Dutch startup NoPalm Ingredients has raised €5M (US$5.4M) to scale up production of its palm oil alternative.
By combining non-genetically modified (GM) yeasts with patented low-capex technology, the company processes locally-sourced agri-food waste – such as potato peel – via a fermentation process into yeast oils.
“Palm oil is cheap, incredibly versatile and widely used in almost every fast-moving consumer good. The problem is that global demand for palm oil grows by 4% annually, and there’s no strategy to meet the additional 22M tonnes needed by 2030 without clearing rainforests 1.5 times the size of Ireland,” NoPalm Ingredients CEO and co-founder Lars Langhout was quoted as saying in a statement on the company’s website on 24 July.
“This funding is pivotal for us to demonstrate large-scale production and reach our next milestone of producing 1.5M kg/year of sustainable oil.”
Founded in 2021 by Langhout and Professor Dr Jeroen Hugenholtz, the company has completed several pilot projects with industry giants like Colgate-Palmolive, Unilever, and Zeelandia, after developing an in-house pilot oil production line.
NoPalm said it was aiming to commercialise the product in 2025.
