First Water

About First Water

First Water, formerly known as Landeldi hf, is an Icelandic company focused on large-scale, land-based salmon farming. Founded in 2017 by a group of investors and individuals with experience in land-based farming, the company is establishing its operations in Þorlákshöfn, on the southern coast of Iceland. The current CEO is Eggert Þór Kristófersson, who joined in the autumn of 2022, bringing a long career in management from firms like Íslandsbanki, N1, and Festi. His leadership transition marked a pivotal moment, steering the company from a modest share capital to significant growth.

The company's business model centers on sustainable aquaculture, leveraging Iceland's unique natural resources. First Water utilizes pristine seawater sourced from underground wells, which has been naturally filtered through layers of lava. This water is also heated by geothermal energy, maintaining a stable and optimal temperature for the salmon. The entire operation is powered by green energy, under a power purchase agreement with Iceland's national power company, Landsvirkjun. This approach allows for the production of high-quality Atlantic salmon with minimal environmental impact and without the use of antibiotics or pesticides. The company's name, "First Water," is a term borrowed from gemology to describe the most translucent gemstones, reflecting the clarity and quality of the water used in its farming process.

First Water's main product is Head-On Gutted (HOG) Atlantic Salmon, destined almost entirely for foreign export markets. The project is being developed in six phases, with the goal of reaching an annual production capacity of 50,000 tons. The first phase alone is projected to yield 8,300 tons annually. The company achieved its first successful harvest in May 2023. Revenue is generated directly from the sale of this premium salmon to international clients. The company has secured substantial funding through multiple equity rounds, with notable investors including the investment company Stoðir hf., and is planning for a potential stock exchange listing.