15th September 2022 Content supplied by: NextFerm
NextFerm Technologies, Vegan Protein, ProteVin™ Meets Important Milestone
NextFerm Technologies Ltd., a food-tech company developing ProteVin™, a vegan, fermentation-based, non-GMO protein alternative and other innovative yeast-based nutrients, have announced a strategic manufacturing agreement for the production of ProteVin™ with a subcontractor in the Balkan region in Europe. This marks the achievement of the company’s third strategic milestone (out of five) set for 2022.
According to the agreement, the manufacturing plant will enable, at first stage, the production of ProteVin™ with an annual capacity of up to $10M starting the second half of 2023. The plant commissioning plan enables a future expansion of the capacity to tens millions of dollars. This plant is expected to replace the current pilot production plant in GFR Canada.
The subcontractor will establish the plant and will provide the production services as well as the baker’s yeast necessary to produce ProteVin™. The company will bear the costs of purchasing and installing the equipment necessary for production.
The Company estimates that the necessary investment needed for the completion of the manufacturing plant and reaching the above mentioned capacity will be approximately $6M. The main equipment needed for the plant was already ordered.
The agreement relates only for production services and doesn’t include IP transfer to the subcontractor.
Boaz Noy, Chief Executive Officer of NextFerm, said: "This manufacturing agreement for the production of our vegan protein is an important milestone for our Company and represents the transition into an industrial company in the field of alternative proteins. The plant was designed in a way that would allow investment in the production capacity in accordance with the increase in demands. ProteVin™ is the only alternative protein on the market today with a neutral taste and an animal-like nutritional value, and we believe it will become a leading solution in the global alternative protein industry".
NextFerm's flagship product is ProteVin™, a vegan, a yeast-derived protein with animal-like nutritional value (Amino acid profile BCAA=21%, Leucine=9%, EAA=53%, and high digestibility PDCAAS=1) and a neutral flavor. ProteVin™ is designed for a variety of categories in the alternative protein market, including milk and dairy substitutes, meat substitutes, and additional categories such as infant nutrition, adult nutrition, and sports nutrition.
Another product currently being sold is Astaferm®, an innovative astaxanthin-based antioxidant derived from yeast that has been sold in the US since the end of 2020 through well-established and leading brands in the food supplement market in the US. In July 2021, the Company received Regulatory marketing approval in Canada.
The company has additional products which have been licensed to Lallemand.
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Date Published: 15th September 2022
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