Codlife was established in 2021 with the goal of producing farmed cod in the coastal areas of Sunnmøre. The company, headquartered in Ålesund, has applied for and been granted one site in the Fjørtoftfjord in Haram municipality, while awaiting final processing of another application a few kilometers away, northeast of Harøya in Ålesund municipality.
The company has now chosen to merge with the northern Norwegian cod farming company KIME Akva.
– We have strong faith in farmed cod and the market going forward. We have had a long-term plan for this venture and have succeeded with many of our goals. Still, we have seen how challenging it will be to build a fully functional value chain while also securing sufficient capital to reach a profitable production volume. We have therefore chosen to do this together with KIME Akva – a company that already has many of the necessary foundations in place, says Codlife CEO Sebastian Ludvigsen.
A good process
Chairman Hogne Ottesen of Codlife says the company has considered other options but has worked more closely with KIME Akva throughout the summer and fall.
– KIME Akva is a serious and reputable player. What they have accomplished in just a few years shows that they have both the expertise and the determination to build the company while also contributing to the development of the industry. We have had a good dialogue along the way and concluded that the merger will secure KIME Akva additional sites, while the local community that has supported us can finally look forward to new jobs. We are now looking forward to joining KIME as new co-owners.
Ørjan Jensen, CEO of KIME Akva, is also pleased with the outcome.
– Access to good farming sites is a prerequisite for the cod farming industry to continue developing. By being granted access to parts of the coastline, we can create sustainable and profitable operations, contribute to new jobs along the coast, and produce healthy, safe and high-quality seafood for the world. Today, site allocation is a bottleneck for the industry, and for KIME Akva this merger is therefore an important step towards creating a viable company. We believe this is a win-win situation for both parties. We look forward to getting started with increasing activity in Codlife, concludes Jensen.