A €35 million investment has been announced for a small town in the Republic of Ireland, as it harbors plans to build the world’s largest bio-marine ingredients plant.
The Killybegs Fishermen's Organisation is to create up to 70 new jobs from 2016 in the small town of Killybegs in Co Donegal, in a project which is being undertaken with a Norwegian science and technology company which specialises in the area, Biomarine Science Technology (BST).
A further 50 jobs will be created in the construction phase of the project.
The new facility will have the capacity to process up to 50,000 tonnes of raw material annually. It will be used to extract high-end proteins, oils and calcium from fish for use as food ingredients.
These include valuable marine proteins as well as lipids, which are naturally occurring molecules and fat-soluble vitamins. While boarfish will be the main source of raw material, the facility will also be able to utilise other species such as blue whiting. Boarfish is only used for fishmeal purposes at present.
A new joint venture company, Bio-marine Ingredients Ireland Ltd (BII), has been formed to promote the new facility which represents a new departure for the marine sector in Donegal.
Sean O’Donoghue, chief executive of the Killybegs Fishermen's Organisation said "This new facility will become a game-changer in the seafood sector positioning Killybegs and Ireland as a global leader in supply and research around new products and benefits from protein, oils and calcium associated with the sea”.
Mr O'Donoghue said that with increasing food ingredient prices and a shortage of quality protein in the market, there is a significant opening in the market for the output which this new venture will deliver.
"The increased focus on health and rising demand for foodstuffs high in healthy content has led to rapid growth in the health and sports nutrition market. We have already met with leading food producers in Europe and the USA who are extremely supportive of the venture and enthusiastic about entering into supply contracts with it," he added.
