Enifer

Food production accounts for approximately a third of global emissions. The production of animal and plant proteins requires significant area as well as plenty of water – agriculture and food production are the biggest individual factors in the decline of biodiversity globally. Protein consumption is estimated to double by 2050, increasing the need to find environmentally sustainable production methods.

Mycoproteins are a sustainable alternative as a raw material for protein products for both humans and animals, as they can replace animal and plant proteins, the production of which requires a lot of water, land or energy. For example, in aquafeed, they can partially replace soy protein and fishmeal, thereby decreasing the pressure on overfishing and reducing the climate and environmental load.

Enifer plans to produce Pekilo protein as raw material for pet food, aquafeed and, later, human consumption. The facility, which is estimated to cost €36.5 million, will produce 3 kilotons of protein annually. In addition to its positive climate impacts, the company’s solution will support circular economy and the nutrient cycle by using sugar-rich side streams from the food and forest industries.

The Climate Fund’s investment decisions are guided by a set of criteria emphasising impact, against which every case applying for funding from the company is evaluated. Preconditions for funding include a credible plan for repayment of the investment, alignment with the six environmental objectives of the EU’s sustainable investment network, i.e. the “do no significant harm” principle, and that with Climate Fund’s investment the project will be realised earlier, on a larger scale or in the first place. When the preconditions are met, the final selection will be made based on impact criteria, such as emissions reduction potential.

The final applications of the mycoprotein impact the emissions reduction potential. The company’s calculation of the emissions reduction potential is based on mycoprotein replacing several different proteins in human food, pet food and aquafood. The total cumulative 10-year emissions reduction potential of the three kilotonne factory is estimated at 280 kt CO2-eq. and if the company’s business plans are fully realised, overall cumulative potential will be approximately 1.6 Mt CO2-eq.

The capital loan of up to EUR 7 million by the Finnish Climate Fund has been allocated to the company’s construction of the first commercial-scale factory. The Climate Fund’s funding supports the implementation of the project with significant climate and environmental impacts within the tight schedule required by EU funding.