Nordic Aqua Partners (NOAP) has sold a 20% stake in its China subsidiary to local investors for 300m yuan ($42.1m) to expand farmed Atlantic salmon output in Ningbo. The investment will support the completion of the second and third phases of the project, with a target of 20,000 tonnes annually by 2029.

NOAP plans to begin construction on phase three of the land-based salmon farming operation in late 2026 or early 2027. The company aims to position Nordic Aqua Ningbo as a leading onshore RAS and land-based Atlantic salmon platform in China to meet the country’s demand for safe, sustainable protein.

CEO Ragnar Joensen views the investment as a strategic milestone for Nordic Aqua, with long-standing collaboration with Chinese institutions. The company is considering a public listing in China or Hong Kong via an IPO for Nordic Aqua Ningbo in the future to capitalize on the seafood market’s growth potential.

In the first half of the year, NOAP reported a net loss of €14.35m, wider than the previous year’s loss of €1.71m. Revenue increased by 58% to €7.39m, with a salmon harvest of 955 tonnes, up from 523 tonnes. Operating EBITDA and EBIT remained negative, showing a loss compared to the previous year.

Read more at Yahoo Finance: Nordic Aqua Partners receives Chinese investment for farmed Atlantic salmon