Enifer, a Finnish mycoprotein company, has announced the successful conclusion of a €36 million funding package, facilitating the commencement of construction for a groundbreaking food-grade mycoprotein factory in Kirkkonummi, Finland.
Projected to cost €33 million, the factory is slated for completion by the conclusion of 2025. It is poised to be the world’s inaugural commercial facility dedicated to converting food industry side streams into Enifer’s sustainable PEKILO® fungi-based protein ingredients.
PEKILO® mycoprotein is crafted through a meticulous fermentation process akin to brewing beer or producing soy sauce, cultivating a specific species of fungus. At the core of the factory lies a substantial industrial fermenter, standing over 12 meters tall and spanning more than 4.5 meters in diameter, facilitating the growth of PEKILO® mycoprotein.
The operational workforce is projected to consist of approximately 15 individuals, with additional employment opportunities anticipated during the construction and commissioning phases. Operations are set to commence in 2026, with the factory capable of producing 500 kilograms per hour of mycoprotein at full capacity.
Annual production is forecasted to reach up to 3,000 tons of PEKILO®, catering to the protein requirements of around 40,000 individuals. The latest funding comprises a €15 million Series B equity funding round, led by the Finnish private equity fund Taaleri Bioindustry Fund I, with contributions from existing shareholders Nordic Foodtech VC, Voima Ventures, and Valio.
This funding is bolstered by a €7 million junior loan from the Finnish Climate Fund and a €2 million Climate and Environmental Loan from Finnvera. Additionally, a previously announced €12 million recycling and reuse investment grant from Business Finland ensures the project’s complete financial backing.
Tero Saarno, Managing Director of Taaleri Bioindustry, expressed enthusiasm about the collaboration with Enifer, emphasizing the growing demand for alternative proteins amid global population expansion and environmental considerations.
Toni Mikkonen, acting CEO of the Finnish Climate Fund, highlighted the imperative of sustainable food production in addressing the climate challenge, praising Enifer’s technology for its potential to enhance the processing value of various side streams while minimizing energy consumption.
Simo Ellilä, CEO and co-founder of Enifer, underscored the significance of the Kantvik location in advancing PEKILO® fermentation, heralding mycoprotein as a pivotal element in fostering a more sustainable food chain. Ellilä also hinted at future factory ventures, positioning mycoprotein as a fundamental component of future protein supply chains.
Enifer anticipates filing for Novel Foods approval of the innovative ingredient in 2024, with approval expected by 2026.
