Cod Farming at a Glance
Norcod aims to become the world’s leading producer of farmed cod produced to the highest sustainability standards. Norcod already has two state-of-the-art facilities in operation, with ambitious plans for another eight for start-up over the next few years.
In terms of biomass, the company has privileged access to sixth-generation fry bred for optimal health and yield. The fish will be farmed in its natural cold-water habitat on Norway’s west coast. Norcod aims 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, quality and market. The Norcod business model is also highly relevant in that it addresses key UN sustainable development goals, by enabling the production of large volumes of protein, with a minimal impact on the environment.
Our vision is to feed the world’s population with healthy high-quality cod; the planet’s most sustainably produced protein.
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.
OUR TEAM & PARTNERSHIPS
Our team consist of industry 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 Rune Eriksen. 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 Rune Eriksen, Boe Spurré, Marit Solberg and Christian Riber.
We have also built partnerships with multiple leading companies to secure our production, value chain and success. We see a great enthusiasm among our internal and external partners.
MANAGEMENT & BOARD MEMBERS
A Team With Complimentary Skills To Execute The Project
• 4 years experience as COO and Managing Director of NRS Troms
• 3 years experience from EWOS
• 4 Years as Farming COO in Salmar Nord
• 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
• 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
• 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
"The chance of success with profitable cod farming has never been greater than now!"
CURRENT PRODUCTION PERFORMANCE
– Fish has grown substantially and are still above budgeted size.
– The mortality remains far below expectation.
– The fish are calm and well distributed within the tanks and still consistent in size.
– No incidents of cannibalism recorded
WE ARE EXCITED FOR THE FUTURE
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, in combination with this, the market demand for cod is increasing.
The market is requesting stable deliveries of fresh cod which can be solved with farming. Meanwhile the wild fish population is under pressure and we see dramatic cuts in fishing quotas for cod globally. The chance of success with profitable cod farming has never been greater than now!
COD FARMING BEFORE
Cod farming has not been synonymous with success in Norway. In the early 2000, there were several optimists in terms of cod farming, these were however unsuccessful.
We have undergone why these companies failed, we have done deep analysis of “why it went wrong” and what experiences we can learn from. It was during the period 2004-2012 an over-establishing of companies that drove full-scale production based on very little research. On major issue was that it was the 1st generation of stem fish, which caused challenges in terms of deceases, cannibalism and escapes.
This in combination with a poor market for cod and fluctuating prices made these previous efforts fail. To draw a parallel, one had the same challenges with the 1st generations of salmon.
COD FARMING TODAY
Now we can stand in front of an ever so small revolution. After years of systematic and long-term work we can now boast very positive results in the processing of cod fry. Today we are witnessing 6th Generation cod fry.
Norcod now have access to very high-quality cod fry which brings many advantages such as lower mortality, no deformations, the cod do not graze on the nets anymore, no cannibalism and a more robust fish that grows faster. Our current production has exceeded our budgets in terms of both growth and mortality. This makes us very confident in the future.
On the market side the wild fish population is today under pressure and dramatic cuts are seen in cod fishing quotas globally. The market is requesting stable, through the year, deliveries of fresh cod which can be solved with farming.
EXISTING LOCATIONS WITH PRIME FARMING CONDITIONS
Depth: Up to 44m
Wave Height: 1.5m
Current: 0.53 m/s
Temperature: 6ºC – 14ºC
Depth: Up to 45m
Wave Height: 1.6m
Current: 0.29 m/s
Temperature: 6ºC – 14ºC