US-based food manufacturing firm Eat Just and a consortium led by the food and agribusiness-focused investment manager Proterra Investment Partners Asia will invest $120 million in what will be the first and largest plant-based protein production facility in Singapore.
The consortium will invest up to $100 million, and Eat Just — the company behind the popular plant-based JUST Egg —will invest the balance, according to an announcement on Tuesday. Eat Just said its local subsidiary, Eat Just Asia, will serve JUST Egg’s manufacturing and distribution partners across Asia.
Upon completion, the factory will generate thousands of metric tonnes of protein, the American company said. “Future facilities that are envisaged to be built in Asia will follow as the demand for protein in the region increases to hundreds of thousands of tonnes, creating additional jobs and infrastructure,” it added.
The government of Singapore has provided an enabling environment for the project with support from the Singapore Economic Development Board (EDB).
Eat Just’s existing distribution partners in Asia include South Korean food firm SPC Samlip, Thailand’s Betagro, and a yet-to-be-announced partnership in mainland China.
Currently, Eat Just has protein facilities in North America and Germany. In the US, JUST Egg, is distributed through a partnership with Michael Foods. To date, Eat Just has sold the plant-based equivalent of more than 60 million eggs.
The firms said that in addition to the JUST Egg protein partnership, they will expand their alliance to focus on the commercial production of cultured meat.
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