POLAND- Protix, a leading company in the insect-based ingredients industry, has secured a EUR 37 million (US$40.1 million) loan from the European Investment Bank (EIB) to establish a new plant in Poland.
The financing, part of the InvestEU program, aims to bolster Protix’s international expansion and contribute to the development of a sustainable bio-economy and circular economy.
The loan agreement, aligned with InvestEU’s objectives, emphasizes the European Investment Bank’s commitment to supporting innovative solutions in the bio-economy sector.
The InvestEU program, designed to attract additional investment in the European Union, is set to trigger over EUR 372 (US$405.30) billion in investments between 2021 and 2027.
EIB Vice President Teresa Czerwińska expressed her satisfaction with the collaboration, stating, “Supporting innovative solutions is one of the priorities of the European Investment Bank, and we are pleased to start collaborating with Protix. This financing will enable the company to expand its activities and apply its technologies, contributing to the sustainable development of solutions within the bio-economy sector.”
Protix, known for its production of alternative protein for pet food, aquaculture, livestock feed, and organic fertilizer, has been a key player in the insect-based ingredients industry.
With a focus on global expansion, Protix aims to deliver sustainable solutions on an international scale.
CFO Lynn De Proft expressed enthusiasm about the agreement, saying, “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.”
Protix’s expansion plan in Poland involves a controlled scaling approach, with the new production plant expected to be three to four times larger than the existing operational facility. The company is currently exploring different locations in Poland for the new facility.
The European Investment Bank believes that investing in innovation, research and development, and human capital is crucial for economic development. In 2022, the bank’s support to these sectors globally amounted to EUR 17.93 (US$19.53) billion, while from 2018 to 2022, the EIB Group’s support to these sectors in Poland reached EUR 4.65 (US$5.07) billion.
Protix stands as an example of how targeted European Commission funds can effectively support innovative European companies, aligning with key EU policy areas and contributing to the European Green Transition.
The confidence expressed by the EIB signifies Protix’s proven ability to execute, marking a significant milestone in the company’s journey as a game-changer in the protein industry.
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