Re:Ocean signs purchase agreements with Swedish, Finnish distributors

Re:Ocean, which is developing a 10,000-metric-ton land-based salmon-farm in Säffle, Sweden, has signed purchase agreements with Swedish seafood distributors Magnussons Fisk and Kalatukku E. Eriksson.

Formerly known as Premium Svensk Lax, Re:Ocean is building a 58,800-square-meter inland salmon farm housing 88 tanks, where Atlantic salmon will be raised from egg to harvest. It will reuse 99.9 percent of its water in a closed environment and its facility will be 100 percent fossil-free. AKVA Group has been contracted to provide the recirculating aquaculture system (RAS).

Though it originally said it would put its first smolt in its farm by 2023 and have its first product available in 2026, the company has revised its estimates, with building of the facility now set to begin in the fall of 2023 and construction expected to take one year. After construction is complete, the company said will take about two years for its fry to grow into healthy full-size salmon. Re:Ocean said it expects to reach full production by 2026.

In December 2022, the EIB, the E.U.'s climate bank, pledged a SEK 530 (USD 50.6 million, EUR 47.6 million) million venture debt investment in Re:Ocean.

"The bio-economy fish farm financing project is aligned with the European Union's policy orientation as well as the EIB’s activity to support the European Green Deal, and is in line with Paris Alignment commitments," the EIB said in a press release. "It further aligns with E.U. and EIB policy by meeting climate action and environmental sustainability criteria, and by contributing to the E.U. Bioeconomy and the Circular Economy Package. It will also enable sustainable production, processing, distribution and consumption of salmon and reduce food waste. In addition, the project will reduce greenhouse gas emissions through the use of renewable sources in the production process."

Re:Ocean has already received support from Sweden’s three leading grocery retailers, Axfood, Coop, and ICA, but recently announced partnerships with Göteborg, Sweden-based Magnussons Fisk and Helsinki, Finland-based Kalatukku E. Eriksson. Magnussons Fisk is an independent fish wholesaler operating throughout Sweden, and Kalatukku E. Eriksson's is a foodservice purveyor operating across Finland. It also supplies its Eriksson Premium Seafood -branded products to 2,500 Kesko-operated K-food stores across Finland.

“RE:OCEAN's ambition is to sign a smaller number of unique cooperation agreements with fish distributors in order to reach out to sustainability- and quality-conscious customers in addition to the chain customers in the grocery trade,” Re:Ocean CEO Morten Malle said in a press release.

Malle said Re:Ocean hopes to eventually produce the equivalent of every fifth salmon eaten nationwide in Sweden. He said the partnership with Magnusson's Fisk will enable the company to reach that goal faster.

“Through the collaboration agreement that is now being signed, Re:Ocean and Magnussons Fisk create a neutral and strong platform for the distribution of Swedish land-based salmon to small- and medium-sized wholesalers and smokehouses, as well as to fishmongers and fish shops,” Malle said. "Our facility in Säffle will contribute to Swedes being able to increase their consumption of locally produced and sustainable salmon, which is such a large part of the food culture. Our collaboration with Magnusson's Fish ensures that we reach fishmongers and the Swedish people in channels that are associated with first-class fish and service and that share our view on sustainability and the protection of the environment.”

Magnussons Fisk CEO Sören Windstrup Jensen said the partnership builds upon its work building close and long-term collaborations with producers of high-quality seafood.

“Swedish land-based salmon from Re:Ocean fits perfectly into our assortment and further strengthens our offer," Jensen said.

Kalatukku E. Eriksson, which is owned by Kesko, which operates 1,800 stores in seven European countries, with total sales surpassing EUR 15 billion (USD ) in 2021,

"Since 1880, we have been serving the Finnish consumers and Horeca customers with first-class fish and seafood. We have always focused on constantly developing our work with sustainability and reducing climate impact of whole value chain,” Kalatukku E. Eriksson CEO Mikko Poikolainen said. “What Re:Ocean is doing will offer new sustainable way the world consume Atlantic-farmed salmon, and we look forward to serving our customers with first-class sustainable land-farmed Atlantic salmon.”

Malle said he also wants to convert Sweden from a net importer of salmon to a net exporter.

"The world and our neighboring countries have great confidence in the Swedish innovation power and our investment in sustainable, good and healthy salmon, and Re:Ocean embodies all of that with a rock-solid focus on sustainability. Using the water of Lake Vänern, and combining breakthrough technology with local traditions of salmon refinement, we are proud to be able to supply Finland with our salmon through our partnership with Kalatukku E. Eriksson,” he said.

Photo courtesy of Re:Ocean