Release date: 9 November 2023
Promoter – Financial Intermediary
COLD LAKE INVEST ABLocation
Description
The project will finance a recirculating aquaculture system and processing facility for the sustainable production of certified premium arctic char with minimal environmental impact.
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.
Objectives
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 %
Sector(s)
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
EUR 28 million
Total cost (Approximate amount)
EUR 91 million
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 22/12/2023
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).