Food Recycle seeks $3m capital raise for commercialisation of food waste to animal feed technology
Food Recycle CEO Norm Boyle (pictured) co-founded the company with his son Nathan Boyle to tackle the global problem of food waste. Food Recycle has patented and patent pending technology to convert any commercial food waste into high-performance animal feeds for industries including poultry, pigs, and aquaculture. Australian company, Food Recycle Ltd, has developed technology to turn commercial food waste into animal feed, leading to less waste in landfill, a reduction in greenhouse gas emissions, and contributing to a circular economy. After successful trials with layer hens, prawns, barramundi, and aquaponics, Food Recycle is seeking a $3m capital raise via crowd-funding platform, Swarmer, to commercialise the technology and scale-up in Australia and New Zealand. “The funds raised will be put towards facility mechanical engineering, electrical engineering, and systems design, to allow for the first commercial-scale production facility to be built under the Food Recycle patented technology and knowhow agreement,” says Food Recycle CEO, Norm Boyle. “The funds will also help with cash flow requirements as we look to appoint a technology and knowhow licensee for Australia and New Zealand, which will construct multiple production facilities, with Food Recycle receiving royalty payments on the sale of feed by the licensee,” he adds. “The licensee will be required to construct a minimum of 25 production facilities over a 10-year period, and we would expect 12 of these in the first five years.” The Swarmer crowd-funding campaign – which enters a three-week Expressions of Interest (EOI) phase on August 8, followed by a three-week investment phase – allows individual investments starting from $100, with investors given shares in the company. Food Recycle technology is part of a truly circular economy, keeping valuable resources circulating and out of landfill and the environment. The food waste problem According to multiple sources, including the […]