About Salmon Evolution (SALME)
- Founded: 2017
- Headquarters: Elnesvågen, Norway
- Business: Land-based salmon farming
- Listing: Oslo Stock Exchange (OAX)
- Market cap: ~2.30 billion NOK (as of February 2026)
Client case
Salmon Evolution: A growth story in land-based salmon farming
A few years ago, the area at Indre Harøy was an empty quarry. Today, it is a modern land-based salmon farm – made possible by advanced technology, strong industrial expertise, and long-term partnerships. This includes support from Pareto Securities, which acted as financial advisor and bookrunner for several private placements in Salmon Evolution between 2020 and 2023.
Salmon Evolution has developed a land-based salmon farming operation from idea to production, supported through capital raises and a public listing with Pareto Securities.
From quarry to land-based salmon production
Salmon Evolution was founded in 2017 by a group of Norwegian seafood industry veterans who wanted to extend the ocean’s potential. At the time, traditional sea-based farming was facing challenges such as rising mortality, biological issues, and increasing difficulties in securing new coastal sites. As these challenges grew, it became clear that the industry needed new ways of producing salmon.
“Eight years ago, this area was just a quarry. The rocks had been taken out, and it was ready for new adventures. When we saw the place, close to the sea with perfect water conditions, we knew it was the perfect spot for a land-based facility,” says Ingjarl Skarvøy, COO and co-founder of Salmon Evolution.
When we saw the place, we knew it was the perfect spot for a land-based facility.
The company evaluated different technologies before settling on the hybrid flow-through system they are using today – a system that uses fresh seawater while reusing most of it in a controlled way. But technology alone isn’t enough to run a land-based farm.
“You need competence from early on. Construction experience, processing know-how and biological expertise all must come together. That combination is what we’ve been building at Salmon Evolution over the past years,” says Ingjarl Skarvøy.
Investor education was essential
Pareto Securities first became involved with Salmon Evolution in 2019 through some of the company’s early investors. At the time, land-based salmon farming was new, and investor education was essential.
“Our job was to explain the technology and the business model, and to connect Salmon Evolution with investors who understood seafood and could support the company over time. In a capital-intensive industry, having long-term investors makes all the difference,” says Carl-Emil Johannessen, Investment Banking Seafood at Pareto Securities.
In a capital-intensive industry, having long-term investors makes all the difference.
The first major transaction came in early 2020, during the outbreak of COVID-19, when financial markets were uncertain. Still, Salmon Evolution and its investors chose to move forward. Among them was Tore Tønseth, Chairman of Salmon Evolution and Investment Director at Ronja Capital AS, who explains that having investors with industry experience was crucial.
“Industrial owners with processing and aquaculture backgrounds were essential. Combining sector knowledge with capital made the company attractive to the market,” says Tore Tønseth.
Interest exceeded expectations
Following the successful capital raise, Salmon Evolution completed its IPO on Euronext Growth in September 2020. Interest exceeded expectations, with more than 600 investors registering. Further capital raises followed in 2021, 2022, and 2023, and the company transferred to the main list on the Oslo Stock Exchange.
Pareto Securities, with its long experience in the seafood sector, advised the company through several of these transactions, and supported Salmon Evolution through research and sales. During this period, the company has also participated in the Pareto Securities’ investor conference North Atlantic Seafood Forum for several years.
“Pareto has been in the seafood industry for many years and is very well connected. Being part of that network, and able to bring in financial investors who understand the sector, has been very important for us,” says Tore Tønseth.
Proving the concept at scale
In November 2022 – just three years after the financing efforts began – Salmon Evolution harvested its first fish. This confirmed that the facility and technology were performing as planned. It also supported the company’s view that the hybrid system could be scaled further.
“It’s fascinating to see that the prospectus we worked on five years ago has become a large-scale facility that is now producing significant volumes of salmon and contributing to value creation in the Norwegian seafood industry,” says Carl-Emil Johannessen.
Days left to North Atlantic Seafood Forum 2026
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North Atlantic Seafood Forum (NASF)
NASF is one of the world’s leading conferences for the global seafood industry, bringing together more than 1,000 decision-makers, investors, analysts, industry leaders and comapnies, such as Salmon Evolution.
In 2026, the conference takes place from March 3-5 at the Radisson Blu Royal Hotel in Bergen. NASF is organised in collaboration with, among others, Pareto Securities and Euronext.
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