Finland’s Enifer secures a €12M grant to build a mycoprotein factory

Finnish biotech startup Enifer has secured a €12 million grant for building its first commercial-scale PEKILO mycoprotein ingredient factory. The funding comes from the European Union NextGenerationEU recovery instrument.

• Established in 2020, Enifer develops a food-grade ingredient based on PEKILO technology. 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 industry.
• The startup plans to build a commercial-scale factory that will produce the PEKILO and have a production capacity of 3 million kilograms a year of sustainable, locally sourced protein. Currently, the factory is projected to cost €30 million to build and is expected to be completed by the end of 2025, with production ramp-up occurring in 2026.

This plant will be a critical stepping stone to scaling the production of PEKILO as a truly universal protein source – which we aim to commercialize globally across different applications. We are extremely grateful for the financial support which will enable us to take this huge step in the coming year.

Simo Ellilä, CEO and сo-founder of Enifer, commented.

• Enifer is currently undertaking basic engineering of the facility together with AFRY. The facility will be built in the Uusimaa region, with an announcement on the location expected during Q1 of 2024.
• The funding comes from the EU’s NextGenerationEU recovery instrument. It aims to support building 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.

In April 2023, Enifer raised €11 million in Series A funding led by Aqua-Spark, with participation from Tesi, Valio, Voima Ventures, and Nordic Foodtech VC.