Through this move, BioMar said it will become the only global feed company in the Icelandic market. The venture has an ambition to build a facility that will achieve net-zero within its own operations.
“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,” said Carlos Diaz, CEO of the BioMar Group.
The joint venture, said the two entities, leverages the expertise of Sildarvinnslan in the production of sustainable marine raw materials and by-products, fish processing and farming technologies as well as BioMar’s feed production knowledge.
“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,” said Gunnþór Ingvason, CEO of Síldarvinnslan.
The Icelandic aquaculture industry has grown tenfold since 2010, said the partners. Newer land-based projects are taking advantage of the natural environmental conditions to reduce resource requirements by utilizing geothermic sources, they noted. This makes the country an ideal location for a net-zero facility that will reduce the need for imported feeds while benefiting from Iceland’s cost-effective green hydro and hydrothermal energy supply and locally available ingredients, they commented.
Yesterday saw BioMar report year-on-year volume sales up by 9% and a hike in revenue by 42%.
The feed manufacturer said that despite still being challenged by raw material prices, energy costs and the impact of suspending trade with Russia, its earnings improved significantly, causing the company to raise guidance for the full year.