Egg-substitute maker Eat Just Inc. plans to build and operate its first plant protein facility in Singapore, with investment from a consortium led by Proterra Investment Partners Asia Pte.
The group will invest up to US$100 million ($135.71 million) and Eat Just will put in as much as US$20 million in the plant that aims to expand protein production in Asia, according to a joint statement on Tuesday. Proterra Asia, a private-equity firm spun off from agricultural giant Cargill Inc., said the funding will help the company set up a fully-integrated supply chain.
Investments in alternative protein companies have accelerated as the firms compete to invent substitutes to traditional meat production as consumers become more careful about nutrition and the environment. More people are also going hungry as the pandemic upends food-supply chains, cripples economies and erodes consumer purchasing power.