Dutch insect protein firm Protix has signed an agreement with the EIB, the European Union’s lending arm, to secure debt financing worth €37 million ($40.3M).
The loan agreement is a “significant milestone” for Protix, which will help the company construct a new production facility in Poland to support its existing and active markets.
The new production plant will mainly focus on pet food, Protix’s biggest business, as well as aquaculture and plant and livestock feed.
According to the company, the size-optimized development will be 3 to 4 times larger than the existing operational facility in the Netherlands.
“We see great interest from our current customers and in the market, and insect ingredients are being adopted by more and more pet food brands and manufacturers,” admits Suzanne van den Eshof, Marketing & Business Development Director.
GlobalPETS learned that the insect firm is currently looking at different locations in Poland to build the new plant.
A sign of the industry’s potential?
For Protix CFO Lynn De Proft, this financial aid reinforces that the industry is poised for significant growth. “Following our expansion into 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,” De Proft notes.
“This financing is supported by the InvestEU program 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,” says EIB Vice President Teresa Czerwińska.
This marks Protix’s second international expansion plan after a recent partnership agreement with Tyson Foods in the US.
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