VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 16, 2014) - Vancouver-based Enterra Feed, developer of an innovative, proprietary process that up-cycles discarded food into concentrated nutrient-rich protein, natural oils and fertilizer, has closed $5 million in new funding from UK-based Wheatsheaf Investments Ltd., a Grosvenor Estate Company.
"We are extremely pleased to secure this financing with Wheatsheaf, whose values align so well with ours," said Brad Marchant, Chief Executive Officer of Enterra. "We are already meeting expansion milestones for this year, and this investment from Wheatsheaf will provide additional working capital and support further expansion for Enterra."
"Wheatsheaf seeks out commercial solutions that contribute towards meeting the growing global demand for food, water and energy in the face of a rapidly changing world population," said Anthony James, Chief Investment Officer at Wheatsheaf. "Enterra's technology for utilising discarded food to create sustainable animal feed ingredients and a natural organic fertilizer aligns strongly to our investment themes. We look forward to working with Enterra to expand the reach of this exciting technology."
Enterra uses traceable recycled food products as feedstock at their hatchery and farm operation to grow high-value protein and natural feed oil products that are used as ingredients for food production, with natural fertilizer as a valuable byproduct. Enterra is creating Renewable Food for Animals and Plants™ from complex food nutrients that might otherwise have been lost to waste or used for composting.
Rising global demand for high quality nutrient sources such as fish and poultry is placing increased pressure on food inputs and costs. At the same time, more than 30% of the world's food supply is sent to landfills, composting or waste-to-energy facilities before it reaches the consumer, with a considerable loss of valuable food nutrients.
Enterra's natural process provides a sustainable solution to the global food waste problem by using larvae of a local beneficial insect, the Black Soldier Fly, which are developed in a hatchery, to up-cycle complex nutrients from traceable recycled food. After consuming the feedstock, which is primarily fruits and vegetables, the insect larvae are harvested and processed into high-value protein and feed oil commodities. Enterra's nutrient products can be used in feed for aquaculture, livestock and pets as substitutes for costly and resource-intensive feed ingredients, such as fishmeal, poultry meal and soybean meal, and are created from local sustainable feedstock sources with stable product pricing. Enterra has the potential to improve the sustainability of aquaculture and livestock feed and help address the global challenge of diminishing nutrient supply and increasing population.
In addition to natural protein and feed oil products for feed ingredients, Enterra's natural process also creates an organic natural fertilizer, containing approximately 10% N-P-K. The organic natural fertilizer market is growing rapidly as a substitute for chemical fertilizers and soil conditioner products to support organic and sustainable farm practices, greenhouse operations and home gardening.
Enterra has expanded its first commercial-scale pilot facility in Langley, BC, on time and on budget. By the end of 2014, the facility will have the capacity to process 36,000 tonnes per year of traceable, pre-consumer recycled food products. The company plans to expand to other agricultural and food production areas throughout Canada, the U.S. and Europe and is currently in discussions with several municipalities and potential joint venture partners. Progress announcements are anticipated throughout 2014 and 2015.
Enterra has received approvals in Oregon and Washington State for the sale of its dried Black Soldier Fly larvae product as a feed ingredient for aquaculture and poultry farming. Further approvals from other US states are expected. Enterra is awaiting approvals from the Canadian Food Inspection Agency to use the larvae product as a feed ingredient for aquaculture and livestock in Canada.
The Company is now marketing its Enterra Natural Fertilizer in Canada; a unique, high quality, organic fertilizer for use as a specialty fertilizer in greenhouses, plant propagation, horticulture, and home gardens. Enterra's fertilizer is also registered in several states in the US and is certified for organic food production in Washington State.
Earlier this year Enterra closed a $5 million financing with Avrio Capital to complete the construction of the Langley facility. Jim Taylor, Managing Director at Avrio Capital, commented, "Enterra is a great company with a unique opportunity to dominate its market segment. We are really pleased to have Wheatsheaf as a co-investor with Avrio. With Avrio and Wheatsheaf as major shareholders, Enterra is in an excellent position to strengthen its leadership position in large scale insect rearing to create a renewable source of nutrients for animals and plants."
Enterra welcomes inquiries from wholesale and retail buyers at firstname.lastname@example.org for its natural protein and fertilizer products.
Enterra's innovative, proprietary process was conceived by Brad Marchant and Dr. David Suzuki to improve the sustainability of feed ingredients in aquaculture and livestock rearing and to help address the global challenge of diminishing nutrient supply and increasing population. It also recaptures nutrients that would otherwise be lost through food waste. Thirty percent (30%) of the world's food is sent to landfills or composting facilities, losing much of its nutrient value from the food cycle.
Enterra is a privately held, Vancouver based technology firm with its head office located at Discovery Parks in Vancouver. Enterra's CEO, Brad Marchant, has successfully founded and built four companies over his 35 year career. Enterra's senior management team has credentials and experience in creating and applying sustainable technologies and related businesses. Its directors and advisors are seasoned business leaders with local and international experience and a wealth of business, scientific, and financial expertise.
For more information, visit www.enterrafeed.com.
To see a video, narrated by Dr. Suzuki, explaining Enterra's technology, go to: http://youtu.be/V2zGVXhgI9c
About Wheatsheaf Investments and The Grosvenor Estate:
The Grosvenor Estate established Wheatsheaf Investments at the beginning of 2012 to invest in and develop businesses that will contribute solutions towards meeting the growing global demand for food, water and energy in the face of a rapidly changing world population. The Wheatsheaf Group incorporates existing Grosvenor Estate agribusiness related companies including Cogent, the UK's largest bull stud and Grosvenor Farms an award winning farm in the North West of England. The Grosvenor Estate represents all of the assets and business interests, including rural estates owned by trusts on behalf of the Grosvenor family headed by the sixth Duke of Westminster. The three key elements are Grosvenor Group, an international property group which has owned or managed assets in more than 70 urban centers around the world (including Vancouver since 1953); Wheatsheaf Group, which comprises investments in sustainable food and energy initiatives together with a number of trading companies in the North West of England; and the Family Investment Office which includes 5 rural estates in the United Kingdom and Spain, a charitable foundation, fine art collection and historic archive. The Grosvenor Estate employs more than 1,400 people, whilst relating to many more through its ownership and management of land and property. For more information visit www.wheatsheafinvestments.com and www.grosvenorestate.com.