Proximar Completes Handover of Facility - On Track for First Harvest in Q3 2024

19 Sep 2023 06:03 CEST

Bergen/Yokohama, 19 September 2023: Proximar Seafood AS (“Proximar” or the
"Company") has through its subsidiary, Proximar Ltd, taken ownership of the
entire fish farming facility in Oyama, Japan. This marks the end of the
Company’s construction works of the first commercial Atlantic salmon farming
facility built in Japan.

“Constructing the facility according to plan proves our significant progress in
Japan. With the construction now behind us, we can switch all our focus over to
operations and production, where we remain on track with our plan of first
harvest in Q3 2024”, says Joachim Nielsen, CEO of Proximar.

Excellent quality
Proximar’s Japanese construction partner, Daiwa House, completed the
construction works of the grow-out building in August. The handover follows the
completion of inspections by relevant authorities, third parties and Proximar.

“Daiwa House has been an important partner for Proximar since 2018, and we are
very pleased with their performance. Daiwa House has completed the construction
works according to schedule, with excellent quality”, continues Mr. Nielsen.

In conjunction with the handover, Proximar Ltd. has also completed the second
and final drawdown of the JPY 8.8 billion blue-sustainability loan provided by
Mizuho Bank, Shizuoka Bank and Development Bank of Japan. The second drawdown is
marking the continued strong support shown by the Company’s Japanese banks.

Further growth plans
In the coming months, installation of the remaining RAS-equipment will continue
in the grow-out building, in close cooperation with technology supplier
AquaMaof. This enables the first transfer of fish from the hatchery and nursery
building in Q4 2023.

“With this completion, we will also proceed to review further capacity expansion
in Japan as previously communicated. Proximar sees a strong growth potential as
a leading supplier of Atlantic salmon for the Asian market. We are also
motivated by the support for such growth by our Japanese partners and banks”,
says Mr. Nielsen.


For more information, please contact:
Ole Chr. Willumsen, CFO, +47 48 21 34 29, ocw@proximar.com
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com


About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
facility and production at the foot of Mount Fuji in Japan. The company inserted
its first batch of eggs in October 2022. Through land-based fish farming, using
high-quality ground water secured close to Mount Fuji, the company will produce
fresh Atlantic Salmon, harvested the same day. Proximar’s location, near one of
the world’s most important fish markets, implies significant advantages, both in
terms of reduced cost and carbon footprint.

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