Norwegian land-based seafood production company Nordic Aquafarms Inc. revealed that its subsidiary, California Marine Investments, is entering into an option agreement in Humboldt County, California, U.S., where it intends to construct a land-based fish farm to raise either salmon or trout.

The company said that the planned California project will cost over $400 million and create roughly 80 jobs.

If developed, the facility is expected to produce around 55 million pounds of fish per year.

Nordic Aquafarms intends to submit permit applications for the California project by the spring of 2020 and the company expects to start construction later this year, with the project being finalized in 2020.