Key Takeaways
- X-Caliber Rural Capital closed a $25 million USDA OneRD Business & Industry Guaranteed Loan for Plantible Foods.
- The loan is the maximum amount available under the USDA OneRD program.
- It funds the expansion of Plantible’s commercial production facility in Eldorado, Texas.
- Combined with a $10 million equity investment from RA Capital and existing investors, the capital will let Plantible quintuple annual production capacity.
- Plantible produces Rubi Protein from Lemna, or water lentils, grown at a 100-acre enclosed aquafarm.
Plantible Foods Lands a $25 Million USDA Loan
Plantible Foods has secured a $25 million USDA-backed loan to expand its protein production in Texas. X-Caliber Rural Capital, a licensed U.S. Department of Agriculture OneRD lender, closed the USDA OneRD Business & Industry Guaranteed Loan, which is the maximum amount available under the program, to support the expansion of Plantible’s commercial facility in Eldorado, Texas. The financing marks a step up in scale for one of the more closely watched US agtech companies working on plant-derived protein.
“Innovative companies often face financing challenges as they scale, even when their long-term potential is clear,” said Anna West, president of X-Caliber Rural Capital.
Financing the Eldorado Expansion
The loan is paired with a $10 million equity investment from RA Capital and existing investors. Together, the financing is intended to let the company increase annual production capacity fivefold. The Eldorado site anchors Plantible’s move from proven technology to larger-scale commercial output, and the USDA guarantee ties the expansion to rural economic development in the surrounding area.
From Lemna to Rubi Protein
Plantible produces its Rubi Protein from Lemna, a water lentil grown in enclosed commercial greenhouses. The company’s process has been proven at a 100-acre enclosed aquafarm outside Eldorado, where a controlled crop cycle allows steady, year-round harvests. The plant-derived protein is aimed at food and beverage makers looking for functional ingredients with a neutral taste and strong nutritional profile, part of a broader push toward more sustainable protein sources.
Scaling Plantible Foods’ Production Fivefold
The expansion positions Plantible Foods to raise output well beyond its current level as demand for alternative proteins grows. By quintupling capacity at Eldorado, the company aims to move from demonstrating that its duckweed-based process works to supplying it at commercial volumes. Using a USDA rural-development loan also ties the company’s scale-up to jobs and activity around its Texas operations, giving the project a rural economic dimension alongside its food-tech ambitions.
