Flylab, in collaboration with its partner and investor, Sanyo Trading Asia, signed a Letter of Intent (LoI) to deliver consistent, top-tier insect-based feed ingredients.
Sanyo Trading Asia, a subsidiary of Sanyo Trading Co., Ltd. in Japan, and Flylab have been collaborating for over a year after closing a USD 1 million in SEED and Pre-Series A round in 2022 led by Sanyo Trading. The new agreement marks a significant turning point in their partnership.
Highlights of the LoI encompass ongoing negotiations aimed at securing a transformative 6,000 metric tonnes supply contract for Flylab’s signature product, FLMeal, over the next three years. “This agreement sets the stage for a new era of insect-based feed production, promising sustainable and high-quality solutions to meet the growing demands of the industry,” the company said in a press release.
To bolster the venture, a state-of-the-art factory will be established in Bangkok area, slated to be fully operational by the second quarter of 2024. The facility will be the epicenter of operations. It will play a pivotal role in achieving the ambitious goal of producing 6,000 MT of Black Soldier Fly Larvae (BSFL) ingredients (meal and oil) annually.
“The collaboration will also create a strong foundation for advancements in research and development, innovations in technology, and a commitment to excellence in operations management,” the company concluded.