Dutch-Singaporean alternative feed firm INSEACT has formally opened what’s being billed as Singapore’s most-advanced and largest insect protein facility.
In August 2021, Singapore-based Inseact raised USD 1.3 million (EUR 1.1 million) in an oversubscribed seed funding round to help it build a facility to raise black soldier flies for use in aquaculture feed, with a plan to feed them using waste streams from palm oil processing.
Since the building of the plant was finished – 10 percent under budget, according to a press release – the colony has already produced 60 million insects. Inseact is using its first plant as a proof-of-concept testing venue before the opening of a commercial-scale facility in Malaysia later in 2022.
“The insect protein space is booming globally,” Inseact CEO Tim Van Vliet said. “Inseact differentiates itself using palm oil waste: a more sustainable, affordable, and scalable feedstock. In addition, our modular technology enables fast and low-cost scaling. Also, through our industry partners we have unique access into the aquaculture space.”
Among the guests at the formal opening was Teo Yee Hean, principal investment specialist at the Asian Development Bank, one of Inseact’s investors. Another investor in the venture is an unnamed major Asian shrimp producer. Van Vliet told SeafoodSource the cost competitiveness of his company’s feed will be a major draw to Asian aquaculture players which the firm has been talking to regarding supply contracts.
Photo courtesy of Inseact
