Taaleri’s bioindustry fund invests in Enifer, a company producing mycoprotein

TAALERI BIOINDUSTRY          PRESS RELEASE          23 MAY 2024 AT 8:45 (EEST)

Taaleri’s bioindustry fund invests in Enifer, a company producing mycoprotein

Taaleri Bioindustry Fund I invests in Enifer, a Finnish company producing fungi-based mycoprotein. Investment enables Enifer to construct a new mycoprotein factory in Kantvik, Kirkkonummi, Finland.

Enifer was founded in 2020 to develop and commercialize the proprietary PEKILO® technology further. 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. The PEKILO® fermentation process was originally developed in Finland in the 1970s and used by the forest industry.

Mycoprotein is a sustainable alternative to animal and some soy proteins. This alternative protein has a significant positive contribution to biodiversity because the production process does not require direct land use as many other plant and animal proteins do. The production of mycoprotein also has a low carbon footprint and requires minimal water use. PEKILO® protein’s carbon footprint is 2.8 kgCO₂e per kg of protein, compared to 6.5–26.0 kgCO₂e per kg of animal protein (chicken, pork, or beef). Its footprint is also small compared to 6.0 kgCO₂e per kg of soy protein.

The investment is Taaleri Bioindustry Fund I’s fourth investment. The fund invests in industrial-scale production facilities and companies that can accelerate the scaling of bioindustry production. The fund has already invested in Colombier, Nordtreat and Nordic Bioproducts Group. Colombier produces ecological packaging, Nordtreat produces bio-based flame retardants, and Nordic Bioproducts Group produces cellulose-based materials with a high processing value.

Taaleri Bioindustry Fund I complies with Article 9 of the EU Sustainable Finance Disclosure Regulation and is as such a so called dark green fund that only makes sustainable investments in projects that, for example, contribute substantially to climate change mitigation. The fund has raised over EUR 100 million. The state-owned special-assignment company, the Finnish Climate Fund, is the fund’s anchor investor.

“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. Taaleri Bioindustry Fund I’s investment enables commercial scale production. We are confident in Enifer’s opportunities to expand,” comments Tero Saarno, Managing Director, Taaleri Bioindustry.

“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. I would like to thank our new investors, in particular Taaleri Bioindustry and the Finnish Climate Fund, for joining us in our mission. 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,” says Simo Ellilä, CEO and co-founder of Enifer.

Taaleri’s vision is to become a leading investment manager operating internationally in bioindustry and renewable energy.

For further information, please contact:

Tero Saarno, Managing Director, Taaleri Bioindustry, +358 50 373 1923, tero.saarno@taaleri.com

Simo Ellilä, CEO, Enifer, +358 40 567 5786, simo.ellila@enifer.com 

Taaleri in brief

Taaleri is a Nordic investment and asset manager that focuses on businesses with industrial-scale opportunities within bioindustry and renewable energy. We create value by combining extensive know-how, deep expertise, entrepreneurship and capital through both funds under management and direct investments. We have been a signatory of the UN Principles for Responsible Investment (UNPRI) since 2010, and we joined the Net Zero Asset Managers initiative in 2021. Taaleri’s vision is to become a leading investment manager operating internationally in bioindustry and renewable energy.

Taaleri has EUR 2.6 bn of assets under management in its private equity funds and co-investments. The company has approximately 125 employees. Taaleri Plc is listed on Nasdaq Helsinki.

www.taaleri.com

Enifer in brief

Enifer, a spin-off company from VTT Technical Research Centre of Finland, was founded by five scientists in 2020 to develop and commercialize the proprietary PEKILO® technology further. A process originally developed and used by the Finnish forest industry at a commercial scale, the PEKILO® technology enables the biotechnological conversion of dilute side streams into a high-protein ingredient, PEKILO® mycoprotein.

Enifer 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.

www.enifer.com