Nueva Pescanova cancels world’s first commercial octopus farm project

Nueva Pescanova has formally withdrawn its application with the Port Authority of Las Palmas to build a commercial octopus farm in the Canary Islands. The €65 million venture, announced in 2022, was projected to create about 300 jobs – 150 direct and 150 indirect – and would have produced roughly one million octopuses a year.

The company cited business and regulatory considerations after new requirements from the Regional Environmental Assessment Commission, including a full environmental impact assessment, altered the project's scope and timeline. Activist protests in Madrid and growing public concern over octopus welfare, combined with EU and UK animal‑protection regulations, also contributed to the decision. While the withdrawal ends this specific concession, Nueva Pescanova said it does not rule out exploring alternative technical or location options in the future.