Thor Landeldi

Thor Landeldi, also known as Thor Salmon, is an aquaculture firm established in 2017, focused on land-based salmon farming. The company is strategically located near Þorlákshöfn in southern Iceland, part of an emerging land-based salmon farming cluster dubbed 'Laxabraut' (Salmon Row). This location provides a key operational advantage, offering access to clean, high-quality seawater that is naturally filtered through volcanic lava fields and is at an optimal temperature for raising salmon. The business model centers on producing and selling Atlantic salmon to global markets, leveraging Iceland's proximity to both Europe and North America for efficient logistics via the Port of Thorlakshofn.

The company was brought into existence by a team with deep-rooted experience in aquaculture and finance. The founders include Jónatan Þórðarson, previously the head of aquaculture at Ice Fish Farm; Þórður Þórðarson, the former managing director of Fiskeldi Austfjarða; and Halldór Ragnar Gíslason, who worked in Arion Bank's corporate finance division. Their combined expertise laid the groundwork for the company's ambitious development plans. Halldór Ragnar Gíslason currently serves as the company's CEO.

Thor Landeldi is developing its facility in four phases, with a final target production capacity of 20,000 metric tons per year. The first phase involves the construction of a smolt facility capable of producing 3 million smolts, which is scheduled to become operational in the summer of 2025. This will be followed by a 4,750-ton grow-out facility. The company utilizes a hybrid flow-through system, a technology considered more environmentally friendly for producing high-quality protein. The first commercial harvest is anticipated in the latter half of 2027.

The company has secured significant financial backing from a consortium of Icelandic and Norwegian investors. A major turning point came when IS Haf, a seafood-focused investment fund managed by Iceland Funds, acquired a majority 53% stake. This fund's cornerstone investors include major Icelandic seafood players Brim and Útgerðarfélag Reykjavíkur (ÚR). A private placement in April 2025 raised approximately $31 million to finance the next construction phase, with investors including IS Haf, ÚR, and several Icelandic pension funds. This robust investor group underscores confidence in the project's viability and management team.

Keywords: land-based salmon farming, aquaculture, Thor Landeldi, Iceland seafood, Atlantic salmon, hybrid flow-through, Þorlákshöfn, IS Haf Investments, Halldór Ragnar Gíslason, Jónatan Þórðarson, sustainable protein, smolt production, seafood investment, Útgerðarfélag Reykjavíkur, Icelandic pension funds, land-based aquaculture, salmon production, European seafood market, North American seafood market, lava-filtered seawater