Breakthrough Victoria has invested $2.4 million in the Australian company pioneering sustainable insect protein manufacturing, Viridian Renewable Technology. The money will increase factory capacity and production as well as create new jobs.
Breakthrough Victoria CEO, Grant Dooley, said Viridian was a leader in alternative protein production at scale in the state.
“This investment aligns with BV’s commitment to be a catalyst for ideas and investment, while supporting a team that is making a significant impact on the industry and the planet,” Dooley said.
Viridian Renewable Technology has developed a proprietary manufacturing process that transforms excess food into highly nutritious, easily digestible premium insect protein.
What sets the company apart is its use of food materials that aren’t food waste. Instead, it uses quality food inputs such as excess bread at the end of the day from bakery businesses like Bakers Delight.
The excess food is fed to Black Soldier Fly larvae, and in a highly automated end-to-end production process, the results are insect-based high quality, clean protein ingredients that have a nutritional quality greater than many traditional protein sources with much lower environmental impact.
Breakthrough Victoria said, “Insects require minimal land, water and feed to produce protein-rich biomass, making them an incredibly efficient food source. The company’s innovative technology elevates this efficiency further with a fully integrated manufacturing system, minimising waste and maximising protein and resource recovery.”
Viridian’s commercial operations are in Derrimut, Victoria, with plans to build two more plants in Gippsland that will be situated in food and agricultural industry hubs to support local businesses.
The Breakthrough Victoria investment will go towards increasing factory capacity and producing 1300 more tonnes of protein ingredients every year. It will also create 15 jobs, it said.
Viridian has its own pet food brand, One with Everything, which is sold through pet stores, as well as supplying other pet food companies.
It is also making fertiliser from the frass – larvae manure – that is produced, ensuring it complies with IPIFF EU Standards for consistent quality and safety.
Click here for Food & Drink Business’ profile of Viridian Renewable Technology in February.
