Breakthrough Victoria announced an investment of $2.5 million in Viridian Renewable Technology Pty Ltd, a Melbourne-based company that is tackling food waste and fostering a circular economy through sustainable insect protein manufacturing.
Viridian is currently operating its first commercial facility in Derrimut, where it plans to ramp up production over the next 12 months, as revealed in a media release.
This expansion will create 15 direct jobs and increase the annual output of protein ingredients by 1,300 tonnes.
The company also has plans to establish two additional plants in Gippsland, strategically located in food and agricultural industry hubs to bolster local businesses.
Breakthrough Victoria said the investment aligns with Viridian’s commitment to collaborate with Victorian universities and engineering firms on future research projects, contributing to the state’s innovation sector.
Specialising in insect-based protein development, Viridian aims to produce ingredients for pet and animal feed that surpass the nutritional quality of many traditional protein sources while significantly reducing environmental impact.
Additionally, Viridian manufactures fertiliser products used across Australia to support regenerative agriculture.
The company’s efforts come at a crucial time, as Australians waste approximately 7.6 million tonnes of food annually, leading to substantial economic costs, waste of natural resources, and contributing about 3 per cent of the nation’s greenhouse gas emissions.
By constructing highly automated insect protein factories, Breakthrough Victoria said the company provides an affordable, consistent, and nutrient-rich alternative to traditional proteins in pet food and animal feed, addressing a pressing global challenge.
This investment is part of a broader initiative by Breakthrough Victoria to support innovative companies that promote sustainability and economic growth in the region.