The European Investment Bank (EIB) has signed a €37 million loan agreement with Protix to support the expansion of its sustainable protein production. This funding, backed by the InvestEU program, will aid Protix in constructing a new production plant in Poland. The collaboration aligns with InvestEU's objectives of Sustainable Bioeconomy and Circular Economy, aiming to stimulate over €372 billion in additional investment in the European Union from 2021 to 2027.
EIB Vice-President Teresa Czerwińska expressed satisfaction in supporting innovative solutions and collaboration with Protix. Protix CFO Lynn De Proft highlighted the agreement's significance, emphasizing the industry's growth potential. Protix, a leader in alternative protein for pet food and agriculture, plans to scale internationally, with the new plant in Poland being three to four times larger than its existing facility.
The EIB emphasizes the importance of investing in innovation and development for economic growth, with global support to these sectors amounting to €17.93 billion in 2022. Protix exemplifies successful use of targeted European Commission funds to support innovative companies in key EU policy areas.
Background:
- The EIB Group, the EU's long-term financing institution, comprises the EIB and EIF, financing investments contributing to EU policy goals.
- The InvestEU program leverages private and public funds to support sustainable recovery and EU policy priorities, simplifying funding for European investment projects.
- Protix, a pioneer in insect-based ingredients, aims to create low-footprint ingredients solving food system issues. Its circular approach utilizes waste from the food industry as insect feed, closing the loop in the food system.
For more information, visit Protix.
