Enifer Bags A $13M Funding For Its New Mycoprotein Factory

Key Takeaways

• Finnish startup Enifer secures over €12 million grant for a commercial-scale PEKILO® mycoprotein factory.
• The project supports the EU’s circular economy initiative by utilizing industrial by-products.
• PEKILO® offers a sustainable protein alternative with significantly lower carbon emissions than beef production.
• The new facility aims to produce 3 million kilograms of protein yearly, mirroring the output of 30,000 cows.
• Enifer’s venture is a significant step in advancing Finland’s sustainable food technology sector.

Enifer’s New PEKILO® Mycoprotein Factory: A Leap in Sustainable Protein Production

Overview Of The Funding Round

Business Finland has awarded a conditional grant exceeding €12 million to the Finnish biotech startup Enifer for building its first commercial-scale factory producing PEKILO® mycoprotein. This funding, derived from the European Union’s NextGenerationEU recovery instrument, is a strategic investment in sustainable food production technology.

Enifer’s Environmental Strategy

The upcoming factory, projected to cost around €30 million and to be operational by the end of 2025, is designed to manufacture PEKILO® mycoprotein using a process based on fungal fermentation. This method aims to significantly reduce carbon emissions, offering an environmentally friendly alternative to traditional animal protein sources.

Background and Technological Innovation

The technology behind PEKILO® mycoprotein has its roots in a process developed by Finnish forest industry engineers in the 1970s. Enifer has refined this technology to produce a food-grade protein source suitable for various culinary applications due to its neutral taste and color.

Ecological Impact and Prospects

This initiative aligns with the EU’s circular economy action plan, focusing on reusing and recycling industrial by-products. The factory’s anticipated annual output is equivalent to the protein from 30,000 cows, presenting a sustainable alternative to conventional livestock farming.

Leadership Perspective

Simo Ellilä, CEO and Co-founder of Enifer highlights the fulfillment of the original vision of utilizing PEKILO® in food applications. The facility is seen as a pivotal step in increasing the global availability of PEKILO® as an alternative protein source.

Financial and Industry Support

The project’s viability is strengthened by the €11 million raised in Enifer’s Series A funding in spring 2023. Enifer has also formed partnerships with key feed and food industry players, such as Skretting, Purina, and Valio, which enhances its market presence and future growth prospects.

Image provided by Enifer