Clean Food Group Secures £2.5M Investment for its Oil and Fat Alternatives
Clean Food Group Secures £2.5M Investment for its Oil and Fat Alternatives

Clean Food Group Secures £2.5M Investment for its Oil and Fat Alternatives

  • 27-Mar-2024 5:37 PM
  • Journalist: Harold Finch

The Clean Food Group, a pioneering bio-tech company based in the UK, has secured an additional £2.5 million in funding from the Clean Growth Fund, a specialized UK venture capital fund dedicated to supporting cleantech entrepreneurs in their efforts to combat climate change and reduce carbon emissions.

The investment will be directed towards expediting the commercialization process of company’s sustainable oils and fats technology. Their proprietary platform employs proven, scalable yeast strains and fermentation technology, utilizing food waste as a feedstock to produce sustainable alternatives to conventional oil and fat ingredients.

Currently, food production contributes to 25% of global greenhouse emissions, with monoculture practices leading to increased disease, deforestation, and land degradation. Additionally, 30% of global food production is wasted, with food waste representing a significant untapped nutrient source. Notably, vegetable oils like palm and soy are major drivers of deforestation, accounting for 20% of global deforestation and contributing approximately 7% to total global greenhouse gas emissions.

Clean Food Group's flagship product is an alternative to high oleic palm oil, validated through a life-cycle assessment demonstrating a 90% reduction in greenhouse gases compared to traditional palm oil. This versatile oil substitute can be seamlessly integrated into various products such as baked goods, confectionery, and cosmetics.

Funding for Clean Food Group has been sourced from various entities including Agronomics, a prominent listed investment firm specializing in Cellular Agriculture, international industrial food experts Alianza Team and Doehler Group, and SEED Innovations Ltd., an AIM-listed fund concentrating on investments in global health endeavors.

Alex Neves, CEO and Co-founder, expressed, "Securing capital from the Clean Growth Fund will expedite the expansion of our technology platform and facilitate progress in crucial regulatory and commercial avenues, ensuring a fully funded commercialization strategy extending into 2025. We are thrilled to collaborate with the Clean Growth Fund team, spearheaded by Beverley Gower-Jones, who shares our fervor for accelerating innovation to combat climate change and foster a healthier, more sustainable global food system."

Beverley Gower-Jones OBE, Founder and Managing Partner of Clean Growth Fund, commented, "Clean Food Group boasts an impressive team with diverse skill sets and has forged numerous significant industrial partnerships. With a solid technical foundation, Alex Neves and his team are well-positioned to commercialize the production of palm oil substitutes, thereby diminishing the food industry's dependence on palm oil production. This industry is a primary catalyst for deforestation and a significant contributor to global CO2 emissions. We are delighted to endorse CFG's advancement and expansion."

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