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    Signature(s)

    Amount
    € 28,000,000
    Countries
    Sector(s)
    Sweden : € 28,000,000
    Signature date(s)
    22/12/2023 : € 28,000,000

    Summary sheet

    Release date
    9 November 2023
    Status
    Reference
    Signed | 22/12/2023
    20230217
    Project name
    Promoter - financial intermediary
    COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT)
    COLD LAKE INVEST AB
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 28 million
    EUR 91 million
    Location
    Sector(s)
    Description
    Objectives

    The project will finance a recirculating aquaculture system and processing facility for the sustainable production of certified premium arctic char with minimal environmental impact.

    Primary objectives: - Sustainable energy and natural resources 100.00 % Cross-cutting objectives: - Climate Action and Environmental Sustainability 100.00 % - Climate Action 100.00 % - Climate Change - Adaptation (transversal) 42.38 % - Climate Change - Mitigation (transversal) 57.62 % - Environmental Sustainability 100.00 %

    Additionality and Impact

    The project is line with the InvestEU objective of Bioeconomy and Sustainable blue economy.


    Cold Lake Invest AB aims to build and operate Sweden's first of a kind large-scale facility for sustainable land-based farming, slaughtering, and processing of Artic Char, in the village of Kall, Åre municipality, near Lake Kallsjön. AC is a freshwater fish from the Salmonidae family. 


    The project addresses the main market failures of imperfect information of financing small companies, investing in innovative production systems (Recirculation Aquaculture System for Arctic Char) and delivering the common good of making available healthy and sustainable source of protein, respecting animal welfare, with a reduced footprint.


    The use of innovation and a controlled environment for sustainable fish production generates social benefits, as this high product quality is combined with optimal resource efficiency and a reduced environmental footprint. The project will also support employment and economic activities along the supply chain in rural areas of Sweden.


    The technology supplier will develop its first complete commercial scale facility from brood stock to processing. The brood stock presents several innovative aspects as controlled environmental conditions to improve fertility and genetic selection.


    The EIB quasi-equity/ venture debt's products is of a size and maturity that would be difficult to obtain in the market under current circumstances due to rising interest rates and less liquidity available from private investors. The EIB's financing is expected to crowd-in other investors to close the financing need for the project.


    The project might not have been carried out by the EIB without the InvestEU support.

    Environmental aspects
    Procurement

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Milestone
    Under appraisal
    Approved
    Signed
    7 November 2023
    22 December 2023
    Related projects
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT)
    Publication Date
    13 Nov 2023
    Document language
    Main Topic
    Lending
    Document Number
    178885130
    Document Focus
    Environmental Information
    Project Number
    20230217
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - COLD LAKE SUSTAINABLE ARCTIC CHAR (IEU GT) - Miljökonsekvensbeskrivningen
    Publication Date
    15 Nov 2023
    Document language
    Main Topic
    Lending
    Document Number
    178880628
    Document Focus
    Environmental Information
    Project Number
    20230217
    Regions
    Countries
    Publicly available
    Download now

    News & Stories

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