Pioneering vegan whole cuts through mycelium solid state fermentation

ongoing

Esencia Foods is the first company in Europe to exploit the unique properties of mycelium combined with the advantages of an enhanced solid-state fermentation for whole cuts of any kind, starting with fish and seafood. We stand as the pioneering company in Europe, employing solid state fermentation with mycelium to achieve natural textures with minimal processing, two ingredients and a lower price point than animal-based counterparts. Solid state fermentation utilising tray bioreactors allows novel texturizing technologies to mimic the texture of whole cuts when exploiting the natural fibrous texture of mycelial fibres and mycelium’s gelation properties. This is a key step for re-producing complex textures; it also significantly reduces the need for expensive additives and intensive post-processing for texturization. By harnessing solid-state fermentation, we can cultivate mycelium (filamentous fungi) in controlled conditions that surpass natural growth and do so quickly and on a scalable level. Additionally, this process can be carried out locally, close to where (otherwise unused) side streams arise, and it requires minimal water compared to Liquid State Fermentation (most used technology today for the production of mycelium-based alternative products) We anticipate operating within a serviceable obtainable market (SOM) of approximately €5.3 billion by 2028. We project that we can realistically capture approximately €18 million of this market share by 2029. We have received LOIs from 9 restaurants based in Barcelona, Spain, 1 Canteen and 1 business caterer in Germany, 2 Catering companies based in Barcelona, Spain, 2 Chefs based in Germany and Spain, 4 Food Producers from Germany and The Netherlands, and 3 Food retailers/Grocers from Switzerland, The Netherlands and Germany. Potential customers who have provided LOIs have expressed a strong demand for our products which translates into a market opportunity of €20M+ per year.