SINGAPORE — Nutrition Technologies recently signed a Memorandum of Understanding (MOU) with Sumitomo Corporation. Valued at $100 million, the MOU will allow Sumitomo to distribute Nutrition Technologies’ insect-based products, which can be used for aquaculture and pet food, in the Japanese market.
Sumitomo is a leading Fortune 500 trading and investment company with 131 locations throughout the globe. The company conducts commodity transactions throughout a variety of industries, providing its customers with financing, coordinating projects and more. As an existing investor in Nutrition Technologies, Sumitomo supports the company’s mission of creating a more sustainable, circular food economy.
According to Sumitomo, the MOU will enable it to expand its commercial reach in Japan, providing the country with access to sustainably manufactured insect-based ingredients and, in the process, furthering sustainability.
“This distribution agreement not only secures supply for our existing customers and the strength of demand we have for future production, but emphasizes our commitment to the success of Nutrition Technologies, and underlines the strategic alignment between the two companies,” said Masahito Uno, general manager of life sciences division at Sumitomo. “We envisage a bright future where the two businesses can grow together.”
Nutrition Technologies products include Hi.Protein®, Hi.Frass® and Hi.Oil®, all made from black soldier fly larvae (BSFL). The company uses a low-energy, tropical production method at its GMP- and HACCP-certified facility in Malaysia to create insect-based ingredients for use in a variety of applications. The facility converts about 60,000 tonnes of organic waste and leverages the tropical Malaysian climate to grow insects, meaning it can produce the same high-quality insect ingredients as many European or North American manufacturers, but at a lower product cost, according to Nutrition Technologies.
“We have been working with Sumitomo for a number of years, and this is another rewarding step forward in our shared journey towards a more sustainable future,” said Nick Piggott and Tom Berry, co-chief executive officers and co-founders of Nutrition Technologies. “Japan represents a very exciting market for us, and as we already work together, Sumitomo are the perfect partner to continue this development.”
As well as expanding its presence in Japan, Nutrition Technologies also recently received approval from the European Union and United Kingdom to distribute its products in the region, greatly expanding its international footprint.
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