Fifax Plc, Investor News, 21 May 2024 10.00

Fifax, a land-based fish farming company advancing toward full production capacity by the end of the year, has completed the planned technical developments for its second Grow-out unit and has begun transferring fish to its tanks. All tanks in the first Grow-out unit are already in use.

Since the restart of operations in 2023, fish farming has progressed according to the Company’s plans and the overall fish stock is currently around 225 tons.

“95 percent of growth takes place in the Grow-out unit. The largest fish raised from the first batch of eggs already weigh around half a kilogram” says CEO Samppa Ruohtula.

“As the fish stock continues to grow our target is to take the final 12-tank farming unit into use during the second half of 2024, whereby our whole technical production capacity of more than 3 million kilograms is in use.”

Please read more about the development of the first batch and the implemented development measures in the web news published on 16 April 2024.

For more information:
Samppa Ruohtula
CEO, Fifax Plc
+358 40 559 8812
samppa.ruohtula@fifax.ax

Fifax in brief

Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round. Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an 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 and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.

FIFAX Plc’s shares are listed in Nasdaq First North Growth Market Finland.