Insect protein producer secures €37 million EU loan to expand into Poland
The company began its international expansion last year, when it established a presence in the US following a partnership with Tyson Foods.
Dutch insect producer Protix has signed an agreement with the European Investment Bank (EIB) for a loan to support the construction of a new production plant in Poland.
The loan, amounting to up to €37 million, is part of the InvestEU programme that aims to stimulate more than €372 billion in additional investment across the European Union from 2021 to 2027.
Protix CFO Lynn De Proft welcomed the agreement, seeing it as a validation of the industry’s potential for growth and sustainability.
“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,” she said. “The confidence expressed by the EIB underscores our proven ability to execute, marking another significant stride in our journey as gamechangers in the protein industry.’’
EIB Vice-President Teresa Czerwińska expressed enthusiasm for the collaboration, highlighting the bank’s commitment to supporting innovative solutions that contribute to the sustainable development of the bioeconomy sector.
Protix, founded in 2009, produces black soldier fly larvae as an alternative feed. The company has raised millions from Rabobank Group, AquaSpark, as well as Dutch government-backed Brabant Development Agency and private investors.