Salmon Evolution launches North America expansion and increases long term production target to 100,000 tonnes

08 Jun 2022 08:36 CEST

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is
pleased to announce that it has initiated a process with the aim of expanding
its farming operations into North America and at the same time raising its
production capacity target to 100,000 tonnes HOG by 2032.

As part of this process, Salmon Evolution is currently evaluating identified
potential production sites in North America. The Company expects to use the
remainder of 2022 for such site selection and initial site verifications.
Further, it is expected that the pre-construction phase including regulatory
approval processes will take 2-3 years, allowing for construction start during
2025, upon which the plan is to build a full scale 31,500 tonnes HOG "Indre
Harøy" facility, drawing on the experiences learned in both Norway and Korea.

To facilitate this expansion, the Company has established a dedicated team of
both in-house and external resources. Additionally, the Company will establish a
US corporate structure under its full ownership.

Mr. Håkon André Berg, CEO of Salmon Evolution comments:

"Although starting in Norway, Salmon Evolution has always had global ambitions.
With the addition of North America into our portfolio, we will have an operating
platform on all the three major salmon consuming continents.

Over the coming 12 months we expect to demonstrate the operational viability of
our concept, solidifying Salmon Evolution's global leadership position within
the land-based salmon farming industry. Given the long lead times for this
industry, we see it as critical for our long-term value creation to build and
develop a tangible pipeline of high-quality projects."

The Company's strategy of pursuing accretive partnerships in overseas markets
remains unchanged. As the project develops, Salmon Evolution aims to engage in
partnership structures leveraging the Company's human capital and maximizing
shareholder value.

For further information, contact:

Håkon A. Berg
CEO, Salmon Evolution
+47 411 92 257

Trond Håkon Schaug-Pettersen
CFO, Salmon Evolution
+47 911 91 327

About Salmon Evolution

Salmon Evolution is a Norwegian land-based salmon farming company targeting a
production capacity of 100,000 tonnes HOG by 2032. The Company's core focus is
on extending the ocean's potential by transferring the best preconditions
offered by the sea to farm fish on land through its chosen hybrid flow-through
system technology (HFS). This secures a truly sustainable production process
with controlled and optimal growth conditions and limiting operational and
biological risk.

The Company's first production facility is strategically located at Indre Harøy
on the Norwegian west coast with unlimited access to fresh seawater, renewable
energy, established infrastructure, and an educated and experienced work force.
Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes
HOG at steady state. Fully developed, the Indre Harøy facility will have an
annual capacity of 31,500 tonnes HOG.

The Company has also entered into a joint venture with Dongwon Industries where
the parties will develop, construct and operate a land-based salmon farming
facility in South Korea with an annual production capacity of 16,800 tonnes HOG,
using Salmon Evolution's chosen HFS technology.

Furthermore, the Salmon Evolution has initiated a process with the aim of
establishing a land-based salmon farming operation in North America.

Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.

To learn more, please visit www.salmonevolution.no

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