HiProMine will receive up to PLN 14.4 million in subsidies for a factory of insect biomass products

HiProMine has signed an agreement on a special-purpose subsidy in the amount of up to PLN 14.44 million for the construction of a plant producing products based on insect biomass in Karkoszów (Lubuskie Voivodeship), the company announced. The aid will be disbursed in one tranche in 2024.

"In order to receive the aid, the company undertook to complete and settle the implementation of the investment, i.e. to create jobs specified in the contract, incur, by June 30, 2024 at the latest, the investment costs specified in the contract in the amount of at least PLN 106.9 million, and to conduct business activity necessary for the implementation of the investment, for a period of at least 3 years from the date of completion of the investment, and also meet the criteria set out in the contract regarding employees, working conditions and maintenance of the created jobs, as well as criteria regarding the type and nature of the business conducted.

An agreement on granting public aid in the form of a special-purpose subsidy was concluded with the State Treasury, represented by the Minister of Development and Technology, in the scope of co-financing the project presented by HiProMine under the "Programme to support investments of significant importance for the Polish economy for the years 2011-2030".

HiProMine is a supplier of an alternative protein on a European scale, produced through an innovative, proprietary technology of industrial insect breeding. The company's offer is addressed mainly to the market of pet food and feed for fish farming, as well as farm animals and horticulture. HiProMine is the only entity in Poland and one of the few in Europe offering products of insect origin in industrial quantities. The company has been listed on NewConnect since 2022.

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