FORMO (IEU GT2)

Promoter – Financial Intermediary

FORMO BIO GMBH

Location

• Germany

Description

The project will finance the promoter's research and development (R&D) activities and production capacity expansion related to substitutes of dairy and egg products based on precision fermentation.

Objectives

The aim is to contribute to deploy more sustainable animal-free cheeses using protein exudates from fungi. The project supports the Bioeconomy sector and is in line with the Invest EU Main Priority Areas (MPPA) under the Research, Innovation, and Digitisation Window (RIDW).

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 35 million

Total cost (Approximate amount)

EUR 73 million

Environmental aspects

The project primarily concerns investments in R&D and capital expenditures that are not specifically mentioned under the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by 2014/52/EU) and that are expected to be carried out in existing facilities without changing the already-authorised scope; it would therefore not require an EIA under the Directive 2011/92/EU as amended. The environmental details of the project will be reviewed by the Bank's services during the project appraisal.

Procurement

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation Directive 2014/24/EU, then the EIB requires the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation Directives 2014/24/EU as well as Directive 89/665/EEC, as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the European Union, as and where required.

Status

Under appraisal