Crowdfunding: New Distillery on Remote Islands – Faroe Islands Whisky News

Crowdfunding: New Distillery on Remote Islands

A new craft distillery is starting up on the tiny Faroe Islands in the middle of the North Atlantic, and the islanders are looking for whisky enthusiasts all over the world to become investors.

The salty, windy, and humid climate on these isolated islands is optimal for whisky maturation. Using the design of the old traditional food drying houses “opnahjallur” for their warehouses, whisky will be matured the way meat and fish has been fermented and dried for centuries on the islands. It utilizes the special humid and salty atmosphere, which is caused by the passing North Atlantic Current that also ensures the very stable year-round temperature.

Faer Isles Distillery will be one of the most northerly whisky distilleries in the world.

The crowdfunding campaign started locally on 15. March and immediately raised €600,000. 500+ new shareholders had signed up within 2 weeks. Now they are inviting people around the world to join as well. Although not promoted yet outside the islands, already people from 25 different countries have bought 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. But they are also backed by a strong advisory board manned by international industry specialists.

The whisky distillery is commissioned from reputable Scottish LH Stainless (Speyside Copperworks).

The perfect location for the future distillery is found next to the old Viking village of Kvívík. 24,000m2 of land is purchased that will house the production, warehouses, and visitor center.

Faer Isles Distillery is allowing cryptocurrencies as payment for company shares, probably making them the first whisky distillery in the world to be funded this way. The company is also disrupting the whisky business by using blockchain technology. The plan is to later turn the company shares into security tokens and make them tradeable on various crypto exchanges.


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