Finnish mycoprotein company Enifer has today announced the completion of a €36 million funding package that enables it to start constructing a unique food-grade mycoprotein factory in Kirkkonummi, Finland. 

Check out an interview I did with Simo Ellilä, CEO and co-founder of Enifer in January. 

The factory, which is projected to cost €33 million, will be completed by the end of 2025. 

It will be the world’s first commercial plant to convert food industry side streams into Enifer’s sustainable PEKILO® fungi-based protein ingredients. 

PEKILO® mycoprotein is produced by cultivating a specific species of fungus in a fermentation process that is not too distinct from brewing beer or making soy sauce. 

At its core, the factory will harbor a full-sized industrial fermenter, standing more than 12 metres tall and measuring more than 4.5 metres in diameter, in which the PEKILO® mycoprotein is grown. The factory will directly employ some 15 people during regular operations and more than twice this number during construction and commissioning.

The factory will begin ramping up operations in 2026, and once it is at full capacity, it will produce 500 kilograms per hour of mycoprotein.

It will produce up to 3,000 tons of PEKILO® a year, which is enough to cover the annual protein needs of approximately 40,000 people. 

The new funding package comprises a new €15 million Series B equity funding round led by the Finnish private equity fund Taaleri Bioindustry Fund I, with follow-on investments from existing shareholders Nordic Foodtech VC, Voima Ventures, and Valio. 

This funding is complemented by the Finnish Climate Fund, which has extended a €7M junior loan to support the project and a €2 million Climate and Environmental Loan provided by Finnvera. This funding comes on top of the previously reported €12 million recycling and reuse investment grant from Business Finland, making the factory fully funded.

Tero Saarno, Managing Director, Taaleri Bioindustry, shared: 

“We are very happy to start cooperation with Enifer. We believe that there is an increased need for alternative proteins as the global population grows. Demand is also supported globally by environmental and ethical considerations.” 

According to the Finnish Climate Fund’s acting CEO Toni Mikkonen: 

“The world’s population and the need for protein are growing. 

Food production is – even at the level of technologies that can already be scaled – an unsolved key part of the climate challenge. In the future, sustainable food production will be based on several different solutions and the demand for new types of proteins is predicted to grow significantly over the next decade. 

Enifer’s already tested technology is interesting as the nutrients of various side streams can be upcycled and their processing value increased instead of energy use.” 

According to Simo Ellilä, CEO and co-founder of Enifer: 

“At Enifer, we’re extremely excited to announce the kick-off of our first factory investment project. For over half a century, Kantvik has been at the heart of Finnish bioindustries, and I could not think of a better location to bring PEKILO® fermentation back to life. 

Mycoprotein is the missing ingredient for a more sustainable food chain – the facility in Kantvik serves as a key steppingstone on our path to making mycoprotein a cornerstone of protein supply, with several future factories already being planned.”

The company will file for Novel Foods approval of the novel ingredient in 2024 and expects to receive approval during 2026.

Lead image: Enifer. Photo: uncredited.