Leading insect protein producer Protix has announced it has secured up to €37 million to support its international expansion, funding construction of a new cutting-edge production plant in Poland.
Protix signed a loan agreement with the European Investment Bank (EIB), securing financing supported by the InvestEU programme.
Announcing the agreement, the EIB said that the investment supports the InvestEU programme's objective for Sustainable Bioeconomy and Circular Economy. The programme aims to trigger more than €372 billion in additional investment in the European Union over the period 2021-27.
On signing the agreement, 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."
Czerwińska added that the financing "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 Proft said the company is "thrilled" about the agreement, "not only for the opportunities it brings for further expansion but also as a resounding affirmation. 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," she added.
The development follows the announcement of Protix's collaboration with Tyson Foods, Inc., one of the world's largest food companies, which is acquiring a minority stake in Protix to help finance its global expansion, in addition to launching a joint venture to operate and build an insect ingredients plant in the U.S.
"Protix’s expansion to the United States and now the ability to replicate the same success in Poland underscore our commitment to continue being game changers in the protein industry," the company said.