Yokneam Illit, Israel | June 22, 2022 09:50 AM Eastern Daylight Time
Company has delivered two tons of raw material to SpaceMilk, a health and wellness brand, expected to launch its ProteVin™ based product during this summer
The company marks the achievement of the second strategic milestone (out of five) for 2022. This announcement follows an earlier announcement made this week about initiating ProteVin’s commercial production
The Company is expected to continue supplying ProteVin to customers in the coming weeks, and is currently in dialogues with leading food and dietary supplement brands, for the integration of ProteVin™ in their alternative products
(Yokneam Illit, June 22, 2022) – NextFerm Technologies Ltd. (TASE:NXFR), a food-tech company developing ProteVin™, a vegan, fermentation-based, non-GMO protein alternative and other innovative yeast-based nutrients, announced today of the first commercial delivery of ProteVin to a U.S customer.
The Company delivered 2 tons out of SpaceMilk’s purchase order obtained in July 2021. SpaceMilk (Former PrimaLife Nutrition), is a US health and wellness brand and the first to launch a vegan protein powder based on ProteVin™. This protein powder will enable consumers to enjoy vegan protein with animal like nutritional value and perfect taste. The ProteVin™ brand name will appear on the product label, as the leading nutritional substance in the product. SpaceMilk is expected to be launched and available for sale to end users during the coming summer months, mostly online. The supply of the remaining of the order, as well as other open orders, shall continue during the coming weeks.
The delivery of the first purchase order marks the achievement of the second out of five milestones set by the Company for 2022. This announcement follows an earlier announcement made this week about the initiation of commercial production (first milestone). The Company continues to progress towards the completion of its objectives for 2022, which include: increasing market demands, receiving additional purchase orders for ProteVin™ and increasing commercial production capacity from current scale of tens of tons to a scale of hundreds of tons per year in 2023.
Boaz Noy, Chief Executive Officer of NextFerm, said: "We are excited to launch ProteVin, our vegan protein, as planned, and supply it to our first customers, who has expressed confidence in the product by placing purchase orders even before production has started.
The alternative protein market, is currently estimated at $20 billion, and is expected to grow to about $290 billion by 2035, at an annual growth rate of above 20%. Today, it is indisputable that it is the main growth engine for the global food industry. This growing trend of consuming vegan foods as part of a balanced diet is becoming ever more popular within the general population that considers these foods to be healthier and more sustainable.
"We are proud to be one of the leading innovators in the alternative protein B2B market, by offering the only vegan protein with a neutral flavor and animal like nutritional value that allow it to be incorporated into a variety of foods. We are also making progress in meeting the rest of the milestones for 2022, including: dialogues with food and nutrition brands, who are looking into incorporating ProteVin into their alternative product lines in such fields as dairy substitutes, powder premixes, snacks and more. At the same time, we are preparing to increase production capacity to a scale of hundreds of tons per year, in order to respond to the expected increase in demands."
About NextFerm Technologies
NextFerm Technologies, traded on the Tel Aviv Stock Exchange (TASE:NXFR) is a food-tech company engaged in the research, development, manufacturing and marketing of innovative, functional and vegan yeast-derived, non-GMO protein alternatives for various applications in the food and food supplement markets and the growing market for animal-derived protein alternatives.
NextFerm's flagship product is ProteVin™, a vegan, yeast-derived protein with animal-like nutritional value (Amino acid profile BCAA=21%, Leucine=9%, EAA=53% and high digestibility PDCAAS=1) and a neutral flavor. ProteVin™ is designed for a variety of categories in the alternative protein market, which is estimated at USD 20 billion in terms of final products and at USD 3.5 billion in terms of raw materials with an annual growth rate of above 20%, including milk and dairy substitutes, meat substitutes and additional categories such as infant nutrition, adult nutrition, and sports nutrition.
Another product currently being sold is Astaferm®, an innovative astaxanthin-based antioxidant derived from yeast that has been sold in the US since the end of 2020 through well-established and leading brands in the food supplement market in the US. In July 2021, the Company received Regulatory marketing approval in Canada.
The company has additional products which have been licensed to Lallemand, a global giant focused on yeast.
For more information, visit the NextFerm website at: www.nextferm.com
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This announcement also includes forecasts, projections, assessments, estimates and other information which refer to future events and matters, the realization of which is uncertain and not exclusively under the Company’s control (forward-looking information). The main facts and data used to support this information are facts and data regarding the current position of the Company and its businesses (including the scope of sales and levels of profitability, manpower, commercial engagements and more), facts and data regarding the current global position of the Company’s operating segments (including industry-specific financial developments, environmental regulatory developments, the competitive environment, technological developments, the reinsurance market and more), and macro-economic facts and data (including the economic situation both in Israel and around the world, yields in the capital markets, social and state developments and more), all as known by the Company when publishing this announcement. The forward-looking information included above in this announcement is significantly based upon, in addition to the existing information held by the Company, on the Company’s current assessments and expectations of future developments vis-a-vis each one of the aforementioned parameters, and the interconnectedness of each one of these developments. The Company has no certainty that its forecasts and assessments will indeed eventuate, and the Company’s operating results may be materially different than the results assessed or implicit based on that set forth above, inter alia, as a result of a change in any of the aforementioned factors.
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