Green Plains has announced a partnership with the Riverence Group to form a joint venture to expand aquafeed production in Idaho. The venture will produce trout and salmon feeds for the Riverence Group, utilizing wholesome, sustainable ingredients.
“This partnership is yet another validation of our transformational path, creating a portfolio of innovative ingredients tailored to meet specific customer needs,” Todd Becker, President and Chief Executive Officer of Green Plains, said in a press release.
“The Riverence Group is a highly respected aquaculture producer and we are eager to realize the value this collaboration brings to both partners. Using our low-carbon ingredients in Riverence’s feeds can help them achieve their goal of using sustainable, domestically produced plant-based ingredients,” he added.
As part of the joint venture, Green Plains will contribute capital and supplied key ingredient services, while the Riverence Group will contribute existing assets and a feed offtake agreement to support its own production, helping to meet the rapidly growing consumer demand from aquaculture in North America. The joint venture is anticipated to become operational in 2023.
“The Riverence Group has a simple, actionable definition of sustainability—to do more with less,” saidRob Young, President and Chief Executive Officer of the Riverence Group, said.
“To provide healthy seafood for a hungry world, we need feeds and feed ingredients that nourish our fish as much as our commitment to sustainability. In Green Plains, we have found a partner that is committed to growing domestic aquaculture and stocking the industry’s ‘pantry’ with quality ingredients,” he added.
“This unique partnership will allow for end-to-end innovation, bringing ingredient production and fish farming together to create better feeds and better fish,” Leslie van der Meulen, Executive Vice President, Product Marketing and Innovation of Green Plains, said.