Nordic Halibut AS announced that it has signed an agreement with certain landowners that secures the location for the company's new land-based facility to be built at Torjulvågen in Tingvoll, Møre & Romsdal. The transaction will enable the company to realise phase two of the volume ramp-up plan to 9.000 tonnes HOG. Further, it will also significantly de-risk future production cycles as early-phase production will be spread across numerous locations throughout the production lifecycle. The new facility is planned to be divided into three 1.500m2 production units and all land-based production phases will be integrated at one location. Production capacity at the facility once fully operational will be 1.25 million juveniles per year. Coupled with the company’s already existing land-based infrastructure, the company will have the capacity to put over 2 million fish to sea per year, corresponding to a harvest volume of 9.000 tonnes HOG. The facility will be built with well-established and proven technology and will be based on a 100% flow-through system. The fjords surrounding Torjulvågen are deep, enabling the company to access water of high quality and stable temperature perfectly suited for land-based halibut production without the need for advanced technological water treatment or heating. This makes the facility energy efficient in addition to minimising technological risk throughout the production cycle. Further, the company has as part of the company’s sustainability strategy the ambition to make the new land-based facility autonomous and close to self-sufficient by utilizing its own renewable solar power installed at the roof-top of the production units. Construction is planned to commence in the second quarter of 2022 and gradually phased into production in 2023/24. This is ahead of schedule for the company’s land-based facility and will enable a possible progressed timeline towards the initial production target of 9.000 tonnes HOG within 2030. The parties to the agreements will aim at completing the transaction during the fourth quarter of 2021, subject to necessary approvals from relevant authorities, such as required aquaculture licenses, discharge permits and building permits, as well as certain other third-party approvals. The company has received positive feedback from both local and regional authorities.