27th Jun 2019 10:38
(Alliance News) - BP PLC has invested USD30 million into California-based start-up Calysta Inc, which makes protein to feed livestock, fish, and pets, the oil major said Thursday.
BP Ventures has invested the money in a deal that will see Calysta use BP's natural gas to make FeedKind protein, which BP said is helping meet growing demand for feed in agriculture and aquaculture in an environmentally sustainable way.
BP expects the global aquaculture market to grow by up to 25% by 2025, with Calysta's product becoming a "sustainable substitute" for common source of protein currently used.
BP Head of Strategy Dominic Emery said: "By pairing Calysta's exciting technology and entrepreneurial drive with BP's global scale and gas market expertise, this partnership offers the opportunity to improve food security and sustainability for the world's growing population."
BP Ventures has so far invested over USD500 million in technology companies, it said.
BP shares were flat Thursday morning at a price of 554.30 pence each.
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