EU earmarks €50 Million for precision fermentation

In Europe, the European Innovation Council Work Programme 2024 will provide €50 million in aid to startups and small businesses scaling alternative protein production, with a focus on precision fermentation. The funds are part of the Horizon Europe program, which aims to increase the efficiency and sustainability of EU’s food chain.

According to vegconomist, companies such as  animal-free dairy startup Formo and animal-free egg protein maker Onego Bio stand to benefit.  “It’s excellent that the EIC has recognized precision fermentation’s game-changing potential to feed Europe’s growing population, improve public health and reduce our reliance on imports,” Acacia Smith, Senior Policy Manager at Good Food Institute Europe, told the publication. “It’s also very welcome that this funding aims to develop new ways of scaling up production – tackling Europe’s lack of infrastructure – and to look at other critical areas such as consumer acceptance, regulatory approval and supporting the entry of these foods into the European market.”