Vancouver ‘renewable food’ firm gets $5M investment from Wheatsheaf
Enterra developing proprietary process that up-cycles discarded food into protein, natural oils and fertilizer high in nutrients
VANCOUVER—British Columbia-based Enterra Feed Corp. said it has closed $5 million in new funding from a British investment firm as it continues to develop its proprietary process that up-cycles discarded food into protein, natural oils and fertilizer high in nutrients.
Enterra, a self-described “renewable food” company, received the funding from Wheatsheaf Investments Ltd.
“Wheatsheaf seeks out commercial solutions that contribute towards meeting the growing global demand for food, water and energy in the face of a rapidly changing world population,” Anthony James, chief investment officer at Wheatsheaf, said in a statement released by Enterra.
“Enterra’s technology for utilising discarded food to create sustainable animal feed ingredients and a natural organic fertilizer aligns strongly to our investment themes. We look forward to working with Enterra to expand the reach of this exciting technology.”
Enterra uses traceable recycled food products as feedstock at its hatchery and farm operation to grow high-value protein and natural feed oil products that are used as ingredients for food production.
The process uses larvae of the black soldier fly, which is indigenous to North America, to up-cycle the nutrients.
After consuming the feedstock, which is primarily pre-consumer fruits and vegetables that are diverted from grocery stores, markets, food distributors and food processors, the insect larvae are harvested and processed into high-value protein and feed oil commodities.
Enterra’s nutrient products can then be used in feed for aquaculture, livestock and pets as substitutes for resource-intensive feed ingredients like fishmeal, poultry meal and soybean meal.
In addition to natural protein and feed oil products for feed ingredients, Enterra’s process also creates an organic natural fertilizer, containing approximately 10 per cent nitrogen, phosphorus and potassium (NPK).
“We are extremely pleased to secure this financing with Wheatsheaf, whose values align so well with ours,” Enterra chief executive Brad Marchant said. “We are already meeting expansion milestones for this year, and this investment from Wheatsheaf will provide additional working capital and support further expansion for Enterra.”
Enterra has expanded its first commercial-scale pilot facility in Langley, B.C., where it expects to have the capacity to process 36,000 tonnes per year of traceable, pre-consumer recycled food products by the end of 2014.
The company plans to expand throughout Canada, the United States and Europe, and is currently in discussions with several municipalities and potential joint venture partners.
Enterra has received approvals in Oregon and Washington state for the sale of its dried black soldier fly larvae product as a feed ingredient for aquaculture and poultry farming.
The company said it is awaiting approval from the Canadian Food Inspection Agency (CFIA) to use the larvae product as a feed ingredient for aquaculture and livestock in Canada.