Proximar Seafood AS: First harvest successfully completed - Proximar has sold the first Atlantic salmon to the Japanese market under the brand Fuji Atlantic Salmon

30 Sep 2024 10:33 CEST

Yokohama, Japan / Bergen, Norway 30 September 2024.

Proximar Seafood has, from its salmon facility at the foot of Mount Fuji in
Japan, over the past two years prepared for the company’s first harvest– and the
first harvest ever in Japan of domestically produced Atlantic salmon. The
completion of the first commercial harvest is marking an operational and
commercial pivotal milestone.

“Proximar is the only supplier of domestically produced Atlantic salmon in
Japan, years ahead of competition. We have since October 2022 proven great
production capabilities and fish growth, and I am now immensely proud to see all
the hard work from our excellent team being commercially validated through the
first harvest,” says Joachim Nielsen, CEO of Proximar Seafood.

Attractive prices and strong interest
The harvested salmon averaged ~4 kg HOG with 100% superior quality, and Proximar
confirms that the price achievement aligns with the company’s expectations of
premium prices compared to the import price to Japan of Norwegian Atlantic
salmon.

“Our Atlantic salmon shows high quality and based on the feedback from our
partners and others, I am confident that we are providing Japanese consumers
with a longed-for local product with unparalleled freshness.” he says.
The harvested fish will be shipped to customers in the Greater Tokyo region.
This was a trial harvest of approximately 1.2 tonnes, to confirm that all
equipment and processes work smoothly. Proximar plans to initiate daily
harvesting in late October.

Releasing new brand and logo - Fuji Atlantic Salmon
In parallel with the first harvest, Proximar is releasing its brand name and
logo – Fuji Atlantic Salmon. This trademark will be used to build Proximar’s
brand in Japan and Asia, positioning the company as the market leader of
Japanese produced Atlantic salmon to the Asian consumers.

“Mount Fuji is an iconic landmark in Japan, and the area is known for high
quality water resources. The location of Proximar at the foot of Mount Fuji is
believed to have a positive value in terms of marketing and branding, not only
in Japan but also in the entire Asian region.”, Nielsen says.

See this link to Proximar’s home page for the new brand and logo as well as
pictures from the first harvest:
https://www.proximarseafood.com/news/first-harvest-successfully-completed

Ramping up sales efforts
Proximar has a 10-year sales and distribution agreement with Marubeni. Already
in June, Marubeni reached the first sales agreement with a customer specializing
in seafood.
The targeted long-term harvest level for Proximar is 5,300 tonnes (HOG) per year
in Phase 1, with a gradual ramp-up from the first harvest. Expected harvest
volumes for 2024 and 2025 combined are ~4,700 tonnes (HOG).

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

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and carried out its
first harvest today, on 30 September 2024. Through land-based salmon farming,
using high-quality groundwater secured close to Mount Fuji, the company produces
fresh Atlantic Salmon, harvested the same day. The Company is marketing and
selling its fish under the brand of Fuji Atlantic Salmon. Proximar's location,
near one of the world's most important fish markets, implies significant
advantages, both in terms of reduced cost, carbon footprint and freshness.

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