Nefco Invests in Fifax’s Eco-Friendly Fish Farming Expansion in Northern Europe

Nefco Invests in Fifax’s Eco-Friendly Fish Farming Expansion in Northern Europe

(IN BRIEF) Finnish land-based fish farming company Fifax has secured a €2.5 million loan from Nefco to boost its Eckerö facility, one of the largest of its kind in Northern Europe. Using environmentally friendly Recirculating Aquaculture Systems (RAS), Fifax recycles nearly all water used, significantly reducing environmental impact compared to traditional fish farming. This funding supports the company’s mission to scale operations and advance its Go-To-Market strategy, with both Fifax’s CEO Samppa Ruohtula and Nefco’s Investment Director Helena Lähteenmäki affirming a shared commitment to sustainability.

(PRESS RELEASE) HELSINKI, 4-Nov-2024 — /EuropaWire/ — Fifax Plc, a Finnish leader in land-based fish farming, has secured a €2.5 million loan from Nefco to advance its operations and expand internationally. This funding will enable Fifax to restart and upgrade its facility in Eckerö, Åland, already among Northern Europe’s largest land-based fish farming centers, with an annual production capacity of 2,700 tons of ASC-certified rainbow trout.

Established in 2012 and listed on Nasdaq First North Growth Market Finland in 2021, Fifax employs Recirculating Aquaculture Systems (RAS) technology. This method maintains nearly closed water circulation within its land-based tanks, reducing environmental impacts significantly compared to traditional sea-based net pens and other protein sources. By recirculating 99.7% of the water, RAS technology lowers water consumption, limits nutrient discharge, and curtails greenhouse gas emissions—ultimately benefiting biodiversity and ecosystems.

Samppa Ruohtula, Fifax’s CEO, expressed his enthusiasm for Nefco’s support, emphasizing that the funding will be instrumental in advancing the company’s Go-To-Market strategy and strengthening their Eckerö facility. “Fifax is committed to sustainable and responsible fish farming practices. We are very happy to work with Nefco as their focus on sustainability resonates with our mission,” he stated.

Helena Lähteenmäki, Nefco’s Investment Director, echoed this commitment to sustainability, noting that “supporting Fifax aligns with our mission to promote environmentally sustainable solutions.” She praised the company’s use of RAS technology in delivering high-quality, eco-friendly fish products.

Fifax’s facility was the first in Finland and the northern Baltic Sea region to earn the prestigious ASC certification, which sets rigorous sustainability standards on resource use, waste treatment, and greenhouse gas emissions, ensuring the highest levels of environmental responsibility in fish farming.

About Fifax

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

Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.

Media Contacts:

Helena Lähteenmäki
Investment Director, Nefco
+358 10 6180 633
helena.lahteenmaki@nefco.int

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

SOURCE: Nefco