USA, Aurora, Colorado. Oman Investment Authority (OIA) and MycoTechnology have established a joint venture that will use locally-grown dates to produce high-quality mushroom-based protein.
The two parties will collaborate on building a state-of-the-art production facility in Oman to scale up and commercialize this novel source of protein. It represents the next generation of innovation driven by MycoTechnology’s proprietary fermentation platform, which harnesses mushroom mycelia to create transformative ingredients.
The strategic partnership between OIA and MycoTechnology is in line with Oman Vision 2040, which aims to attract modern technologies to the country. It links OIA’s local knowledge and public sector relationships with MycoTechnology’s cutting-edge technology. It aspires to transform the food supply landscape in the region and reflects OIA’s commitment to achieving a sustainable future by increasing local food production.
Oman is one of the world’s top 10 producers of dates, growing about 400 thousand t per year. However, more than half goes to waste or animal feed. The new joint venture is expected to upcycle a significant portion of these excess dates, using the natural sugar present in the fruit as a source of carbon to fuel the production of mushroom-based protein.
Construction of the new facility is due to start in the first half of 2023 on a 10-hectare site. Commercial production is scheduled to begin by the second quarter of 2025, with up to 16,000 t of dates to be processed each year. Once operational, the partners intend for the new facility to evolve into the Middle East’s leading innovation hub for food technology.
Colorado-based MycoTechnology is the world’s leading explorer of mycelia – the powerful but invisible mushroom ‘root system’. OIA is a sovereign wealth fund located in Muscat, the capital of Oman. The new joint venture will operate as Vital Foods Technologies LLC.