Enifer, an Espoo, Finland-based biotech startup, secured an over €12m investment grant.
Business Finland has conditionally approved the recycling and reuse investment grant which came from the European Union NextGenerationEU recovery instrument.
The company intends to use the amount to build a first-of-its-kind mycoprotein ingredient factory.
Led by Simo Ellilä, CEO, and Joosu Kuivanen, COO, Enifer is gearing up the production of its proprietary PEKILO® mycoprotein promoting the reuse and recycling of industrial by-products and waste streams. Once fully running, the new factory will have a production capacity of around 3 million kilograms a year – equal to the amount of protein from 30,000 cows but with at least 20 times lower carbon emissions.
The commercial-scale factory will produce Enifer’s PEKILO® mycoprotein ingredients, which are made using fungal fermentation. The product is a protein- and fiber-rich powder with a neutral taste and color that can be used in a similar way to plant-based proteins in the food industry today. The company is expecting to file for regulatory approval of its food-grade ingredient during the first half of 2024.
The factory is currently projected to cost €30M to build and is expected to be completed by the end of 2025, with production ramp-up occurring in 2026. Enifer is currently undertaking basic engineering of the facility together with design and engineering company AFRY. The facility will be built in the Uusimaa region, with an announcement on the location expected during Q1/2024.
Enifer raised €11M series A funding in spring 2023, and the company already has ongoing partnerships with big global companies in the feed and food industries, such as Skretting, the global aquafeed division of Nutreco, Purina for pet food, and Valio for consumer food products.
FinSMEs
10/01/2024