The European Investment Bank (EIB) has announced a commitment today to support insect ingredient company Protix. It's helping the Netherlands-founded company expand its sustainable protein production through a loan agreement with up to €37 million in additional funds for its international roll-out.
Founded in 2009 in the Netherlands, Protix develops alternative protein for healthy and sustainable pet food, aquaculture, livestock feed, and organic fertiliser.
It contributes to a circular food chain by using waste from the food industry as feed for insects. In turn, the insects are processed into valuable nutrients such as proteins and lipids.
Protix's customers use these proteins and lipids as high-quality ingredients for animal feed and pet food. Moreover, residual streams from the insects are used as organic fertiliser. This way, insects close the loop and bring the food system back in balance with nature.
The company has produced insect ingredients at its fully ramped-up industrial-scale plant in The Netherlands since 2019. It previously raised over $186 million in funding.
Now on an international expansion journey, the company aims to scale its operational facility and is currently investigating different locations in Poland.
The agreement was part of the InvestEU's Sustainable Bioeconomy and Circular Economy aims and was made possible with the support of the InvestEU programme, which aims to trigger more than €372 billion in additional investment in the European Union over the period 2021-27.
EIB Vice-President Teresa Czerwińska said:
"Supporting innovative solutions is one of the priorities of the European Investment Bank, and we are pleased to start collaborating with Protix.
This financing is supported by the InvestEU programme and will enable the company to expand its activities and to apply its technologies, which contribute to the sustainable development of solutions within the bioeconomy sector."
Protix CFO Lynn De Profts, shared:
"This support reinforces the fact that our industry is not just here to stay but is poised for significant growth.
Following our expansion to the United States and now our ability to do the same in Poland, we are excited to accelerate our mission to bring the food system back in balance with nature.
The confidence expressed by the EIB underscores our proven ability to execute, marking another significant stride in our journey as game-changers in the protein industry."
Lead image: Protix. Photo: uncredited.