Salmon Evolution (SALME-ME) has been granted a funding commitment of NOK 96.8
million from the state-owned enterprise Enova SF. This commitment is a cash
grant and the funding from Enova will not require any material additional
investment needs from Salmon Evolution.

The funding support from Enova is related to the ongoing construction of Salmon
Evolution's fish farm at Indre Harøy in Hustadvika which in the first phase will
produce approximately 9,000 tonnes annually. This energy-efficient fish farm,
involving a hybrid flow-through system, is based on utilizing large amounts of
fresh seawater to produce 36,000 tonnes of salmon per year when fully built out.


- With this funding support, Enova contributes to Salmon Evolution realizing
tomorrow's solutions for salmon farming. Our strategy of establishing a
significant, low-emission salmon production on land, remains unchanged says CEO
Håkon Andre Berg of Salmon Evolution.

The Norwegian Government's ambition is to increase aquaculture production
fivefold in 2050. At the same time, Norway aim to become a low-emission society
with 90% lower greenhouse gas emissions. Hence, Enova helps the aquaculture
industry to cut emissions and increase profitability with energy and climate
measures.
-We believe that Enova's contribution will further strengthen Norway's position
as a world-leading salmon producer, Berg comments.

Enova SF is owned by the Ministry of Climate and Environment and contributes to
reduced greenhouse gas emissions, development of energy and climate technology
and a strengthened security of supply.

With the funding commitment from Enova, Salmon Evolution strengthens its
financial position. The company has attracted NOK 810 million in equity 2020, in
addition to NOK 50 million raised in 2019. Salmon Evolution is also currently
working to secure a debt arrangement of NOK 396 million from a consortium of
three banks. As of November 13th 2020 the company has cash holdings of NOK 677
million (NOK 3,08 per share) and NOK 40 million in debt to financial
institutions.

For further information:
CEO Håkon André Berg 
hakon.andre.berg@salmone.no
+47 411 92 257

About Salmon Evolution: 
Salmon Evolution is a land-based salmon farming business with its first
production facility under construction at Indre Harøy in western Norway. This
initial phase has an annual capacity of 9,000 tonnes of fish, rising ultimately
to 36,000 tonnes.
  
The company will also jointly assess future opportunities for scaling similar
projects in South Korea and other Asian and international markets.

Salmon Evolution's medium- to long-term expansion plans envisage a total annual
output of roughly 70,000 tonnes.