Green Plains in aqua feed tie-up with Riverence Group
The alliance, anticipated to become operational in 2023, will produce trout and salmon feeds for Riverence, utilizing ingredients such as Green Plains’ newly developed product with 60% protein concentration, 60 Pro.
The JV will see Green Plains stump up capital and key ingredient services, while Riverence will contribute existing assets and will sign a feed offtake agreement.
Green Plains’ owned Optimal Aquafeed business can design feed formulations for specific species and aquaculture systems.
Todd Becker, CEO of Green Plains, said the joint venture is further validation of the company’s transformational path. “The Riverence Group is a highly respected aquaculture producer and we are eager to realize the value this collaboration brings to both partners.”
Transformation
Green Plains has been evolving its business from traditional ethanol into a sustainable biorefinery platform producing value-add ingredients over the past few years.
It began ‘Ultra-High Protein’ manufacturing at its facility in Shenandoah, Iowa in April 2020, with it looking to meet the growing global appetite for sustainable protein in livestock feed, aquaculture diets and pet food.
Employing new technology to mechanically isolate the highest value part of the kernel in the traditional ethanol process, in February 2021, it announced it had produced a product with a 58% protein concentration level, compared to conventional DDGS at 30% protein content, and conventional soybean meal at 48%.
Green Plains’ new 60 Pro product, a high value, 60% plus, fermented protein ingredient, is the result of a successful development trial at the company’s Wood River, Nebraska facility, run earlier this year. “Our protein trial at Wood River was simply ground-breaking and exceeded all of our expectations. We ran this trial for a full month and quickly learned how to dial in the plan to achieve higher protein concentrations,” said Becker on a call with analysts on May 2.
The company said having a product with such high protein levels enhances its ability to go after higher-value markets such as aquaculture.
Product validation
Internal and external product validation efforts are underway to assess additional nutritional value beyond protein concentration levels in 60 Pro and begin formulation for a variety of diets in aqua, pet and swine, according to a company release on the development last month.
Leslie van der Meulen, executive VP, product marketing and innovation, Green Plains, commenting then, said: “We are in advanced conversations with global customers to use this revolutionary product to help solve specific needs. We are focused on building long-term relationships and becoming a cornerstone provider of sustainable, low-carbon, antibiotic-free ingredients.”
Riverence Holdings LLC and its subsidiaries are a group of privately-owned aquaculture companies based in Idaho and Washington.
Riverence Brood LLC—the group’s breeding operation—is a producer of premium Rainbow Trout genetics and the only US commercial supplier of Atlantic Salmon and Coho Salmon eggs.
Riverence Farms LLC primarily raises Steelhead and Golden Rainbow Trout while Riverence Provisions LLC raises Rainbow Trout—collectively they are the largest producers of trout in the Americas. Riverence Provisions LLC also handles the processing, distribution, food sales, and byproducts.
