- The European Investment Bank will support Cold Lake’s innovative project for the sustainable land-based farming of Arctic char, a popular freshwater fish.
- The agreement is made possible with the support of InvestEU, which aims to trigger over €372 billion in additional investment between 2021 and 2027.
- The loan will help to build and operate Europe’s first large-scale facility for land-based farming and processing of Arctic Char, in the village of Kall, Åre municipality.
The European Investment Bank (EIB) has signed a €28 million loan agreement with the Swedish company Cold Lake Invest AB. The firm aims to address both the increased market demand for sustainable and healthy fish protein with a minimal environmental footprint and, at the same time, the expected evolution of Arctic char’s natural habitat, threatened by the effects of climate change. The EIB investment is supported by the InvestEU programme, which aims to mobilise over €372 billion in additional investment for EU policy priorities.
The Head of the EIB’s Stockholm Office Liisa Raasakka said. “Cold Lake is taking the next step in sustainable, on-land fish farming to respond to increased consumer demand. Using innovative methods with minimal environmental impact is in line with the EIB’s goals as the EU climate bank. We prioritise support for the green transition, and the blue economy is an important part of that.”
Cold Lake Invest Chief Executive Officer Andreas Ericson said: “Cold Lake is thrilled to have reached an agreement with the EIB. It is an important step towards finalising our funding and starting construction. Cold Lake is determined to be part of a new modern industry in Sweden where sustainability is the focus. The project will also bring life back to rural communities, which is of great importance to us. Having the EIB go through our business case and evaluate our partners is, in our view, a strong indicator that we are doing things right and that our future operation is part of a sustainable future within the modern food industry.”
The project is the first of its kind to apply vertically integrated on-land production of Arctic char at this scale in Sweden. It involves the design and implementation of a technology package to control the whole process, from brood stock to slaughter, through to processing and delivery of the final product.
The facility will be powered by renewable energy and will use the recirculating aquaculture system (RAS) to rear fish in indoor tanks, minimising the use of fresh water. Instead, water will be recycled thanks to advanced filtration techniques and automated control of water parameters, among other features.
Background Information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Cold Lake Invest AB is foodtech company that will produce 100% sustainable Arctic char. The company will have a circular production model where all its waste will be put back into the circle of life.
