Atlantic Sapphire

Carnegie Investment Bank acted as Joint Bookrunner in the USD 55 million directed share issue in Atlantic Sapphire ASA. The directed share issue was up-sized based on strong investor demand, from the initially announced issue size of USD 50 million.

The net proceeds from the directed share issue will be used to provide the company with sufficient financial runway, including a buffer, to achieve Phase 1 steady-state production and profitability. Any remaining cash buffer may be utilized by the company for Phase 2 expansion.

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the company with the technology and procedures that enable the company to commercially scale up production in end markets close to the consumer. In the US, the company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The company has completed Phase 1 construction, which provides the capacity to harvest approximately 9,500 tons (HOG) of salmon annually. The company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a targeted harvest volume in 2031 of 220,000 tons.

Carnegie congratulates Johan Andreassen, Karl Øystein Øyehaug, and the rest of the Atlantic Sapphire team with the successful transaction.

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