Finnish Enifer Oy secures €12m grant to scale up

The new factory will have a production capacity of around 3 million kilograms a year – equal to the amount of protein from 30,000 cows but with at least 20 times lower carbon emissions. The €12m funding comes from the NextGenerationEU recovery instrument. It will support building first-of-its-kind industrial facilities promoting the reuse and recycling of industrial by-products and waste streams, hence aligning with the EU’s circular economy action plan and the Sustainable Growth Programme for Finland.

Enifer’s  PEKILO® mycoprotein ingredients are made using fungal fermentation. Originally developed by Finnish forest industry engineers in the 1970s, the modified process converts forest industry by-products into sustainable feed protein for the domestic market.

The product is a protein- and fiber-rich powder with a neutral taste and color that can be used in a similar way to plant-based proteins in the food market today. The company is expecting to file for regulatory approval of its food-grade ingredient during the first half of 2024.

Overall, the factory is projected to cost €30m to build and is expected to be completed by the end of 2025, with production ramp-up occurring in 2026. Enifer is currently undertaking basic engineering of the facility together with design and engineering company AFRY. The facility will be built in the Uusimaa region, with an announcement on the location expected during Q1/2024.

Enifer raised €11M series A funding in spring 2023, and the company already has ongoing partnerships with big global companies in the feed and food industries, such as Skretting, the global aquafeed division of Nutreco, Purina for pet food, and Valio for consumer food products.