Nordic Aqua secures RMB 300M to expand Ningbo salmon operations

Ningbo, China, September 26, 2025

News Summary

Nordic Aqua Partners announced a RMB 300 million equity investment from two unnamed Chinese investors for a 20% stake in its Ningbo unit, valuing the operation at RMB 1.2 billion. The funds will complete Stage 2 construction and kick off Stage 3 to reach a planned 20,000 metric ton annual capacity. Parallel early agreements with Bank of China (Ningbo) and other lenders aim to provide long-term loans. The company is also evaluating an IPO for the Ningbo entity. Operational improvements and remediation investments have restored production momentum, with recent commercial harvests and revenue growth amid ongoing expansion.

Nordic Aqua secures RMB 300 million from two unnamed Chinese investors to fund Ningbo salmon farm expansion

What happened: Oslo-headquartered Nordic Aqua Partners has agreed a financing package that will bring RMB 300 million (about USD 42.1 million / EUR 35.8 million) in cash from two unnamed Chinese investors in exchange for a 20 percent equity stake in its China unit to support the company’s land-based Atlantic salmon project in Ningbo. The transaction values the Ningbo subsidiary at a pre-money valuation of RMB 1.2 billion (approx. USD 168.3 million / EUR 144.4 million), and is subject to final approval at an upcoming general meeting.

Key use of funds and growth plan

The package is designated to complete Stage 2 construction and to fund the next phase, Stage 3, which is designed to raise annual production capacity to 20,000 metric tons. Stage 2 construction is progressing to plan, with the first harvest from that stage scheduled for the third quarter of 2026. Detailed engineering for Stage 3 is planned in 2026, with construction expected to start in late 2026 or early 2027 pending a final investment decision, and first harvest from Stage 3 anticipated in 2029.

Bank financing and broader financing framework

Alongside the equity investors, Nordic Aqua has reached an early-stage agreement with a major local bank branch and other large Chinese banks to provide long-term lending. This bank financing is intended to secure a stable platform for completing and expanding production in China and is described by management as complementary to equity. The company is also evaluating the potential for an initial public offering of the Ningbo unit in China and Hong Kong as an additional route to capital.

Operational context and recovery from earlier setback

The financing arrives after an operational disruption in mid-2024 when about 190 metric tons of harvested salmon were affected by elevated levels of geosmin, an odor-causing but harmless compound that gives fish an earthy off-flavour. The company invested in a range of remediation measures — including protein skimmers, vacuum UV systems, increased ozonation, new biofilter protocols and extra water capacity — with related capital expenditure of approximately EUR 19 million (about USD 19.7 million).

Following those upgrades, the company has resumed harvesting and reports the Ningbo facility is back on track. Operational updates indicate strong biological performance, sub-1 percent mortality in the fourth quarter of 2024, and the ability to produce 7 kg fish at scale without maturation following the improvements.

Recent commercial and financial performance

Commercial harvest in the second quarter of 2025 amounted to 756 tonnes HOG with an average weight of 4.6 kg. Roughly 99 percent of Q2 production was graded as superior. Revenue for Q2 reached EUR 5.1 million and first-half 2025 revenue totalled EUR 6.5 million. Q2 operating EBIT was negative at EUR –2.6 million, reflecting an early-stage commercial ramp-up and ongoing investment in the Chinese expansion. The company closed June with EUR 13.3 million in cash and an equity ratio of 45 percent.

Earlier private fundraising in support of the roll-out included a successful placement of EUR 30 million to fund continued development. Stage 2 capital expenditure has been revised down around 16 percent to EUR 65 million from a prior estimate of EUR 77 million, with approximately EUR 30 million accrued as of the end of June.

Strategic rationale and market positioning

Management frames the equity package and local bank support as a strategic evolution of collaboration with Chinese institutions and local stakeholders. The combined financing is positioned to accelerate scale-up of locally produced Atlantic salmon for premium segments in China, including retail and high-end hospitality markets. The company is guiding for roughly 2,300 tonnes HOG harvest in 2025 as it transitions from pilot and ramp-up phases toward larger commercial output.

Approval steps and next milestones

The equity transaction remains subject to shareholder approval at an upcoming general meeting. If authorised, funds will be applied to complete Stage 2 construction and to advance Stage 3 planning and execution. Key near-term milestones include Stage 2 commissioning and the first scheduled harvest from that stage in Q3 2026, finalising long-term bank terms, and progressing detailed engineering for Stage 3 in 2026.

Risk considerations

Risks for the project include execution risk as construction scales, potential operational setbacks similar to the earlier geosmin incident, regulatory and permitting factors for expansion in China, and market-price volatility during the commercial ramp-up. Management highlights that long-term bank financing and strategic local partners are intended to mitigate some financial and operational risks tied to major capital expansion.

Bottom line

The package brings fresh equity and a banking pathway intended to accelerate the buildup of domestic Atlantic salmon production capacity in Ningbo. The deal sets a clear valuation benchmark for the local unit, opens options for an IPO, and aims to combine capital and local relationships to support a multi-stage expansion toward a 20,000‑tonne annual capacity target.

FAQ

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Key project features at a glance

Deeper Dive: News & Info About This Topic

Additional Resources

• SeafoodSource: Nordic Aqua Partners secures financing for Chinese expansion
• Wikipedia: Recirculating aquaculture system
• Just-Food: Nordic Aqua Partners receives Chinese investment for farmed Atlantic salmon
• Google Search: Nordic Aqua Partners Ningbo investment
• Intrafish: Nordic Aqua eyes IPO after landing $42 million in Chinese backing
• Google Scholar: land-based salmon China Nordic Aqua
• SalmonBusiness: Land-based farmer raises $42m from Chinese investors, signals market listing plans
• Encyclopedia Britannica: Aquaculture in China
• WeAreAquaculture: Nordic Aqua Partners revises production strategy, targeting larger fish
• Google News: Nordic Aqua Partners

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