Protix, a producer of insect-based ingredients, has secured a financial boost of up to €37 million ($40.3 million USD) through a loan agreement with the European Investment Bank (EIB). This funding is a crucial milestone for Protix, enabling the establishment of a new insect production plant in Poland and supporting the company’s global expansion initiatives. Aligned with the Sustainable Bioeconomy and Circular Economy goals of InvestEU, the loan aims to invest over €372 billion ($404.9 billion USD) in sustainable initiatives throughout the European Union from 2021 to 2027.
Vice President of EIB, Teresa Czerwińska, emphasized “Supporting innovative solutions is one of the priorities of the European Investment Bank and we are pleased to start collaborating with Protix. 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, a leading producer of insect-based proteins utilizing black soldier fly, serves diverse industries, including pet food, aquaculture, animal feed, and organic fertilizer. The company has been pivotal in advancing the insect-based ingredients industry, fostering partnerships with major agricultural players such as Tyson Foods and Bühler.
As Protix initiates its international expansion, the forthcoming facility in Poland is anticipated to be three to four times larger than its current facility in the Netherlands. Protix is actively exploring potential locations for the facility throughout Poland. Protix’ CEO Protix, Lynn De Proft, stated “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. 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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