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Finnforel to Invest EUR 45 Million in New Production Facilities and Build First Selective Breeding Centre for Rainbow Trout in Finland

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“Over the next decade, the mission of the Pinforal team is to bring to the world the Finnish knowledge and fish farming.

VARKAUS, Finland, 9 November 2021– (BUSINESS WIRE) – Finnish technology company Finnforel has become one of the leading ecological fish farms in the world since it was founded in 2017. The company’s products are currently sold in more than a thousand grocery stores in Finland under the Saimaan Tuore brand. Pinforal achieved a significant breakthrough in November 2020, when its production plant in Varkaus, which covers a million kilograms, achieved a maximum capacity level for selected fish farming.

This press release includes multimedia. Watch the full edition here: https://www.businesswire.com/news/home/20211109005798/en/

Finnish technology company Finnforel has become one of the leading ecological fish farms in the world since it was founded in 2017. With the investment plan announced today, Finnforel is entering its next growth phase as the company strives for rapid expansion in both the Finnish and global markets. (Photo: Business Wire)

With the investment plan announced today, Finnforel is entering its next growth phase as the company strives for rapid expansion in both the Finnish and global markets.

“Only 0.1 percent of all fish in the world are produced in a sustainable ecological way. This is a huge € 300 billion business that must change if we want to save our days and lakes. I believe Finnforel’s most refined model, which works without antibiotics or environmental emissions, can claim a fair share. “From this market. Over the next decade, the mission of the Finnforel team is to bring Finnish knowledge and fish farming to the world. In the future, the fish will apply where consumers are,” says Peka Villiakinen, Chairman of the Board and one of the founders of Finnforel Oy.

Finnforel is further expanding the production capacity of its factory in Varcus from one million to three million kilograms. The concept of “Pinforal Gigfactor” that will be obtained will cover the entire fish breeding process, from young fish to ready-made consumer products. Construction work on the extension, which will cost about 25 million euros, will begin immediately. In December 2021, Pinforal will start exporting its fish products to the UK, Germany and the Netherlands. At the same time, the company is entering the planning phase of several similar Giga-Factor projects in Europe, Russia and the Middle East.

Finland’s first selective breeding center for rainbow trout built in Holola

A significant part of Finnforel’s expansion plans is to bring into Finland the production of crops and minnows on an industrial scale suitable for marine recycling systems. Today, most of the eggs used in fish farming in Finland are imported. Finnforel is building a € 12 million genetics and frying plant in Holola, which, upon completion, will have the capacity to produce eggs for six Pinforal Jigfactor plants around the world.

The project, carried out in close collaboration with the Finnish Institute of Natural Resources, is also important in terms of Finland’s emergency supply. Together with the Finnish Institute, Pinforal will help secure the supply of fish eggs and fry, for example in crisis situations. Since the early 1990s, the Finland Natural Resources Institute has conducted pioneering research in rainbow trout genetics in cloud, breeding and animal health. This project is the first time that the results of this work have been implemented and commercialized to this extent.

“According to the business model created by Pinforal, fish will be processed from eggs into consumer packaging. By securing the entire production chain, we create an easy way for consumers and retailers to buy and sell fresh and tasty fish. Fish consumption is growing internationally, and I strongly believe more alert consumers will prefer Organics that are easy and quick to prepare, “says Max Alphaten, CEO of Finnforel.

Significant new owners
Pinforal is financing these investments for a total of € 45 million through a share issue of € 34 million, € 4.5 million from the European Maritime and Fisheries Fund (EMFF) and € 6 million in bank loans.

The share issue will turn significant Finnish and international institutional investors into Pinforal shareholders. These include Ahlström Invest, Finnish Industry Investment Ltd (TESI), the European Investment Bank (European Fund for Strategic Investments), The Good Investors (Ireland / France) and other family companies in Europe.

The Finnforel Press Conference was held on Tuesday, November 9 from 11:00 a.m. onwards. The recording of the press conference can be seen here: https://www.finnforel.com/

Read more about Finnforel here: https://www.finnforel.com/
Learn more: https://youtu.be/e6Q8LbLddXw

Finnforel Oy is a facility for water recycling systems (RAS) and a Finnish family business specializing in genetics and related technology founded in 2017. The company currently has pilot plants in Varkaus, Holola and Jourounen that produce about one million kilograms of rainbow trout from organic farming. Every year. Is Saimaan Tuore, whose rainbow trout products are available in more than a thousand grocery stores across Finland.

View the original version at businesswire.com: https://www.businesswire.com/news/home/20211109005798/en/

Contacts

More info:
Pekka Viljakainen, Chairman of the Board, Finnforel Oy
bulldozer@aii.fi, tel. +358 50 1422

Max Alphthan, CEO of Finnforel Oy
max.ahfthan@finnforel.com, tel. +358 40 0461640

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