Faer Isles Distillery In The Remote Faroe Islands Looks For Investors

By Allyson Nichols / April 28, 2021

A new craft distillery, Faer Isles Distillery, will be based on the Faroe Islands in the middle of the North Atlantic and is looking for whisky enthusiasts from all over the world to invest.

The salty, windy and humid climate on these isolated islands is optimal for whisky maturation, according to information from those behind the planned distillery. Using the design of the old traditional food drying houses known locally as “opnahjallur” for their warehouses, whisky will be matured the way meat and fish has been fermented and dried for centuries on the islands by utilizing the atmosphere, which is caused by the passing North Atlantic Current that also ensures a very stable year-round temperature.

The location for the future distillery will be found next to the old Viking village of Kvívík. 24,000 square meters of land were purchased that will house the production, warehouses, and visitor center. The whisky distillery is being commissioned from Scottish LH Stainless (Speyside Copperworks).

Faer Isles Distillery

A render of the Faer Isles Distillery (image via Faer Isles Distillery)

The crowdfunding campaign started locally on March 15 and immediately raised €600,000 ($718,830 USD). More than 500 new shareholders had signed up within 2 weeks. Now, they are inviting people around the world to join as well with people from 25 different countries so far buying shares.

Behind the project are local whisky enthusiasts and business people, including Heini Zachariassen, founder and CEO of Vivino, the world’s largest online wine marketplace. They are backed by an advisory board manned by international industry specialists.

Faer Isles Distillery is allowing cryptocurrencies as payment for company shares, making them what’s said to be the first whisky distillery in the world to be funded this way. The company is also using blockchain technology, a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. The plan is to later turn the company shares into security tokens and make them tradeable on various crypto exchanges.

Whisky lovers interested in investing in the new distillery can check out an investor presentation, as well as information on how to buy shares, at the Faer Isles Distillery website.