In the Netherlands, palm oil alternative startup NoPalm Ingredients has raised €5 million (US$5.4 million) to accelerate scale up of its biotech-enabled yeast oils.
Founded in 2021 by Lars Langhout and Professor Dr. Jeroen Hugenholtz, NoPalm Ingredients aims to address the environmental and supply chain challenges of conventional palm oil, which is found in 60% of supermarket products. NoPalm Ingredients employs a unique fermentation process using non-GMO proprietary yeasts combined with a patented low-capex technology. This process transforms upcycled, locally-sourced agri-food sidestreams, such as potato peels and whey permeate, into yeast oils.
“Palm oil is cheap, incredibly versatile and widely used in almost every fast-moving consumer good, from your toothpaste to my newborn’s infant formula. The problem is that global demand for palm oil grows by 4% annually, and there’s no strategy to meet the additional 22 million tons needed by 2030 without clearing rainforests 1.5 times the size of Ireland… This funding is pivotal for us to demonstrate large-scale production and reach our next milestone of producing 1,5 million kilograms of sustainable oil annually, solidifying our role as a trusted partner in the food and personal care industries,” Lars Langhout, CEO & Co-founder of NoPalm Ingredients, said in the press statement.
The seed funding was led by Rubio Impact Ventures, with significant participation from Fairtree Elevant Ventures, Oost NL, Willow Capital Investments, and The Netherlands Enterprise Agency (RVO).
NoPalm is targeting commercialization in 2025.