Moira Capital will take part in BioFlyTec from September 2018. Its partnership with the renowned Spanish entomologist, Professor Santos Rojo, entails a 16M € investment in this company specialised in controlled artificial breeding of insects to be turned into high quality proteins and fats. The goal is to become one of the largest European companies of industrial insect production. This is the most important initiative carried out of this emerging sector in Spain.

BioFlyTec, a start-up of Parque Cientifico of Universidad de Alicante, counts on a deep knowledge on the one of a kind artificial breeding of insects, which has been acquired after more than 20 years of research. Founded in 2012 by the well accredited professor Santos Rojo and his research team, the company receives the support it needs to become the largest Spanish manufacturer of insect protein, which in compliance with the regulations in force, is aimed to become an essential ingredient (animal protein) of fish farm fish fodder, substituting or acting as complement of the up until now so difficult to substitute, fish flour.

BioFlyTec has specialised in the artificial breeding of different sorts of diptera, and in particular, the Black Soldier Fly. This is one of the insects with the highest potential for industrial production, due to a huge capacity of reproduction, speed of growth, ability to process an incredible range of by-products and its high percentage of high quality protein production. This specie neither bites or transmits any disease to human beings, animals or plants.

The largest plant in Spain

Moira Capital is investing 6M € in BioFlyTec during the first stage, intended to build and start the largest plant of insect industrial production in Spain and which is expected to generate almost one thousand tons a year of insect protein. Furthermore, the plant will have a 9,000-ton-processing capability of green waste.

After this first stage, the firm will proceed to a second capital increase of 10 M €, which will turn Moira into the owner of 80% of BioFlyTec capital, with the target of investing in the construction of new industrial plants and larval breed facilities. This shall enable, in a 6-year-period, a production of over 20,000 and 5,000 tons of high quality animal protein and fat respectively. These are thought to be mainly destined to aquaculture, which will then count on a new ingredient whose traceability, homogeneity and high protein content are much valued. Fish farm market accounts for more than 50% of fish consumed worldwide, and fish flours used in their diets are a constraining factor due to its increasing scarcity, volatility, decreasing quality and cost. Thus, BioFlyTec expects to reach approximate sales of around 40M € in 2024.

To this respect, Javier Loizaga, Moira Capital Partners Chairman, remarks that “it´s a unique investment opportunity in this emerging sector of protein and fat flours obtained from insects and which is meant to be the future in animal feeding”.

According to data given by FAO, the planet is expected to hold around 9,500 million inhabitants by 2050, a new and unknown population density which will make us face new challenges in our feeding system, based on agriculture, aquiculture and terrestrial livestock. This has resulted on the massive production of insects being seen as a new way of innovative livestock, with the ability to provide with the essential ingredients for the traditional animal feeding, and thus, facing the enormous demand of animal protein the planet will encounter according to FAO. In fact, this same international organism has long been promoting the introduction of insects in animal feed, so as to improve food safety against the foreseeable demographic growth, because this constitutes a sustainable solution and with a high financial, social and environmental impact.

The company is in advanced negotiations with various by-product and agricultural waste manufacturers, both national and international, which may offer the means of development needed for larval fish feeding. This way, circular economy is promoted and we contribute to a higher value.