Israeli company TripleW gained a significant award of some €2.2 million from the European Union. TripleW, a portfolio company of public R&D partnership Millennium FoodTech, makes lactic acid from food waste, for use in a variety of products. The European Union will support the consortium Waste2Func under the program Horizon 2020. The consortium develops daily consumables such as detergents and packaging made from food waste and agricultural waste, using biotechnological processes. The partners in the project will be given an award estimated at some €6.7 million. Israeli biotech company TripleW, one of the consortium leaders, was awarded an amount estimated at some €2.2 million
Strategic collaboration agreement signed between Strauss food giant and Millennium FoodTech for joint investment in FoodTech companies The strategic agreement signed between Millennium FoodTech and Strauss Group's The Kitchen incubator sets forth principles for collaboration between the parties for investment by the partners in the incubator's portfolio companies. The Kitchen is now Israel's leading FoodTech incubator; The companies built by the incubator include, among others, Aleph Farms, Better A, Flying Spark, Amai Proteins and Yofix. The financial statements released by Strass Group last month indicate that its investments in the incubator companies contributed some ILS 30 million to the quarterly profit.
Millennium Foodtech leads a $5 million investment in TripleW, which converts food waste into lactic acid R&D partnership Millennium Foodtech, which to date has raised close to NIS 100 million, has until now made 3 investments, invested in another company which has raised $12 million to date; The company has developed an industrial process for the production of lactic acid, the raw material used to manufacture a renewable bioplastic which is currently produced from food (corn, sugar cane). Last year the global lactic acid market had a turnover of some $2.7 billion, and it is expected to keep growing at a double-digit annual rate to $4.6 billion in as early as 2028
Millennium Food-Tech recorded a profit of NIS 28 million since the IPO, representing profit of NIS 0.58 per participation unit. Millennium Food-Tech, the R&D partnership, which has to date raised close to NIS 100 million, has made 3 investments thus far and plans on making several more significant investments in the coming months