Breakthrough backs bug business Viridian with $2.5 million investment

Derrimut-based Viridian Renewable Technology, which produces fertilisers and insect-based protein ingredients for pet and animal feed, has received a $2.5 million investment from state government-backed venture fund Breakthrough Victoria

Located in Melbourne’s western suburbs, Viridian plans to up factory capacity over the next 12 months and take on 15 employees. The plant will supply “over 1,300 more tonnes of protein ingredients every year” according to a statement from BV, with plans to open another two factories in Gippsland.

“Viridian is proud to receive the support of Breakthrough Victoria to expand our protein recovery capacity and provide a highly sought-after solution to more Victorian food businesses’ food wastage problems,” said Viridian CEO Martin Pike. 

“We are excited to contribute more to Victoria’s growing circular economy sector and create a tangible environmental and economic impact.

BV CEO, Grant Dooley, who announced in August that he will finish up in the role, said Viridian is a leader in the state for alternative protein production at scale. 

“This investment aligns with BV’s commitment to be a catalyst for ideas and investment, while supporting a team that is making a significant impact on the industry and the planet,” added Dooley. 

Viridian uses black soldier fly larvae to process food waste, which it says creates carbon-neutral ingredients with superior nutritional quality versus “many traditional protein sources”.

A company profile on industry news website Food & Drink Business mentions that Viridian sources “excess pre-consumer food from manufacturers” to feed its larvae “such as the excess bread at the end of the day from bakery businesses”.

The larvae is processed into various forms as ingredients, while the manure, known as frass, is sold as a fertiliser.

Picture: credit Viridian Renewable Technology

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