Wageningen-based biotech NoPalm Ingredients, which uses non-GMO proprietary yeasts and low-capex technology to convert upcycled agri-food sidestreams into yeast oils, has secured €2.5 million to scale its operations and develop new technologies. The funding came from the EIC Accelerator, with the company being selected from among 969 that submitted proposals.
- NoPalm Ingredients, founded in 2021 by Lars Langhout and Jeroen Hugenholtz, produces microbial oils through a unique fermentation technique. The company utilizes non-GMO proprietary yeasts and innovative low-capex technology to convert recycled, locally sourced agri-food byproducts, such as potato peels and whey permeate, into high-quality yeast oils. Their goal is to replace palm oil in consumer products.
- The startup employs a team of 25 and has partnered with notable industry firms, including Colgate-Palmolive, Unilever, and Zeelandia. Additionally, the company reports that its technology achieves a 90% reduction in CO2 emissions and a 99% decrease in land use compared to traditional palm oil production.
- Recently, NoPalm Ingredients raised €5 million in a seed round to advance its mission of offering a local, circular, and sustainable alternative to the global palm oil market. The fresh funding was led by Rubio Impact Ventures, with participation from Fairtree Elevant Ventures, Oost NL, Willow Capital Investments, and the Netherlands Enterprise Agency (RVO).
Details of the deal
- The investment came from the EIC Accelerator program, which has allocated €411 million to support 68 innovative companies across Europe. The program provides grants of up to €2.5 million and equity investments of up to €15 million.
“We are honored to be chosen for the blended financing of the EIC Accelerator program, combining grant and equity. This funding will accelerate our research and development, bringing us closer to realizing the full potential of our local, circular, and sustainable palm oil alternatives. It will allow us to advance our objectives and vision of building a green parallel oil and fat industry," CEO and co-founder of NoPalm Ingredients, Lars Langhout, stated.
- With the capital, NoPalm Ingredients plans to accelerate its scale-up and commercialization efforts. The company aims to transform the oil industry, expand its operations, develop new technologies, and attract further investments.
