The Lockyer Valley Fruit & Vegetable Processing Company (Lockyer Valley Foods) has announced a $50 million Series A funding round to commence the construction of a novel fruit and vegetable processing facility in Australia, marking the first of its kind in 80 years. Murray Chatfield, chair of Lockyer Valley Foods, highlighted the project's ambition to establish a fully circular operation, utilizing both factory and community green waste to power the site through a bio-methane plant.
Chatfield expressed enthusiasm about moving from the planning phase to breaking ground, aiming to create a low-emissions facility while bolstering Queensland's fruit and vegetable industry and reducing the nation's dependence on imported produce. In conversation with Food & Drink Business, Chatfield emphasized the importance of investing in local production to leverage Australia's high-quality, efficient, and competitive produce, critiquing the inefficiency of exporting raw products only to re-import them as finished goods.
The company has completed initial investment rounds, securing land in Withcott, Queensland, and covering pre-construction expenses. These funds have been allocated towards design, machinery modeling, and regulatory approvals, setting the stage for a facility that promises zero water waste.
Lockyer Valley Foods has also sought a $50 million contribution from the National Reconstruction Fund, underlining the project's significance as a pioneering venture in Australia's agro-processing sector. The proposed facility is designed to feature comprehensive processing capabilities, including canning, freezing, and juicing, alongside innovative recycling operations for plastic waste and a bio-methane plant to achieve off-grid sustainability.
The phased construction approach is intended to generate early revenue, facilitating continuous project development. By collaborating with local farming cooperatives, the facility plans to process substantial quantities of fresh produce and pulses, sourced from the surrounding agricultural community, thereby reinforcing the local and national agricultural economies.
Source: Food&Drink Business