The AKVA group ASA has today announced that it has signed a non-binding Term Sheet with the Norwegian company AquaCon AS for a potential supply of equipment, engineering and design to a new land based grow-out facility of 15,000 metric ton HOG salmon on Eastern Shore, Maryland, USA.
The final contract, if awarded, is expected to have a minimum value of USD 130 million. The project and AKVA’s deliveries are expected to be completed by 2023. The Term Sheet is expected to remain effective until 31 December 2020.
AKVA will participate with EUR 3 million in equity in the project if sufficient further financing is achieved and will also provide a convertible loan in the amount of EUR 500,000 as bridge financing until the financing of the project has been completed.
AKVA’s participation in the project is subject to AquaCon AS obtaining the necessary financing for the project and agreement on a final contract.
More on this breaking news story as we have it…..