The fund was set up to provide UK cleantech entrepreneurs with the expertise and capital they need to reduce carbon emissions and tackle the climate crisis.
Clean Food Group has said it will use the funding it has received to accelerate “the commercialisation of Clean Food Group’s sustainable oils and fats technology”.
This technology uses scalable yeast strains and yeast strains and fermentation technology to utilise food waste as its food source to deliver sustainable alternatives to traditional oil and fat ingredients.
Accelerate
Alex Neves, CEO and co-founder said: “The capital raised with Clean Growth Fund will allow us to accelerate the scale-up of our technology platform while advancing critical regulatory and commercial pathways, with a fully funded commercialisation plan in place well into 2025.
“We are delighted to be working with the Clean Growth Fund team, led by Beverley Gower-Jones, who is equally passionate about accelerating innovation to help address climate change and to create a healthier, more sustainable, global food system.”
Palm oil
One of the Clean Food groups products is an equivalent to high oleic palm oil, which the company said delivers a 90% reduction in greenhouse gases when compared with traditional palm oil. It has been designed as “drop-in ingredient” that can be substituted in a number of consumables, including baked goods, confectionery and cosmetics applications.
Partnership
Beverley Gower-Jones OBE, founder and managing partner of Clean Growth Fund, said: “Clean Food Group has an impressive team with a broad set of skills, and who established several significant industrial partnerships.
“Backed by a strong technical base, Alex Neves and his team are well placed to commercialise the manufacture of palm oil substitutes and therefore reduce the reliance the food industry has on the production of palm oil, an industry which is one of the main drivers of deforestation and a major contributor to global CO₂ emissions. We are very pleased to support CFG’s development and growth.”
Food waste
Food production accounts for 25% of global greenhouse gas emissions and represents 30% of global food production. Vegetable oils such as palm and soy are two of the largest drivers of deforestation; combined they make up 20% of global deforestation and as sector oils and fats make up around 7% of total global greenhouse gases.
To find out more about changes in the sector, visit the National Letsrecycle.com Conference on 6 March at QEII Centre in London. To book tickets to attend or for more information please click here.
Subscribe for free