Norwegian floating solar firm lands €5.4M for global expansion

Norwegian floating solar company Alotta has raised NOK 63.5 million (around €5.4 million) to accelerate international expansion following a 15-year power purchase agreement (PPA) with Mowi Chile, the world’s largest salmon farmer.

According to Alotta, the deal covers renewable power supply to Mowi’s salmon farming site at Huar Norte in Chile’s Los Lagos region. It supports Alotta’s own-and-operate model, ensuring long-term clean energy delivery to one of the most important salmon-producing areas globally.

Wilstar Innovate AS led the financing round, joined by existing investors Norselab, Umoe, Bonde Invest and Pir Invest. Funds will be used to scale Alotta’s operations in Chile, the world’s second-largest salmon producer with more than 600 active farming sites across Los Lagos, Aysén and Magallanes.

Nearly all of these facilities are off-grid and rely on diesel generators, consuming over 60 million liters of diesel per year and emitting more than 160,000 tonnes of CO2, Alotta noted.

“We are truly grateful for the trust from both investors and customers who share our vision of replacing diesel with green energy in remote areas,” said Alotta CEO Kari-Elin Hildre.

“Our role is simple yet powerful: we design, build and operate systems that deliver reliable, quiet power where it’s needed most. By combining technology delivery through Alotta AS with long-term kWh supply from Alotta Energy, we create both impact and profitability. This is what makes our model attractive to global leaders like Mowi – they get clean power without having to own or operate the systems themselves.”

Alotta’s dual structure is said to combine technology delivery through Alotta AS with recurring kWh revenues via Alotta Energy. The firm currently focuses on aquaculture but aims to extend its model to remote and offshore regions worldwide.

“As an impact investing platform of a core investment business with a deep-rooted history within the maritime space, we are excited to join existing investors Umoe and Norselab in backing Alotta’s mission to provide clean renewable energy to off-grid coastal industries and communities,” added Marcus Bleasdale, Managing Director of Wilstar Innovate.

“We have been impressed by the company’s progress in the last 12 months, having successfully delivered its first projects in Norway and Chile. We look forward to being a long-term investor in Alotta and support their promising growth journey ahead.”

Founded in 2020, Alotta is a Norwegian renewable energy company specializing in floating solar for aquaculture and remote applications. The company has partnered with AKVA Group and operates under a dual revenue model of technology delivery and long-term power supply.

In July, Mowi Chile rolled out its first low-emission salmon farming installation at the Huar Norte site, integrating a floating solar-powered pen system developed in collaboration with AKVA group.