Breakthrough Victoria invests in food tech startup Viridian
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The news: The Victorian government's investment company Breakthrough Victoria has invested $2.5 million in Viridian Renewable Technology, a Melbourne-based startup turning food waste into animal feed.
The numbers: Viridian plans to increase the capacity of its first commercial plant over the next 12 months, increasing 15 direct jobs and producing 1,300 more tonnes of protein ingredients every year.
The context: Viridian said it also have plans to build two more plants in Gippsland that will be situated in food and agricultural industry hubs to support local businesses.
The company specialises in developing and deploying technology aimed at creating insect-based protein ingredients for pet and animal feed with a nutritional quality greater than many traditional protein sources and a lower environmental impact.
Viridian also produces fertiliser products used across Australia to support regenerative agriculture.
Viridian said its insect-based protein products are aimed at addressing the economic cost, natural resource waste and greenhouse emissions caused by Australia's food supply chain. Its approach reduces the amount of food materials wasted in landfill and the emissions associated with food, feed and fertiliser products, the company said.
What they said: "Viridian is proud to receive the support of Breakthrough Victoria to expand our protein recovery capacity and provide a highly sought-after solution to more Victorian food businesses’ food wastage problems," Viridian CEO Martin Pike said.
"We are excited to contribute more to Victoria’s growing circular economy sector and create a tangible environmental and economic impact."
Breakthrough Victoria CEO Grant Dooley said: "This investment aligns with BV’s commitment to be a catalyst for ideas and investment, while supporting a team that is making a significant impact on the industry and the planet."
Minister for Economic Growth, Tim Pallas, said: "Our $2.5 million investment in Viridian will support innovation in sustainable agriculture, create more jobs in regional Victoria and reduce our emissions".
The source: Breakthrough Victoria media release
