Sector: Agrifood / Clean Economy
Breakthrough Victoria is announcing a $2.5 million investment in Viridian Renewable Technology Pty Ltd, a pioneering Melbourne based company, addressing food wastage and creating a circular economy through sustainable insect protein manufacturing.
THE INVESTMENT
Investment Type | Venture |
Investment Vehicle | Preference Shares |
BV Investment | $2.5 million |
WHO IS VIRIDIAN RENEWABLE TECHNOLOGY?
Viridian Renewable Technology focuses on innovative solutions for sustainable protein production. The company specializes in developing and deploying technology aimed at creating carbon-neutral insect-based ingredients for pet food, animal feed, and plant fertilizer.
THE PROBLEM
Australians waste about 7.6 million tons of food each year across the food supply chain. This represents a huge economic cost, waste of natural resources and around 3 per cent of our greenhouse emissions. At the same time, we need new ways of producing enough high-quality protein to feed ourselves, our pets and our livestock.
THE SOLUTION
Viridian addresses these challenges by building highly automated insect protein factories that can substitute traditional proteins in pet food and animal feed with affordable, consistent and nutrient-rich products, providing a commercial solution to this global issue.
This approach reduces the amount of food materials wasted in landfill and the emissions associated with food, feed and fertiliser products.
Insects require minimal land, water and feed to produce protein-rich biomass, making them an incredibly efficient food source. The company's innovative technology elevates this efficiency further with a fully integrated manufacturing system, minimising waste and maximising protein and resource recovery.
IMPACT FOR VICTORIA
Viridian is already operating its first commercial plant in Derrimut and will significantly increase factory capacity in the following 12 months, creating 15 direct jobs and producing 1,300 more tonnes of protein ingredients every year.
Future plans include building two more plants in Gippsland that will be situated in food and agricultural industry hubs to support local businesses.
Viridian also has links to Victorian universities and engineering businesses and intends to collaborate on future research projects to directly benefit Victoria’s innovation sector.
Link to media release here