BioMar Group and Síldarvinnslan have signed a memorandum of understanding to build a high-tech aquafeed production facility in Iceland.
Síldarvinnslan processes fishmeal and fish oil. As a result of this joint venture, BioMar claimed it would become the only global feed company in the Icelandic market. The ambitious facility will achieve net-zero within its own operations and reduce the need for imported feeds while benefiting from Iceland’s existing energy structure.
“As part of our strategy, above and beyond, we are committed to expanding our business to new geographies and demonstrating our sustainability ambitions. Partnering with Sildarvinnslan offers a great opportunity to grow the Icelandic industry locally, and in a sustainable way,” announced Carlos Diaz, CEO of BioMar Group, in a press release.
The new collaboration presents an opportunity to fully utilise by-products from Sildarvinnslans’ fishing operations and combine with BioMar’s extensive R&D portfolio and knowledge in the use of novel ingredients. The agreement includes Sildarvinnslan’s Laxá production facility and existing feed operations, which have been importing and distributing BioMar starter feeds for several years.
“We have had a long-standing relationship with BioMar, and this joint venture is an ideal fit between two companies fully dedicated to driving an ambitious sustainability agenda. Our expertise in the production of sustainable marine raw materials and by-products, our fish processing and farming technologies combined with BioMar’s feed production knowledge will give us the opportunity to supply Iceland’s aquaculture industry with feed that will enable a differentiated offering to the global market,” said Gunnþór Ingvason, CEO of Síldarvinnslan.
Since 2020, the Icelandic aquaculture industry has grown tenfold and prides itself on a sustainability focus and increased organic production at sea. The more recent land-based projects are taking advantage of the natural environmental conditions to reduce resource requirements by utilising geothermal sources. This makes Iceland a strategic location for a net-zero facility, reducing the need for imported feeds while benefiting from Iceland’s cost-effective green hydro and hydrothermal energy supply and locally available ingredients.