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Rjukan Controlled Environment Aquaculture

Rjukan Controlled Environment Aquaculture

StakeMinority

LocationRjukan, Norway

Start of operations expected2025

JLEN reached financial close on a
minority equity investment in a controlled environment aquaculture project in August 2022.
JLEN’s total investment is expected to be up to approximately £40m.
The project consists of a land-based aquaculture facility to be built in Rjukan, Norway, and will use established recirculating aquaculture system (“RAS”) technology. It is expected that partial operations will commence in 2024 with full operations expected in 2025, following which, the facility is forecasted to produce approximately 8,000 tonnes of trout annually. This will be sold to European and international salmonid markets via an offtake agreement with an established Norwegian seafood distribution company with global reach.

Controlled Environment Glasshouse

Controlled Environment Glasshouse

StakeMinority

LocationUK

Start of operations expected2023

In August 2022, JLEN announced an investment of up to £26.7m into a glasshouse project via a combination of a senior secured loan for the construction of the glasshouse and a convertible loan and a minority equity stake in the glasshouse operator to provide for working capital.
The consented 2.1 hectare glasshouse will be built in the UK, in proximity to an existing anaerobic digestion (“AD”) plant owned by JLEN, which will separately be upgraded to supply low carbon heat and power to the glasshouse via a private wire.
Waste heat from the existing CHP engines will be captured and delivered by pipe and a heat exchanger to the glasshouse.  Wastage from the glasshouse produce may also be returned to the digester, creating a circular ecosystem.
The advanced glasshouse, which is expected to commence production in 2023, will be capable of growing a wide array of different horticultural products, from consumable produce to cut flowers. Its initial operator will focus on the lawful cultivation of the heavily regulated tetrahydrocannabinol flower, conforming to tightly monitored licence requirements for secure supply to established UK-based pharmaceutical manufacturers.

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