Biotech company based in Poland secures €9.5 million in financial support from European sources
In a significant move towards sustainable pet food production, Proteine Resources, an insect protein producer based in Masłomiąca, Poland, has secured €9.5 million in funding from the European Innovation Council (EIC) Accelerator. This funding will be used to build an AI-driven, carbon-negative insect protein factory that produces sustainable, meat-free pet food[1].
The factory will focus on producing ingredients for cat and dog food, utilizing by-products from the mushroom industry to generate protein-rich amino acids. This innovative process not only reduces waste disposal costs for mushroom growers, averaging up to €80,000 per year, but also transforms waste into a profit center while maintaining carbon-neutral emissions[1].
Proteine Resources' closed-loop system uses 100% of agricultural inputs for production, improving efficiency compared to traditional farming methods which waste about 40% of feed[1]. This approach aligns with the company's mission to turn waste into a profit center, as stated by Bart Roszkowski, CEO of Proteine Resources[1].
The EIC Accelerator is a European funding program that supports startups and SMEs with potentially disruptive technology. This investment is categorized under Investment, Just transition, Climate & environment, and Energy transition[1]. Proteine Resources is also backed by deeptech investors including SMOK Ventures, Bitspiration Booster, and Labena Ventures[1].
The pet food industry in Europe had annual sales of €29.2 billion in 2023, with a production volume of around 9.1 million tonnes[2]. With this investment, Proteine Resources aims to contribute to the growing demand for sustainable pet food options.
Meanwhile, the British International Investment has allocated $50 million to boost Vietnam's green transition[3]. The European Pet Food Federation (FEDIAF) published a report on the pet food industry last month, highlighting that approximately half of all European households own at least one pet[4].
On a separate note, APG has invested €560 million in Octopus Australia renewables platform, with the investment category being Climate & environment and Energy transition[5]. Protix, another alternative protein producer, formed a joint venture with US meatpacking giant Tyson Foods to build an insect plant in the US[6].
References: 1. Proteine Resources Press Release, Link 2. European Pet Food Industry Report, Link 3. British International Investment Press Release, Link 4. European Pet Food Federation Report, Link 5. APG Press Release, Link 6. Protix Press Release, Link
The AI-driven insect protein factory, funded by the EIC Accelerator, will not only produce sustainable, meat-free pet food but also contribute to the energy transition by using renewable resources for power. This factory's social impact extends beyond pet food production, as it aims to create a profit center from waste products, aligning with the European Union's goals for a just transition toward a circular economy.
