Investments of up to US$120 million will build and scale manufacturing and operations.
Eat Just, a company that applies science and technology to create healthy and sustainable foods, has announced a partnership with a consortium led by Proterra Asia, an investment management firm focused on the food and agribusiness sectors, to meet demand for plant-based Just Egg in Asia.
A total of US$120 million – made up of investment of up to $100 million from the consortium and up to $20 million from Eat Just – will be pumped to build and operate their first-in-Asia plant protein production facility in Singapore. The resulting Eat Just subsidiary, Eat Just Asia, will serve Just Egg manufacturing and distribution partners across Asia.
The partnership combines Eat Just’s protein separation technology and business model with Proterra Asia’s expertise across the continent. Once built, the factory will generate proteins, adding to existing protein facilities in North America and Germany. Future facilities that are envisaged to be built in Asia will follow as the demand for protein in the region increases to hundreds of thousands of tonnes, creating additional jobs and infrastructure.
Josh Tetrick, co-founder and CEO of Eat Just, commented: “This partnership will further accelerate our path to become one of the world’s largest producers of eggs in the next decade. Proterra’s experience across sourcing and manufacturing will be invaluable. Consumer demand, driven by health, food security and food safety, is creating an environment of extraordinary opportunity for this partnership.”
The Singapore government has provided an enabling environment for the project with support from the Singapore Economic Development Board (EDB). Existing distribution partners in Asia include SPC Samlip, a South Korean food company; and Betagro, a Thai food company.
Damian Chan, executive vice-president of the Singapore Economic Development Board, added: “It is increasingly important for us to invest in novel sustainable agri-food technologies, such as alternative proteins, to meet the world’s future needs for food and nutrition. The partnership between Eat Just and Proterra is an important addition to Singapore’s agri-food ecosystem, and will build new innovation and production capabilities within the sector here. This will allow us to better cater to the needs of the Asian markets, while creating exciting opportunities for Singapore.”
In the US, Just Egg is available at retail stores, and is sold to restaurants and other foodservice destinations through a partnership with Michael Foods, a subsidiary of Post Holdings and a processor of value-added eggs. To date, Eat Just has sold the plant-based equivalent of more than 60 million eggs, saving 2.2 billion gallons of water, 8.7 million kg of CO2e, and 14 million sqm of land.