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 expansion; subsidiary valued at RMB 1.2 billion
Nordic Aqua Partners, an Oslo‑headquartered land‑based salmon farming company, announced a new financing package on 25 September to push forward construction and expansion at its Ningbo production site in China. The package includes RMB 300 million in cash from two unnamed Chinese investors in exchange for a 20 percent stake in the local business, valuing the Ningbo operation at RMB 1.2 billion. The transaction remains subject to final company approval at an upcoming general meeting.
What the financing covers
The cash injection is earmarked to complete Stage 2 construction at the Ningbo facility and to fund the start of Stage 3, which when finished will raise annual production capacity to 20,000 metric tons. The company provided currency conversions for the equity investment: RMB 300 million = USD 42.1 million and EUR 35.8 million. The stated pre‑money valuation of the Ningbo business is RMB 1.2 billion (USD 168.3 million / EUR 144.4 million).
Bank financing and financing mix
In parallel with the equity deal, Nordic Aqua has reached early‑stage agreements with Bank of China’s Ningbo branch and other major Chinese banks to provide long‑term loans to support completion of the Gaotang facility and other projects. Management frames the combined equity and bank package as a way to provide the long‑term financial platform needed for major investment in China. The company is also evaluating an initial public offering of the Ningbo entity in China and Hong Kong as a future option.
Project schedule and cost updates
Stage 2 construction is reported to be progressing on schedule, with first harvest from that stage planned for the third quarter of 2026. The company revised the Stage 2 capex estimate downward by 16 percent to EUR 65 million from a prior EUR 77 million, citing cost savings through collaboration with stakeholders. As of 30 June, EUR 30 million of Stage 2 capex had been accrued. Stage 3 design and build steps have been secured via a 30‑year land and facilities lease. Detailed engineering for Stage 3 is planned for 2026, with construction expected to start in late 2026 or early 2027 pending a final investment decision and first harvest from Stage 3 targeted for 2029.
Operational background and recent history
The company has been expanding land‑based Atlantic salmon production in China since 2023. In mid‑2024 a harvest of about 190 metric tons was removed from the market because of elevated levels of geosmin, a harmless compound that causes a strong off‑flavor. Remediation actions included installation of protein skimmers, vacuum UV systems, increased ozonation, new biofilter protocols and added water capacity. Capital expenditure tied to these measures was reported at EUR 19 million. After upgrades, the facility resumed harvesting and was reported to be back on track.
Recent operating and financial indicators
Operational performance was described as good for Q4 2024, with mortality rates below 1 percent and the ability to produce 7 kg fish at scale without signs of maturation. A prior private placement raised EUR 30 million to support development. For Q2 2025 the business reported a commercial harvest of 756 tonnes HOG at an average weight of 4.6 kg, with 99 percent of production graded as superior. Q2 revenues were EUR 5.1 million, with an average sales price of EUR 6.74 per kg. First‑half 2025 revenue totaled EUR 6.5 million, while Q2 operating EBIT remained negative at EUR –2.6 million, reflecting early commercial ramp‑up and ongoing investment in expansion. The company closed June with EUR 13.3 million in cash and an equity ratio of 45 percent.
Commercial outlook and strategic rationale
Management frames the new strategic minority partners and the bank financing as steps that secure local equity, broaden the company’s capacity to scale sustainably and create synergies across the aquaculture value chain in Zhejiang Province and beyond. The company expects to harvest about 2,300 tonnes HOG in 2025 and intends to capitalize on confirmed demand in the Chinese premium market, including repeat orders from retail and HoReCa customers.
Next steps and approvals
The equity component of the package will require approval at a general meeting. Final banking terms remain subject to due diligence and documentation. Detailed engineering and final investment decisions for Stage 3 will determine the precise timing for later construction and the ramp to the 20,000 MT annual capacity target.
Frequently Asked Questions
What did the new deal include?
The deal includes RMB 300 million in cash for a 20 percent stake in the local Ningbo business, valuing that unit at RMB 1.2 billion. Bank financing discussions run in parallel.
Who are the investors?
Two unnamed Chinese investors provided the equity. They were described by the company as respected local entities; names were not disclosed.
What will the funds be used for?
Proceeds will complete Stage 2 construction and fund the next phase, Stage 3, to reach a planned 20,000 MT annual capacity when fully built.
Is the deal final?
The equity transaction is subject to final approval at an upcoming general meeting. Bank facilities remain at early agreement stages pending documentation.
Will the company list the Ningbo unit?
The company is evaluating options for an IPO of the Ningbo operation in China and Hong Kong but has not made a final decision.
How is the project performing operationally?
Operational indicators have improved since mid‑2024 upgrades. Recent reports show low mortality, strong survival rates, and continued early commercial scaling with Q2 2025 harvests and revenue growth.
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Key features at a glance
| Feature | Detail |
|---|---|
| Equity investment | RMB 300 million for 20% (unnamed Chinese investors) |
| Valuation (pre‑money) | RMB 1.2 billion (USD 168.3M / EUR 144.4M) |
| Use of proceeds | Complete Stage 2; fund Stage 3 to reach 20,000 MT annual capacity |
| Bank partners | Early agreement with Bank of China (Ningbo) and other major Chinese banks |
| Stage 2 capex | EUR 65 million (revised down 16%); EUR 30 million accrued as of 30 June |
| Stage 2 harvest target | First harvest scheduled Q3 2026 |
| Stage 3 timelines | Detailed engineering 2026; construction late 2026/early 2027; first harvest 2029 |
| Recent operational highlights | Q2 2025 harvest 756 MT; avg weight 4.6 kg; 99% graded superior; Q2 revenue EUR 5.1M |
| Remediation capex (geosmin) | EUR 19 million for system upgrades and protocol changes |
| Cash position (30 June) | EUR 13.3 million; equity ratio 45% |
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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