Elemental raises £1.37m to boost meat waste reduction technology
The UK-based agri-food tech company has secured an £1.37 million investment to fund its next stage of growth and improve value for meat processors.
Elemental has raised £1.37 million, using the investment portfolio platform, Crowdcube. This is the second successful fundraising campaign for Elemental, following an initial £1.5 million raised in 2019, which the business used to develop the technology and start the build of a fertiliser demonstration plant at its headquarters in Devon.
This new investment will support the rapid roll out of the company’s patented process technology, which helps turn what would normally be waste, into “high-value, sustainable food ingredients and fertiliser products.”
Elemental said that the processes will enable meat processors to capture more protein and fat per animal, as well as reduce waste by converting inedible by-products into an organo-mineral fertiliser.
The company stated that the patented technology process can convert 78% of beef processing waste to sustainable products. It does so by helping to recover an estimated 20% extra edible protein and 25% fat per head of cattle. Elemental claimed that it has the potential to reduce global beef CO2 emissions equivalent to 50 million cattle without impacting current beef protein production levels.
Dean Hislop, chief executive of Elemental, said: “The interest from investors has been overwhelming and we’re thrilled with the support we’ve received. As we all strive to reduce our impact on the environment our process technology plays an important part. The funds will help drive our ambitious plans for a period of sustained growth of the business and help inspire innovation in the meat processing industry.”
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