Breakthrough Victoria has announced a significant investment of $2.5 million in Viridian Renewable Technology Pty Ltd, a pioneering Melbourne-based firm that transforms food waste into sustainable insect protein for animal feed. This strategic funding aligns with the growing need for innovative solutions to address food wastage while promoting sustainable agricultural practices.

Addressing Food Waste with Innovation

Viridian's operations focus on developing and deploying cutting-edge technology aimed at producing insect-based protein ingredients that are nutritionally superior to many traditional protein sources. Moreover, the environmental impact of insect protein production is considerably lower. In addition to protein production, Viridian also manufactures fertiliser products utilized across Australia, supporting regenerative agriculture.

Australia faces a significant challenge with food waste, with approximately 7.6 million tonnes discarded annually across the food supply chain. This waste results in substantial economic costs, wasted natural resources, and contributes around 3% of the nation’s greenhouse gas emissions. As the demand for high-quality protein continues to rise, it is imperative to find innovative solutions to meet this need while reducing food waste.

Viridian's approach presents a viable solution by constructing highly automated insect protein factories that replace traditional proteins in both pet food and animal feed. By providing an affordable, consistent, and nutrient-rich alternative, Viridian addresses the global challenge of food waste and protein production.

Insects are particularly efficient food sources, requiring minimal land, water, and feed to produce protein-rich biomass. The company’s innovative technology further enhances this efficiency with a fully integrated manufacturing system that minimizes waste while maximizing protein and resource recovery.

Supporting Sustainable Practices

Breakthrough Victoria's investment is aimed at fostering innovation in sustainable agriculture. CEO Grant Dooley emphasized the significance of Viridian's role in alternative protein production at scale, highlighting how this investment aligns with Breakthrough Victoria's commitment to catalyze impactful ideas and investments.

"The investment will support innovation in sustainable agriculture, create more jobs in regional Victoria, and reduce our emissions," said Tim Pallas, the Minister for Economic Growth. This strategic funding not only aims to boost local employment but also to contribute to reducing the environmental footprint of food production.

Viridian CEO Martin Pike expressed pride in receiving Breakthrough Victoria's support, emphasizing the company's commitment to enhancing its protein recovery capacity and offering effective solutions to food waste problems faced by Victorian food businesses. "We are excited to contribute more to Victoria’s growing circular economy sector and create a tangible environmental and economic impact," he stated.

Breakthrough Victoria's investment in Viridian Renewable Technology marks a significant step forward in addressing food waste and promoting sustainable agricultural practices in Victoria. By focusing on innovative insect protein production, the partnership aims to create jobs, foster regional economic growth, and contribute to environmental sustainability. As the demand for alternative protein sources continues to rise, initiatives like this highlight the importance of collaborative efforts in creating a more sustainable future for both the economy and the environment.