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Elian lands 40 million euro funding from Spain's COFIDES

COFIDES takes a 13.8% minority stake as Elian says its Barcelona port hub has drawn more than 300 million euros in funding since 2021.

Reported · Written up by our desk · Mining

Elian, a Spanish sustainable protein processor, has secured a 40 million euro equity investment from COFIDES, Spain’s state-owned financial merchant that manages NextGenerationEU funds, to consolidate its Barcelona project and support expansion, according to World Grain.

With the deal, COFIDES will hold a 13.8% minority stake. The investment was made through COFIDES’s Co-investment Fund, FOCO, and was presented Sept. 16 at Elian’s plant in the Port of Barcelona, attended by Catalonia’s minister of Business and Labor, and COFIDES’s director-general.

World Grain reports that the Barcelona hub has now received more than 300 million euros in total investment since it launched in 2021. Elian is investing more than 300 million euros in its plant-based protein facility and plans to complete an announced expansion by early 2028 after a 2024 acquisition of a soybean crushing plant from Cargill.

The company says its expansion would add production capacity and broaden its product, customer, and end-use sectors. It expects the site to reach 90,000 square meters and add more than 100,000 annual tonnes of production capacity for protein derivatives for human food and animal feed, on top of its current 770,000 annual tonnes.

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