Atlantic Sapphire Completes FL Hatchery Trial



Atlantic Sapphire completes 90-day salmon hatchery trial in Florida
By Undercurrent News
Nov. 19, 2018

Atlantic Sapphire said it has completed its first 90-day onsite hatchery trial at its future land-based Atlantic salmon farm near Miami, Florida, and “has validated water quality and local conditions”.     

The Norwegian company, now publicly traded on the Oslo, Norway, exchange under the ticker symbol “ASAME”, issued an update to investors late last week that shows it's planning to introduce 800,000 eggs to its hatchery and remains on course to deliver its first harvest in the third quarter of 2020.

In January, Undercurrent News visited the future Homestead, Florida, site and interviewed founder and CEO Johan Andreassen. He said at the time that his ultimate goal was to produce 33,000 metric tons of salmon annually, but that number has grown, based on its permit requests.

As of Nov. 15, Atlantic Sapphire was “well underway with construction of its phase 1 built out, which is projected to harvest approximately 10,000t of salmon annually, beginning in Q2, 2020,” it said. “The company has also secured the key US water permits to produce up to 90,000t onsite, annually.”

Meanwhile, at its salmon RAS facility in Denmark, the company moved its fish into growout tanks in October and expects to finish a phase-two expansion in December. By the second quarter of 2019, it said it will have normalized production of 2,400t head on gutted fish. The Denmark operation has additionally achieved the Whole Foods’ ‘responsibly farmed’ certification, the company noted.

In other news, Atlantic Sapphire said it has had a “constructive process with key lenders”, which should lead to closing debt facilities by the end of 2018 and, given the current business plan, it “continues to continues to expect to be fully funded until steady state revenue is achieved in the US phase one facility in 2020”.

The company this month received a symbolic “Key to the County” from Miami-Dade County mayor Carlos Gimenez and the county council.