Ittinsect, one of the pioneering biotech companies presenting a sustainable alternative to aquaculture feed and feed ingredients, has secured over €600,000 in non-dilutive funding from Invitalia, Italy’s Development Agency. This funding will facilitate the construction of a pilot plant capable of producing 2,300 metric tons of sustainable proteins annually.
A funding boost from Invitalia, Italy’s Development Agency, is set to propel the realization of Ittinsect’s pilot plant, which will produce 2500 tons of sustainable proteins when operating at full capacity.
This marks a key step toward the biotech company’s goal of scaling up to an industrial-scale production of proteins derived from 100% circular economy processes by 2025. This initiative highlights the importance of scaling up sustainable aquafeed for safeguarding our oceans, according to the company.
Ittinsect will deploy €602,500 to build a section of its inaugural production facility. The facility will prove both the technical and economic advantages of Ittinsect’s products at scale, laying the groundwork for the company’s first industrial plant. This scale-up will also bolster the recruitment of specialized personnel and the pursuit of new patents, solidifying Ittinsect’s position as the preeminent innovator in the market.
Ittinsect’s CEO, Alessandro Romano, underscored the significance of national support from Italy’s National Development Agency, stating, “We are honored to secure this funding, building upon the trust already received from the Lazio Region during the project’s pre-seed phase. The backing from Invitalia confirms the regional interest has transcended into a national one. Our goal is now to extend public support to an international level.”
Invitalia’s funding, facilitated through the Smart Start Italia initiative, totals €482,000, covering 80% of the €602,500 project expenses.