NEW TECH FOODS

North American frozen seafood company High Liner Foods has committed to making a $5 million investment in Norcod.

Norcod is a Trondheim, Norway-based aquaculture firm that produces sustainable and responsible cod.

In exchange for the $5 million investment, High Liner Foods will receive a 10% share in Norcod. The all-cash investment forms part of a larger capital raise by Norcod that is expected to close this month.

Norcod operates six farming sites with licenses secured to reach a 26,000 mt of production capacity. The company is geographically focused in central and northern Norway, with optimal biological conditions for aquaculture – this location means that Norcod can avoid seasonal dependency and deliver fresh products throughout the year.

Paul Jewer, president and CEO at High Liner Foods, said: “Today's investment is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth. In a dynamic global seafood environment, we want to ensure that our company and its stakeholders can benefit from the opportunities across the full value chain in highly sought after species like cod."

He continued: “We are impressed by Norcod's leadership team and their proven production record and expertise. In making this long-term investment, we welcome the opportunity to support, and help shape the bold, innovative work underway to lead the future of sustainable cod farming as a source of premium seafood for North America and markets around the world."