Inside information: Fifax and the seafood house Kalavapriikki have entered a long-term frame agreement, which includes a prepayment to Fifax
FIFAX Plc, Company announcement, inside information, 30 July 2024, at 11.45 a.m. EEST
Inside information: Fifax and the seafood house Kalavapriikki have entered a long-term frame agreement, which includes a prepayment to Fifax.
Fifax, the Åland -based land-based RAS farmer of rainbow trout and Kalavapriikki, the seafood house from Kuopio, have signed a long-term frame agreement. According to the frame agreement, Kalavapriikki commits to purchase a significant part of Fifax estimated production of rainbow trout.
The frame agreement covers annual deliveries of approximately 1 200 tons of gutted fish to Kalavapriikki. The deliveries to Kalavapriikki are expected to start already during the autumn 2024, and the agreement is valid until further notice. The pricing of the fish in the agreement is in accordance with Fifax targets.
The frame agreement also includes a prepayment of 1,4 million euros, which is paid to Fifax in instalments during its current financial year.
”We are very happy to be able to announce this collaboration with Kalavapriikki. We share a common view on the market outlook of sustainable fish and on promoting the use of domestic fish. Leveraging new technology is also at the heart of the operations for us both. This frame agreement is a very important step for our company now, when we prepare for restarting deliveries after a long wait. We will start deliveries to Kuopio immediately when our fish are of the right size for Kalavapriikki’s production process”, Fifax CEO Samppa Ruohtula comments.
”Kalavapriikki is a modern and innovative seafood house. We want to be an ambassador for the best quality fish from our home waters and for a sustainable food culture. Our objective is to be the most sustainable producer of seafood products in Finland. The collaboration with Fifax which we now publish supports these targets in an excellent way. In addition to sustainable fish production, we see as an important aspect Fifax capability of stable deliveries throughout the year which is enabled by the RAS technology”, says Jari Korhonen, CEO of Kalavapriikki.
For more information:
Samppa Ruohtula
CEO, FIFAX Plc
+358 40 559 8812
Certified Advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Information on Kalavapriikki
The seafood house Kalavapriikki is known for its Kalaonni products. The company’s objective is to be the most sustainable producer of seafood in Finland. We prioritize domestic, locally farmed or caught fish, whose origins we know. Kalavapriikki was established 2007 in Kuopio, and had a revenue of 16 million euros in 2023. The majority owner of Kalavapriikki is Heino Group Oy.
Fifax in brief
Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round. Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. Indoor tanks better safeguard against external factors, and the environmental impact and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.
Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.