DONGEN, THE NETHERLANDS — Insect-based ingredient producer Protix has received up to €37 million ($40.3 million USD) in financial support through a loan agreement from the European Investment Bank (EIB). The agreement marks a significant milestone for Protix, as it will support the construction of the company’s new insect production plant in Poland and its expansion in international markets.
The loan agreement aligns with InvestEU’s objective of Sustainable Bioeconomy and Circular Economy and was supported by InvestEU’s program, which aims to advance sustainability by investing more than €372 billion ($404.9 billion USD) throughout the European Union from 2021 to 2027.
“Supporting innovative solutions is one of the priorities of the European Investment Bank and we are pleased to start collaborating with Protix,” said Teresa Czerwińska, vice president of EIB. “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.”
Protix is a leading producer of alternative, insect-based proteins using black soldier fly for use in pet food, aquaculture, animal feed and organic fertilizer. According to the company, it has played a key role in the establishment and advancement of the insect-based ingredients industry. Protix has formed partnerships with various leading agriculture companies, including Tyson Foods and Bühler, to further the development of sustainable proteins.
The company is now embarking on an international expansion with the goal of bringing its solutions to the global stage through its newest facility. According to Protix, the new facility will be three to four times larger than its current facility located in the Netherlands. The company is in the process of exploring different locations for the facility throughout Poland.
“We are thrilled about this agreement with the EIB, not only for the opportunities it brings for further expansion but also as a resounding affirmation,” said Lynn De Proft, chief financial officer of Protix. “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.”
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