Green Plains Inc.has announced a partnership with the Riverence Group to form a joint venture to expand aquafeed production in Idaho. The venture will produce trout and salmon feeds for the Riverence Group, utilizing wholesome, sustainable ingredients including the 60%+ fermented protein product recently announced after the success of the development trial at Green Plains Wood River.
â€œThis partnership is yet another validation of our transformational path, creating a portfolio of innovative ingredients tailored to meet specific customer needs,â€ said Todd Becker, President and Chief Executive Officer of Green Plains. â€œThe Riverence Group is a highly respected aquaculture producer and we are eager to realize the value this collaboration brings to both partners. Using our low-carbon ingredients in Riverenceâ€™s feeds can help them achieve their goal of using sustainable, domestically produced plant-based ingredients.â€
As part of the joint venture, Green Plains contributed capital and supplied key ingredient services, while the Riverence Group contributed existing assets and a feed offtake agreement to support its own production, helping to meet the rapidly growing consumer demand from aquaculture in North America. The joint venture is anticipated to become operational in 2023.
â€œThe Riverence Group has a simple, actionable definition of sustainabilityâ€”to do more with less,â€ said Rob Young, President and Chief Executive Officer of the Riverence Group. â€œTo provide healthy seafood for a hungry world, we need feeds and feed ingredients that nourish our fish as much as our commitment to sustainability. In Green Plains, we have found a partner that is committed to growing domestic aquaculture and stocking the industryâ€™s â€˜pantryâ€™ with quality ingredients.â€
â€œThis unique partnership will allow for end-to-end innovation, bringing ingredient production and fish farming together to create better feeds and better fish,â€ said Leslie van der Meulen, Executive Vice President, Product Marketing and Innovation of Green Plains. â€œHistorically, aquaculture ingredients have been developed without direct input from customers. Our collaboration allows us to disrupt that trend, and hone in on opportunities to optimize our ingredients. With the recent breakthrough to produce 60%+ protein concentrations at scale, we believe our unique, innovative aquafeed solutions will become disruptive and we are seeing interest in our ingredient solutions globally.â€
Green Plains will use its biorefinery platform and innovation center network to continuously improve the sustainable ingredients it creates through fermentation, focusing on the removal of anti-nutritional elements and continuously improving the biological utilization of unique plant-based proteins and yeasts.