Finnish biotech company Volare has closed a €26 million funding round to build "Volare 01", a facility set to become the "most efficient" protein production plant in the world.
Located in Pori, Finland, the facility would serve as a cornerstone in scaling Volare’s proprietary insect protein technology, said the company.
The round includes a mix of equity, mezzanine and senior loans, and public funding, with support from Maki.vc, Firstminute Capital, Springvest, the Finnish Climate Fund (to be merged with Finnish Industry Investment), Finnvera, Norion Bank, South Ostrobothnia ELY Centre and Business Finland.
"The European Union is currently just 34 per cent self-sufficient in protein concentrates (containing more than 30 per cent protein), according to the European Commission, leaving the region heavily dependent on imports," said Volare.
"This reliance makes the food system increasingly vulnerable to supply chain disruptions, geopolitical tensions, and price fluctuations. Volare’s scalable, local production model addresses this challenge head-on by converting food industry byproducts into circular, insect-based protein."
At the core of Volare’s process is the black soldier fly (Hermetia illucens), nature’s "most efficient bioreactor".
"These insects naturally convert food industry byproducts into high-value resources with exceptional efficiency," said Volare.
"While such byproducts are often incinerated – wasting their potential – Volare upcycles them into premium insect protein, oil, and fertiliser through its proprietary zero-waste, fossil-free process.
"Leveraging a brownfield location, Volare offers a significantly more capital-efficient setup than greenfield builds. Several key technologies integrated into the process achieve a 30 per cent reduction in processing energy use and aims to cut hygienisation energy use by 50 per cent, enabling operational expenditure (OPEX) performance unseen in the insect technology sector."
Volare’s ingredients have already been sold as aquafeed, pet food, and poultry feed, as an alternative to fishmeal, meat, and soy.
An offtake agreement with Skretting, a global aquafeed supplier, ensures long-term demand from the upcoming facility. In parallel, Volare is piloting insect-fed rainbow trout in Finland via a 150,000-kilogram collaboration with Alltech Fennoaqua, Kalankasvatus Vääräniemi, and Kalavapriikki.
"As large-scale production begins, Volare is well-positioned to support Norwegian producers with a high-quality, regionally sourced alternative to imported fishmeal - offering shorter lead times, lower emissions, and improved supply reliability," said Volare.
The Volare 01 plant will reportedly produce protein equivalent to the yield of 200 million Baltic herring annually – approximately 18 per cent of Finland’s total commercial fish catch in protein terms.
"Designed for scalability, the facility will serve as a platform for future expansion across Finland and Northern Europe.