OMAHA, Neb., May 18, 2022 (GLOBE NEWSWIRE) — Green Plains Inc. (GPRE) today announced a partnership with Riverence Group to form a joint venture to expand aquaculture feed production in Idaho . The company will produce trout and salmon feed for the Riverence Group, using healthy and sustainable ingredients, including the recently announced over 60% fermented protein product after the successful development trial at Green Plains Wood River.
“This partnership is further validation of our transformational journey, creating a portfolio of innovative ingredients tailored to meet specific customer needs,” said Todd Becker, President and CEO of Green Plains. “Riverence Group is a highly respected aquaculture producer and we look forward to realizing the value this collaboration brings to both partners. Using our low-carbon ingredients in Riverence foods can help them achieve their goal of using locally produced, sustainable plant-based ingredients.
Under the joint venture, Green Plains contributed capital and provided key ingredient services, while Riverence Group contributed existing assets and a feed offtake agreement to support its own production, helping to meet growing demand from aquaculture consumers in North America. The joint venture is expected to become operational in 2023.
“Riverence Group has a simple and practical definition of sustainability: doing more with less,” said Rob Young, President and CEO of Riverence Group. “To provide healthy seafood to a hungry world, we need food and food ingredients that feed our fish as much as our commitment to sustainability. At Green Plains, we have found a partner who is committed to growing national aquaculture and supplying the industry’s “pantry” with quality ingredients.
“This unique partnership will enable end-to-end innovation, bringing together ingredient production and fish farming to create better food and better fish,” said Leslie van der Meulen, executive vice president, product marketing and innovation. of Green Plains. “Historically, aquaculture ingredients have been developed without direct input from customers. Our collaboration allows us to disrupt this trend and seize opportunities to optimize our ingredients. With the recent breakthrough to produce protein concentrations of over 60% at scale, we believe our unique and innovative aquatic feed solutions will become disruptive and we are seeing interest in our ingredient solutions globally. »
Green Plains will use its biorefinery platform and network of innovation centers to continuously improve the sustainable ingredients it creates through fermentation, focusing on removing anti-nutrients and continuously improving the biological use of unique vegetable proteins and yeasts.
About Riverence Group
Riverence Holdings LLC and its subsidiaries are a group of private aquaculture companies based in Idaho and Washington. Riverence Brood LLC, the group’s breeding company, is a producer of premium rainbow trout genetics and the only domestic commercial supplier of Atlantic salmon and coho salmon roe. Riverence Farms LLC primarily breeds rainbow trout and golden rainbow trout, while Riverence Provisions LLC breeds rainbow trout. Together they are the largest trout producers in the Americas. Riverence Provisions LLC also manages the processing, distribution, sale of food and by-products. As trout and salmon breeders and growers and thought leaders in aquaculture, the Riverence Group is helping to redefine seafood sustainability and safety in the United States.
About Green Plains Inc.
Green Plains Inc. (GPRE, Financial) is a leading biorefining company focused on the development and use of fermentation, agricultural and biological technologies in the transformation of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner, low-carbon biofuels, renewable feedstocks for advanced biofuels, and high-purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of ultra-high protein ingredients and novel ingredients for animal and aquaculture diets to satisfy a growing global appetite for sustainable protein. The Company also holds a 48.9% general partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information visit www.gpreinc.com
Green Plains Inc Contacts
Investors: Phil Bogg | Executive Vice President, Investor Relations | 402.884.8700 | [email protected]
Media: Lisa Gibson | Communications Manager | 402.952.4971 | [email protected]