Nasekomo to be awarded with Grant of EUR 2.5 million to drive innovation in biotechnology under the European Recovery and Sustainability Plan
The European Insect-tech Scale-up Secures Funding to Advance Circular Bio-Economy
Sofia, Bulgaria | September 4, 2023 – Nasekomo, pioneering insect-tech scale-up in Europe, is thrilled to announce that it has been selected for receiving a grant under the European Recovery and Sustainability Plan. The prestigious funding is bestowed upon innovative enterprises that have received the Seal of Excellence from the European Commission, recognizing Nasekomo as a trailblazer in biotechnology and sustainability.
The grant is going to be disbursed through the Bulgarian Ministry of Innovation and Growth. Thus, the Seal of Excellence, awarded to Nasekomo in 2022, has now been translated into tangible national support. The company is among the 12 distinguished Bulgarian enterprises with Seal of Excellence granted for their innovations. The support aims to propel the development of cutting-edge products and services. Out of the total grant allocation exceeding BGN 34 million for all 12 approved companies, Nasekomo will be granted BGN 4,9 million (€2,5 million). The funding is furthering Nasekomo’s mission to revolutionize the circular bioeconomy and address critical sustainability challenges.
The Seal of Excellence is part of the European Commission’s supra-national mechanism designed to bolster breakthrough innovation, particularly in small and medium-sized enterprises. Administered by the European Innovation Council under the EU’s Science and Innovation Framework Program, Horizon Europe, the Seal of Excellence rewards projects of exceptional quality and innovation. It serves as a powerful endorsement, urging national funding programs to back projects that contribute significantly to the European economy.
Nasekomo will invest the funding in the first phase of realizing the visionary plan to establish an international network of bioconversion factories, strategically located near partnering agricultural or industrial sites, committed to sustainable utilization of their secondary raw materials. the first stage of the Project will secure that Nasekomo will supply the partnering bioconversion factories with Hermetia Illucens larvae, robotized bioconversion equipment, and digital platform to analyze and leverage data through machine learning algorithms.
The insect industry, central to Nasekomo’s mission, addresses pressing sustainability concerns on multiple fronts. It offers a solution to reduce overfishing and the depletion of wild fish stocks, as our network of bioconversion farms will contribute to saving 560,000 tons of wild fish from being processed into fishmeal annually. Moreover, by replacing soybeans in animal feed, it reduces Europe’s reliance on imported soybeans, decreasing the environmental impact associated with soybean cultivation and transportation. Furthermore, the insect industry is a champion in carbon emissions reduction. Nasekomo’s efforts alone are estimated to cut carbon emissions by a significant 430,000 tons annually, contributing to a more sustainable future.
Nasekomo’s ambitious vision necessitates substantial investments in cutting-edge technology for the emerging insect industry. The company holds several international patents for robotic solutions in industrial insect farming, positioning itself as a technological leader in this exponentially growing field. The company continuously develops technical solutions and digitization for insect rearing as well as the bioconversion process to achieve maximum automation, precision, and efficiency. Investors from around the world are expressing a keen interest in Nasekomo’s innovative technologies, now demonstrated at full scale at Nasekomo Insect Center of Excellence (NICE), located near the capital of Bulgaria – Sofia, and servicing the aim of Nasekomo to provide next-generation solutions for waste-free industrial processes. The grant contract with Nasekomo is set to span two years, facilitating the realization of this visionary project.