04.11.2024 | News
Fifax’s solution for land-based fish farming reduces environmental impacts compared to traditional methods. Funding from Nefco will help Fifax to enhance its production facility in support of the company’s international growth efforts.
Fifax Plc, a Finnish company specialising in land-based fish farming, has signed a EUR 2.5 million loan agreement with Nefco. The funding will support the company’s efforts to restart and improve its land-based fish farming plant in Eckerö, Åland.
Fifax’s facility in Eckerö is already one of the largest land-based fish farming facilities in Northern Europe, with a production capacity of 2,700 tons of ASC-certified gutted fresh rainbow trout annually. The company, founded in 2012 and listed on Nasdaq First North Growth Market in Finland in 2021, aims to further enhance its production capabilities and execute its Go-To-Market strategy with the help of the loan from Nefco.
Fifax utilises Recirculating Aquaculture Systems (RAS) technology based on the principle of almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. The use of RAS technology in land-based fish farming significantly reduces environmental impacts compared to traditional sea-based net pen fish farming and other meat-based protein production methods. RAS allows for the recirculation of 99.7% of the water used in the process, minimising water consumption and reducing the discharge of nutrients. This results in lower greenhouse gas emissions, less phosphorous and nitrogen discharge and a positive impact on biodiversity and ecosystems.
“Fifax is committed to sustainable and responsible fish farming practices. We are very happy to work with Nefco as their focus on sustainability resonates with our mission. With the support of Nefco’s financing, we will be able to further improve our Eckerö plant and accelerate the implementation of our Go-To-Market strategy,” said Samppa Ruohtula, CEO of Fifax.
Nefco’s Investment Director, Helena Lähteenmäki, expressed her enthusiasm for the partnership, stating, “We are proud to support Fifax in their mission to provide environmentally friendly and high-quality fish products. Their use of RAS technology aligns perfectly with our commitment to promoting environmentally sustainable solutions.”
Fifax’s RAS facility was the first facility in Finland and the northern Baltic Sea region to receive the ASC certification. The ASC certification is a broad quality accreditation system for sustainability, and it ensures compliance with strict criteria related to water use, discharge water treatment, nutrient discharge, energy usage, greenhouse gas intensity, biowaste treatment and fish population density.
For more information, please contact:
Helena Lähteenmäki, Investment Director, Nefco
+358 10 6180 633, helena.lahteenmaki@nefco.int
Samppa Ruohtula, CEO, Fifax Plc
+358 40 559 8812, samppa.ruohtula@fifax.ax
About Fifax
Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with minimal impact on the environment, so its customers can enjoy locally and sustainably produced fish all year round. Established in 2012, Fifax utilises ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. Indoor tanks better safeguard against external factors, and the environmental impact of and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.
Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.