NoPalm Ingredients secures €2.5 Million in EIC Accelerator Funding
Wageningen, The Netherlands, 8th August 2024 – NoPalm Ingredients is pleased to announce that it has secured €2.5 million in funding, along with potential equity investment, from the prestigious EIC Accelerator. This achievement comes on the heels of successfully closing our Seed funding raise and being selected from among 969 companies that submitted proposals to the EIC Accelerator.
The EIC Accelerator is renowned for identifying and supporting breakthrough technologies with high growth potential. This funding will be instrumental in accelerating NoPalm Ingredients’ scale-up and commercialization plans, propelling the company closer to its vision of transforming the oil industry and revolutionizing industries globally.
“We are honored to be chosen for the blended financing of the EIC Accelerator program, combining grant and equity. This funding will accelerate our research and development, bringing us closer to realizing the full potential of our local, circular, and sustainable palm oil alternatives. It will allow us to advance our objectives and vision of building a green parallel oil and fat industry.”
As part of the €411 million allocated to 68 innovative companies across Europe, this blend of grants and equity investments will enhance NoPalm Ingredients’ ability to scale its operations, develop new technologies, and attract further investments.
About NoPalm Ingredients
Founded in 2021 by Lars Langhout and Professor Dr. Jeroen Hugenholtz, NoPalm Ingredients aims to address the environmental and supply chain challenges of conventional palm oil, which is found in 60% of supermarket products. After a pre-seed round in 2022, NoPalm Ingredients has developed an in-house pilot line producing kilograms of oil per batch and completed several pilot projects with industry giants like Colgate-Palmolive, Unilever, and Zeelandia. The team is now gearing up for industrial scale-up trials to deliver hundreds of kilograms of oil for customer testing. For more information please take a look at: https://www.nopalm-ingredients.com/
For industry partners, investors, and media inquiries, please contact:
NoPalm Ingredients: Lars Langhout – info@nopalm-ingredients.com