The European Investment Bank (EIB) has committed to supporting insect meal producer, Protix, in the expansion of its sustainable protein production. The signing of the loan agreement marks a significant milestone, providing Protix with up to EUR 37 million in additional funds for its international roll-out.
“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,” said EIB vice-president Teresa Czerwińska.
“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,” said Protix CFO Lynn De Proft.
The company aims to deliver its solutions on a global scale. Protix believes in controlled scaling and the size-optimised development will be three to four times larger than the existing operational facility. The company is currently investigating different locations in Poland.
The EIB believes that investing in innovation, research and development, and human capital is pivotal for economic development. In 2022, the EU bank’s support to these sectors globally amounted to €17.93 billion. In 2018-2022, the EIB Group’s support to these sectors in Poland reached €4.65 billion. Protix is another example of what targeted European Commission funds can achieve to support innovative European companies in key EU policy areas boosting the European Green Transition.
This agreement is in line with the InvestEU objective of Sustainable Bioeconomy and Circular Economy and was made possible with the support of the InvestEU program, which aims to trigger more than EUR 372 billion in additional investment in the European Union over the period 2021-27.
