ADM and InnovaFeed will grow and harvest billion and billions of insects called black soldier fly, whose larvae are scavengers and thrive on decomposing organic matter and convert it into a nutrient-rich protein that can be transformed into animal feed.
Once the facility is operational, both companies estimate yearly output could be around 60,000 metric tons of animal feed protein.
"I'm in awe. If they can pull this off, it will be magnificent," said Jeffrey Tomberlin, a professor and entomologist at Texas A&M University who has conducted years of research on insect protein
"This facility will be several times bigger than anything else in the world," Tomberlin said.
Black soldier fly larvae produce at least one hundred times more protein per acre than traditional animal feed sources such as corn, soybeans, sorghum, oats, and barley. This could be a monumental achievement for the agriculture industry as a bid for sustainably sourced food when pandemic-related shortages have developed, along with soaring prices.
Albert Edwards, an investment strategist at Societe Generale SA, recently published a report on soaring food prices.
Edwards, quoting the latest figures from the UN's Food and Agriculture Organization (FAO), showed food prices of oilseeds, dairy products, meat, and sugar are on the rise. Show below, the FAO food index hit a sixth-year high in November.