Yellow Springs startup acquired (Dayton Business Journal)
This story, written by Tristan Navera, first appeared in the Dayton Business Journal on February 26, 2016. You can read the original here.
A startup in Yellow Spring focusing on sustainable food production has been acquired.
Enviroflight LLC will be acquired by West Palm Beach, Fla.-based Intrexon Corp. (NYSE: XON), a company that works in synthetic biology. The company will form a joint venture with Darling Ingredients (NYSE: DAR), a publicly-traded developer and producer of sustainable national ingredients from bio-nutrients.
The joint venture will begin construction of a commercial plant this year to prepare for future expansion, it said in a release. Terms of the deal were not released.
"EnviroFlight has focused on driving necessary change in the global food supply chain, and we look forward to working with Intrexon and Darling Ingredients to realize the considerable promise of insect bioconversion to offer solutions that meet this goal," said Glen Courtright, president of Enviroflight.
Enviroflight makes animal feed, fertilizer and other products by using "low-use material," by-products left over in brewing, ethanol production and the food manufacturing process to raise black soldier fly larvae.
"Through our partnership with Darling, the world's largest producer of sustainable natural ingredients, we look forward to employing EnviroFlight's platform to create high-nutrition, low environmental impact animal and fish feed as well as fertilizer products," said Corey Huck, senior vice president and head of Intrexon's Food Sector.
The company was a benefactor of the Dayton Development Coalition's Entrepreneurial Signature Program, a venture capital fund targeting launching high-tech startups in the region.
While working with regulatory agencies to gain approvals for the use of its technique, Enviroflight will continue to supply animal feed and fertilizers for select markets.