Nutrition

Nutrition Technologies raises $20 million to expand insect protein business

Nutrition Technologies raises  million to expand insect protein business
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Why it matters

Nutrition Technologies Closed Loop System uses patented growth inoculants and black soldier flies to convert organic waste into proteins and oils that can enrich animal feed and bio-fertilizers.

The company currently offers three products: a high protein ingredient, an organic fertilizer and an oil ingredient. It says it has conducted multiple trials of these products on fish, shrimp, poultry, piglets and pets.

According to the International Platform of Insects for Food and Feed (IPIFF), insect protein can meet the nutritional needs of animals, leading to faster growth rates, improved animal health and overall development. IPIFF also says that insects as a protein source are 70% more efficient in terms of land use because the protein can be produced quickly through vertical farming, with multiple production cycles per year.

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Nutrition Technologies believes that insect-based solutions have great potential when it comes to achieving emission reduction targets, improving food security and reducing waste streams. It also addresses what the company says is “a growing shortage” of proteins such as fishmeal and soybean meal, traditionally used for animal feed.

“Commercial insect protein production is one of the most significant innovations of recent years, with the potential to disrupt the feed and fertilizer sectors and solve multiple problems the world currently faces,” Dr. Buranin Rattanasombat, PTT’s senior executive vice president of innovation and new ventures, said in a statement.

For Nutrition Technologies, the next steps include expanding the company’s manufacturing capacity, both at its current plant in Malaysia and through a new joint venture project in a soon-to-be-announced second country in Southeast Asia.

CEO and co-founder Nick Piggott noted that the company will not only increase shipments in Southeast Asia, but will also begin shipping to the UK and Europe.

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