MycoTechnology Prepares for European Expansion

  • Jan. 10, 2023
MycoTechnology Prepares for European Expansion

The European Commission has given Novel Food classification to two of MycoTechnology's novel and highly functional natural plant protein components, FermentIQTM MLL and PTP. FermentIQTM components are manufactured utilizing a unique mycelial fermentation platform that enhances the sensory, functional, and nutritional properties of plant protein. The approval follows a favourable opinion granted by the European Food Safety Authority (EFSA) earlier this year, in which it was stated that FermentIQTM pea and rice protein fermented by shiitake mushroom mycelia is safe for use in a broad variety of food and beverage categories.

MycoTechnology, located in the United States, will speed its development into Europe, the company's next major growth area, now that Novel Food authorization has been obtained. It has employed its first European sales reps, headquartered in Germany and the Netherlands, and recently established a regional distribution collaboration with Brenntag. The company's European development will be supported by its recent Series E financing, which yielded $85 million to drive the growth and spread of its technology to meet the worldwide need for healthier, tastier food.

Alan Hahn, CEO of MycoTechnology, reacted positively to the news, stating, "Authorization means we can now provide food and beverage businesses access to our innovative plant protein in Europe for the first time. FermentIQTM is a game-changing, revolutionary plant protein with many applications and nutritional benefits over existing plant protein components. It allows companies to overcome the technical and flavor obstacles of other plant proteins, giving customers a compelling incentive to switch."

MycoTechnology's product range, which includes FermentIQTM plant proteins and ClearIQTM flavor clarifiers, is currently accessible worldwide, with sales networks already established in North America, Latin America, and Asia.

Alan Hahn stated, "Harnessing the capacity of mushroom mycelia to create high-quality plant protein aligns well with consumer expectations and the EU's commitment to sustainability and food security. Therefore, it should come as no surprise that we are already in discussions with major food industry companies in Europe to create and market products containing FermentIQTMplant protein."

FermentIQTM is a fermented pea and rice protein combination that provides enhanced performance and nutrition. MycoTechnology's patented method deodorizes and deflavors the protein, resulting in a neutral solution with enhanced functioning for a variety of applications. FermentIQTM is offered in three different versions. The core product (PTP) provides enhanced solubility and mouthfeel in protein drinks. The milling offering (MLL) provides nutrition, flavor, and mouthfeel attributes that make it appropriate for dairy replacements.

FermentIQTM MLL and PTP both have a Protein Digestibility Corrected Amino Acid Score (PDCAAS) of 1 for persons aged 3 and older, indicating that their protein composition is of the highest quality. Additionally, FermentIQTM delivers fewer anti-nutrients and enhanced digestibility, enabling 99.9% of eaten protein to be digested. Based on the Digestible Indispensable Amino Acid Score, a recent research indicated that MycoTechnology's fermentation method enhances protein quality by more than 20% for children aged 3 and older, adolescents, and adults (DIAAS). Therefore, FermentIQTM protein components provide comparable nutritional value to animal and soy proteins.