamp LED (SNL-215, SNL-218, SNL-235, SNL-436) LED lighting systems designed for fish processing trim lines and quality inspection. Features IP68 insulation for damp and wet environments, food-grade materials, and a flat design enabling positioning close to cutting plates. Models include SNL-215 (2x1580 Lm 5700K, €589), SNL-218 (2x2106 Lm 5700K, €667), and SNL-436 (4x2106 Lm 5700K, €903), plus accessories for mounting and linear installation.
• Liquid Ice Blender FB-300 Produces liquid ice (ice slurry) from conventional ice at temperatures 0°C to -15°C with adjustable 0-60% ice ratio. Generates up to 10 tons/hour with capacity range up to 215 tons/day. Features PLC-controlled real-time software for precise monitoring and dosing of the ice-brine-water mixture for consistent output quality.
• MJÖLNIR Dry Fish System Roller dryer machine for fish fillets featuring three pairs of motorized rollers with stepless pressure adjustment using opposite-acting springs. Motor 0.37kW, speed 38°/min, capacity 500m/hr. Constructed of stainless steel EU 1.4301 for hygienic fish processing.
• Brine Generator BG-1300 Generates saturated sodium chloride brine at 2 tons/hour capacity for use in liquid ice systems. Features fully automatic water level control with drain pump, control valve, and level sensor. Made of stainless steel and food-grade plastic; dimensions 1600x1400x800mm.
• Ice Containers / Feeder Non-insulated stainless steel container for temporary storage of conventional ice as input to liquid ice systems. Features 200 kg/min discharge rate, 4900L interior volume, dimensions 3400x1650x2340mm, and gear motor-driven floor screws for ice feed-out.
• Liquid Ice Storage Tanks (ST 650, ST 1200, ST 1800, ST 2100) Slurry ice storage tanks in horizontal (ST 650, 1200, 1800) and vertical (ST 2100) configurations. Made of food-grade rotomoulded PE with PUR foam insulation and stainless steel agitators. Volumes range from 750L (ST 650) up to 8100L (ST 2100 max).
• Special Projects (custom mechanical design and construction) Bespoke mechanical design and construction projects leveraging Formax's stainless steel and fabrication capabilities, including port development artwork (stainless steel and hardwood harbor visualization), sensor-activated water fountains, large-format stainless steel signage (e.g., Sjova sign 2.6m), and lighthouse lighting installations using ParaLamp technology.

Quantifiable outcome

• Liquid ice cools fish faster than conventional ice and maintains lower storage temperatures
• +4 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered minor.

• BoschertminorOthersLogo displayed in Formax footer. Nature of relationship not specified - appears to be logo/brand association on website.
• RolleriminorOthersLogo displayed in Formax footer. Italian company logo shown on formax.is website footer.
• RannisminorOthersLogo displayed in Formax footer. Icelandic organization (Rannís) shown in footer.
• TthsjodurminorOthersLogo displayed in Formax footer. Icelandic company/organization shown.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Skaginn 3X: Icelandic manufacturer of advanced fish processing equipment and value-added processing lines. Direct peer competing for the same Icelandic and international fish processor customers with chilling, portioning, and freezing systems. Like Formax, headquartered in Iceland with strong seafood industry DNA.
• Marel: Icelandic-headquartered global leader in food processing equipment, with a major fish processing division. Directly comparable to Formax in seafood processing machinery (portioning, chilling, processing lines) and competes for the same enterprise fish processor customers, though at vastly greater scale and product breadth.
• Baader: German global leader in fish processing machinery for onboard and onshore applications. Direct competitor in processing, chilling, and portioning equipment for industrial fish processors — overlaps with Formax's liquid ice system value proposition.
• Cabinplant: Danish manufacturer of processing equipment for fish, seafood, and vegetables. Direct peer in fish processing automation and value-added seafood preparation systems, targeting similar commercial processor customers in Europe and globally.
• Optimar: Norwegian supplier of ice and refrigeration solutions for the seafood industry, including slurry ice systems. Direct technology competitor to Formax's FB-300 liquid ice blender and brine generators, serving the same commercial fishing and aquaculture customer base.
• Horse Gym USA: Manufacturer of equine water treadmills and aqua training systems for rehabilitation and conditioning. Direct competitor to Formax's Aqua Icelander product line in the US market with comparable therapy and training equipment for horses.
• Sunwell Technologies: Canadian manufacturer of slurry ice and refrigeration systems for the seafood industry. Direct technology peer competing with Formax's FB-300 liquid ice blender for the same commercial fish processing and aquaculture customer base.
• HydroHorse: Provider of equine aqua training and swimming systems for horses, including water treadmill and pool therapy equipment. Direct competitor to Formax's Aqua Icelander in the equine rehabilitation and conditioning market.

Broad incumbents

• GEA Group: German global engineering group providing food processing equipment, refrigeration, and separation technology. Broad incumbent whose food division competes with Formax on chilling, processing, and separation equipment for fish processors, though as part of a much wider portfolio.
• JBT Marel (John Bean Technologies): Global food processing equipment incumbent formed by JBT's acquisition of Marel, providing chilling, freezing, and processing solutions across proteins, seafood, and prepared foods. Broad overlap with Formax's seafood processing equipment from a large-scale, multi-category vendor perspective.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/aqua.icelander.7
• LinkedInlinkedin.com/company/formax-ehf-

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

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 Formax