Friday, December 08
03:14 AM

OIA, US food tech firm form JV to produce mushroom-based protein


Muscat – Oman Investment Authority (OIA) and US-based food technology company MycoTechnology have established a joint venture (JV) that will use locally-grown dates to produce high-quality mushroom-based protein.

The two parties will collaborate on building a state-of-the-art production facility in Oman to scale up and commercialise this novel source of nutritious, sustainable protein, the Colorado-based firm said in a press statement.

MycoTechnology creates products from mushroom mycelia that solve the biggest challenges in the food industry.

‘It represents the next generation of innovation driven by MycoTechnology’s proprietary fermentation platform, which harnesses mushroom mycelia to create transformative ingredients,’ the company said.

Oman is one of the world’s top ten producers of dates, growing about 400,000 tonnes per year. However, more than half goes to waste or animal feed. The new joint venture is expected to upcycle a significant portion of these excess dates, using the natural sugar present in the fruit as a source of carbon to fuel the production of mushroom-based protein.

The construction of the new facility is due to start in the first half of 2023 on a 10-hectare site. Commercial production is scheduled to begin by the second quarter of 2025, with up to 16,000 tonnes of dates to be processed each year, according to MycoTechnology.

Once operational, the partners intend for the new facility to evolve into the Middle East’s leading innovation hub for food technology.

Alan Hahn, CEO of MycoTechnology, said, “MycoTechnology is excited to be cooperating with Oman Investment Authority to build this highly innovative food oasis in the desert. It represents a breakthrough in the quest to bring food security to Oman and the wider region.”

“This initiative will be transformative – and not just for the Middle East. We are foraging for the future, unlocking the ancient power of culinary mushrooms to feed the world’s growing population with a solution that’s been beneath our feet all along,” he added.

Ibrahim al Eisri, Director of private equity at OIA, said, “In our international investments at OIA, we target localizing advanced modern technologies. Our partnership with MycoTechnology will deliver substantial local benefits as we pioneer the proteins of tomorrow. It will support our mission to enhance food security, diversify the Omani economy, and create well-paying jobs in an eco-friendly new sector.”

“This joint venture will be the foundation that enables Oman to foster a new generation of talent in the sphere of food technology, here and further afield.”

The world’s leading explorer of mycelia, MycoTechnology is dedicated to increasing the availability of healthy, sustainable, clean label, and high-quality food options through natural mushroom fermentation.

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