Sustainable Natural cod

At Norcod, we already have two state-of-the-art facilities in operation, with ambitious plans for another eight to start-up over the next few years. Our aim is to become the world’s leading producer of farmed cod with the highest sustainability standards.

Vision

Our vision is to feed the world’s population with healthy
high-quality cod; the planet’s most sustainably
produced protein.

Mission

Our mission is to secure that our people and product are renown for the highest quality, all the while constantly developing our promotion and partnerships to be greatly profitable. We aspire to create the best conditions for success in achieving our vision & protecting the planet.

FRESH COD ALL YEAR ROUND

Norcod has privileged access to sixth-generation fry, bred for optimal health and yield. The fish will be farmed in their natural cold-water habitat on Norway’s west coast. At Norcod, we aim to supply the strong market for fresh cod year-round amid growing demand globally for sustainably produced healthy protein. Norcod is the result of a comprehensive evaluation project over the past few years where we have looked at the possibilities of making an industrial venture on cod again.

The conclusion was that the prerequisites for building this industry have never been better based on the main factors of genetics, sustainability, quality and market. The Norcod business model is highly relevant in that it addresses key UN sustainable development goals, by enabling the production of large volumes of protein, while keeping a minimal impact on the environment.

OUR PEOPLE

Our team consists of leading experts with great competencies within the seafood industry and aquaculture farming. Norcod is currently in the process of expanding its team that is led by CEO Hilde R. Storhaug.

Norcod also have a highly experienced Board of Directors, with relevant competencies in the fields of expertise that is important for constructively developing the company. The Board consists of Boe Spurré, Marit Solberg, Christian Riber and Jan Severin Sølbæk.

BOARD MEMBERS

A Team With Complimentary Skills To Execute The Project

HILDE R. STORHAUG

CEO

• 2 years as an analyst at Kontali Analyze AS
• 14 years experience from aquaculture companies such as Lerøy and MOWI
• MBA - Nord Universitet (2018-21)
• Bachelor Degree in Aquaculture

BOE SPURRÉ

COB

• 10 years of experience in sales and marketing of seafood from Sirena Group, 5 years as CEO
• Former accountant at Ernst & Young
• M.Sc in economics from Copenhagen Business School

MARIT SOLBERG

BOARD MEMBER

• Group Head of Farming in Mowi for 9 years
• Former CEO of Mowi Norge
• Former Chairman of the Board in Norwegian Seafood Council
• Previous executive positions at Hydro Seafood and Mowi
• M.Sc. In Microbiology with specialisation in Marine Ecology

CHRISTIAN RIBER

CHIEF COMMERCIAL OFFICER

• Commercial director at Sirena Group for 12 years
• 2 years as Account Manager at Experian
• Degree in Marketing and International trade form Copenhagen Business School

JAN SEVERIN SØLBÆK

BOARD MEMBER

• Current CEO of Artha Holding A/S
• Previously CEO of Proviso and before that Vice Director at Finansbanken
• Previous executive positions at Finance Partner and Danica Pension
• Banking Degree from Danske Bank Akademi

"The chance of success with profitable cod farming has never been greater than now!"

EXCITING FUTURE FOR COD

In the last few years there have been several trials, which have produced good quality cod. In brief, the quality of the genetic material has been vastly developed.

Here at Norcod, we are excited to see that our production is exceeding our already high expectations in terms of showing very low mortality rates, while sustaining very good growth rates. The cod has always been a beloved fish and we are excited that we can now introduce it to the world as an aquaculture species. The farmed cod will help reduce the pressure on the wild population, while ensuring that the great cod can stay on the menu

GREAT RESULTS FROM THE START

OUR PARTNERSHIPS

Our partnerships are built with multiple leading companies to secure our production, value chain and success. We see a great enthusiasm among our internal and external partners.

The largest shareholder is Sirena Group who are a global seafood sales company with headquarters in Denmark and offices, warehouses and factories in the UK, Netherlands, Germany, USA, Canada and China. Furthermore, Sirena has a vast global network of premium customers that will help secure stable sales for Norcod.

COD FARMING BEFORE

Cod farming has not been synonymous with success in Norway. In the early 2000, there were several optimists pursuing cod farming, these were however unsuccessful. We have undergone why these companies failed and made a thorough analysis of “why it went wrong” to ensure that none of the same factors will impact Norcod.

The first effort took place during 2004-2012 with an over-establishment of companies that drove full-scale production. One major issue was that these companies were basing their production on the 1st generation of stem fish. This caused challenges such as deceases, cannibalism and escapes which in turn lead to unsustainable production factors.

This in combination with a lack of structured go-to-market plans made these previous efforts fail. To draw a parallel, these same challenges were evident during the first farming attempts of salmon.

COD FARMING TODAY

Now we stand in front of an ever so small revolution. After years of systematic and long-term work, the cod farming industry can now boast about very positive results in the processing of cod fry.

Today we are on the 6th Generation of cod fry which is an entirely different fish than that of the earlier generations. Through selecting the optimal fish from each generation, it has been possible to end up with a cod that thrives much better. This means that the 6th generation cod is much more domesticated, has lower mortality rates, is without deformity, no longer graze on the nets and are a more robust fish that grow much faster. Our current production has exceeded our budgets in terms of both growth and mortality. This all makes us very confident for the future.

From the market perspective, the wild fish population is under pressure and dramatic cuts are seen in cod fishing quotas globally. However, the demand remains high as the market requests stable deliveries of fresh cod throughout the year. As a result, we see our cod as a great solution to this issue.

OUR EXISTING LOCATIONS WITH PRIME FARMING CONDITIONS

SKOGSØYA & Pålskjära FARM

Depth: Up to 44m

Wave Height: 1.5m

Current: 0.53 m/s

Temperature: 6ºC – 14ºC

Jamnungen FARM

Depth: Up to 45m

Wave Height: 1.6m

Current: 0.29 m/s

Temperature: 6ºC – 14ºC