‘A significant leap forward’ for animal welfare
Notably, In Ovo founder Wouter Bruins says the company’s machines “have proven to be able to successfully do in ovo sexing on big volumes,” which suggests worldwide ambitions for In Ovo. The company currently has machines in the Netherlands and Belgium.
Bruins says the new funding from EIB will help the company “further develop our Ella technology and support our goal of installing machines worldwide. The funds will also be used working on further innovations to improve animal welfare in the poultry sector.”
In Ovo’s expansion comes at an apt time for the egg industry. In Europe, Germany, France, and Luxembourg have banned the culling of male chicks nationwide, and Italy will enact a ban by 2026. There is currently no EU-wide ban on the practice, though animal welfare groups are pushing for this. Consensus is that technology will be an important part of this transition.
The InvestEU program, which provides the EU with long-term funding to support projects in Europe, backs EIB’s funding for In Ovo.
“Given the funding constraints that we’re seeing in the high interest rate environment, the fact that investors and banks are putting so much resourcing behind this technology suggests that there’s a real sense among the investing community that there’s a lot of promise here,” claims Yaman.
EIB vice president Kris Peeters added that “In Ovo’s technology represents a significant leap forward in terms of animal welfare and sustainability within the poultry sector, aligning seamlessly with the overarching priorities of EIB.”
Yaman calls the investment from EIB “a clear indicator that In Ovo’s technology is ready to scale up and meet the demand we’ve seen around the world.
“It’s only a matter of time until male chick culling is a thing of the past.”
Further reading:
Egg-Tech Prize for tech solutions to end male chick culling remains unclaimed as ‘no applicants met the criteria’
Source link : https://agfundernews.com/breaking-in-ovo-bags-42m-from-european-investment-bank-to-make-culling-of-male-chicks-a-thing-of-the-past
Author :
Publish date : 2023-11-02 07:00:00
Copyright for syndicated content belongs to the linked Source.
