Finnish technology company Finnforel has become one of the world’s leading ecological fish farms since it was founded in 2017. With the EUR 45 million investment programme today announced, the company channels funds to the expansion of the existing plant in Varkaus, Finland, building of a new breeding centre in Hollola and planning of new international operations.
Finnforel finances these investments totalling EUR 45 million through a EUR 34 million share issue, EUR 4.5 million from the European Maritime and Fisheries Fund (EMFF) and EUR 6 million in loans from banks. The share issue will make significant Finnish and international institutional investors shareholders in Finnforel. These include Ahlström Invest, Tesi (Finnish Industry Investment Ltd), the European Investment Bank (European Fund for Strategic Investment), The Good Investors (Ireland/France) and other European family enterprises.
“In addition to being one of the largest greenhouse emission sources globally, food production is also the single largest producer of nutrient discharges in Finland. At Tesi, we want to invest in companies that solve these kinds of sustainability issues. When fish are farmed with water recirculation technology, the production of one type of animal protein becomes more ecological, with lesser carbon footprint. Finland is one of the forerunner countries in water recirculation technology, and Finnforel is a prime example of a sector-specific, deep knowhow. We are happy to invest in what could be a next significant export industry in Finland,” explains Miikka Salminen, Investment Manager at Tesi.
The company’s products are currently sold in more than a thousand grocery stores in Finland under the Saimaan Tuore brand. Finnforel achieved a significant breakthrough in November 2020, when its million-kilo production plant in Varkaus achieved maximum capacity level for premium fish farming. Tesi made the invesment from its circular economy investment programme.
Miikka Salminen, Investment Manager, Growth and Industrial Investments, Tesi
+358 40 535 4758
Finnforel Ltd is a family business which utilises water recirculation in fish faming and specialises in related genetics and technology. At the moment in Finland, the company has plants in Varkaus, Hollola and Joroinen. www.finnforel.com
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII