The brief

Analyst view

• 600,000-litre plant in Richmond, Indiana; over half its capacity under contract or late talks.
• Production slipped from end-2024 to 2026.
• Partner Topian (NEOM) is planning a second plant in Saudi Arabia.

Technical approach

As reported

Model

Fermentation capacity for hire

Startups with engineered microbes rent large-scale production instead of building their own plants.

Plant

Built for food-grade proteins

Large fermenters with a dedicated downstream line to separate and purify each customer's product.