Whole Oceans plans to invest more than US$250 million to install a recirculating aquaculture system (RAS) at Bucksport, Maine to raise Atlantic salmon.
The fish farm will be built on the site of the former Verso paper mill in Bucksport. Whole Oceans is hoping to start construction in August.
RAS is a land-based technology that optimises growing conditions that help fish thrive. Water is continuously recycled through ultra purification systems, creating a clean and healthy growing environment that eliminates the use of antibiotics.
The result is claimed to be an "earth-friendly" and sustainable, superior-grade salmon.
Aiming to capture 10 per cent of the US Atlantic salmon market, Whole Oceans' Chief Executive Officer Rob Piasio said the company has already pre-sold 100 per cent of its total production for the next 10 years.
He said Whole Oceans will produce 50,000 metric tonnes of Atlantic salmon per year using entirely land-based technology.