Thailand-based novel feed company Full Circle Biotechnology said it has developed a new system to produce low-carbon and high-protein ingredients for aquaculture feed, and has recently closed a pre-seed funding round to help the company grow.
The company's system uses up-cycled agricultural waste, insect larvae and microbes to create feed it says could replace soy and fishmeal.
Full Circle Biotechnology Managing Director and founder Felix Collins said the goal -- one that is within reach -- is to scale eventually to large volumes.
"Our high yield also means we can undercut soy and fishmeal prices, and to my knowledge this has not been done before," Collins told IntraFish.
The company's current R&D facility capacity is producing only 16 metric tons per month, but management is looking to deploy its first unit by the end of the year capable of producing 500 metric tons per month.
By 2025, it aims to have more than five units operational, Collins said.
Full Circle's system can be deployed anywhere in the world, and management is currently in talks with parties in other regions, including Norway, he said.
“As long as we are near a transport hub or a waterway we can replicate the model," Collins said.
While the global feed sector is heavily concentrated among a handful of players such as Skretting, Biomar and Cargill, the unpredictability of the climate is sparking the need for more localized feed production, Collins said.
Several sector players seem to agree.
"Initial interest from feed companies has so far been enormous," Collins said.
While the company is currently focusing on the shrimp market, it hopes to sign a partnership with a salmon company later this year.
Early days, low impact
While a full life cycle analysis of the product is not yet complete, Collins estimates the product’s carbon footprint is almost 100 times lower than soymeal and almost 700 times lower than fishmeal.
Full Circe Biotechnology was founded as an impact company, and as it was starting up the founders considered how it could best create the biggest impact.
"Our conclusion was that we need industrial scale to achieve this,” Collins said.
Full Circle Biotechnology, which counts Norwegian VC Katapult and Asia Sustainability Angels as some of its backers, recently closed a $1.25 million (€1.17 million) pre-seed round that should last it up to 20 months, Collins said.
It is also in the process of raising a larger round it hopes to close during the autumn.
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