NEW TECH FOODS

Finnish biotech company Volare has announced the successful closing of a €26 million ($29 million) funding round aimed at establishing what it claims will be the world's most energy-efficient protein production facility. This initiative is poised to enhance the resilience and self-sufficiency of Europe’s food system by addressing the continent's growing protein gap.

Currently, the EU produces only 34% of the protein concentrates it consumes, making it heavily reliant on imports. This dependency not only threatens food security but also exposes the region to supply chain vulnerabilities exacerbated by geopolitical tensions and fluctuating global prices.

Volare’s innovative approach utilises black soldier flies (Hermetia illucens) to convert food industry waste into high-value protein, oil and fertilisers, significantly reducing reliance on traditional protein sources.

Volare’s proprietary process is touted as 30% more energy-efficient than conventional methods, utilising a zero-waste, fossil-free approach that does not require water. This technology enables the company to produce insect protein with up to eight times lower CO₂ emissions compared to soy.

The facility, named Volare 01, will be located in Pori, Finland, and is designed to scale rapidly, with the potential to produce protein equivalent to the annual yield of 200 million Baltic herrings – approximately 18% of Finland’s total commercial fish catch.

The new funding round includes contributions from notable European venture capital firms such as Maki.vc and Firstminute Capital, as well as public funding from various financial institutions, including the Finnish Climate Fund.

As Volare embarks on this ambitious project, the company is also undergoing a leadership transition. Co-founder Jarna Hyvönen is set to take over as CEO in June 2025, bringing a robust commercial strategy background to the role. Meanwhile, founding CEO Tuure Parviainen will shift to the position of chief science officer, focusing on technological advancements and the industrial scaling of their innovative processes.

Hyvönen highlighted the importance of this funding in facilitating rapid expansion and operational efficiency. “This investment marks a major step toward full-scale operations and reinforces Volare’s position at the forefront of the global protein transition,” she said.

Volare's model has already gained traction in the market, with established partnerships and offtake agreements, including a notable collaboration with Skretting, a leader in aquafeed. These agreements ensure a steady demand for Volare’s products as they move into large-scale production.

The company’s pilot programmes, including the feeding of insect-based diets to rainbow trout in Finland, demonstrate the practical applications of its technology and its potential to provide a sustainable alternative to environmentally intensive ingredients like fishmeal and soy.