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Land-based facilities and equipment to blue chip salmon farmers

Nofitech at a glance

Nofitech provides land-based facilities and equipment to blue-chip salmon farmers. Its primary offering today is a recirculating aquaculture system (“RAS”), ModulRAS, which allows fish farmers to move parts of the fish’s growth cycle onto land, and offers facilities for the final growth stage, providing fish farmers with the option to locate all production on land.

Year acquired
2021
Sector
Aquaculture
Revenue
EUR 61m
Location
Norway
Employees
93
Investment themes
Resource Efficiency

Key developments in 2023

A new resource tax in Norway was announced in September 2022, and since then, there has been a standstill in investments from larger Norwegian salmon farmers, which caused a delay in the start of new projects. This also affected Nofitech in 2023, but the project backlog remains strong, and the company continues to deliver on existing projects. In Q4, Nofitech signed its largest project to date, which drives positive momentum into 2024.

What are the challenges Nofitech addresses

  • 60%

    est. increase in food production between 2010 and 2050 to feed a growing population.

  • 80%

    lower GHG emissions per kg edible meat of salmon versus cattle. Yet, regulation limits growth in conventional fish farming.

How does Nofitech help?

Reality today

Traditional at sea has certain negative impact on life below water, both on the marine habitat and the fish themselves (e.g., disease and lice), and is thus regulated by quotas that limits the organic growth in sea-based farming.

Nofitech approach

Nofitech moves parts of, or the entire, growth cycle of fish farming onto land, reducing the pressures from sea-based farming on the ecosystem and enabling fish farmers to increase overall production.

Aspirational future

An efficient and sustainable aquaculture system that supports consumers with access to sustainable and affordable proteins.

Who is impacted?

Salmon farmers in the North Sea Basin are impacted by receiving access to a more environmentally friendly production system given the compact, standardized, and modular nature of its facilities, which also increases the utilization of their salmon farming licenses.

Contribution

Nofitech enables farmers within the aquaculture industry to grow post-smolt in a cost-effective way. Nofitech further drives industry innovation and technological improvements – hence contributing to shifting the industry towards a more sustainable future.

Risks

RAS are complex systems with high densities of fish that have a high economic value. Thus, larger production issues can have significant consequences, not only in terms of lost monetary value for the fish farmer, but also for fish health and welfare.

SDG alignments

  • Zero hunger
  • Responsible consumption
  • Life below water

KPI reporting

Revenue (EURm)

Change from '22-'23: -24%

2023
61
2022
72
2021
44

kg CO2e/m3 concrete for one 20m ModulRAS

Target 2026: 20% reduction

Change from '22-'23: 0%

2023
17950
2022
17955

kg CO2e/m3 concrete tracks the emissions associated with the use of concrete during the construction phase of Nof

kg CO2e/m3 steel reinforcement for one 20m ModulRAS

Target 2026: 30% reduction

2023
744
2022
744

kg CO2e/m3 reinforcement” tracks the ­ emissions associated with the use of steel during the construction phase of Nofitech’s ModulRAS systems.