Agro-food group Avril has been awarded a €50 million (£43.3m) loan by the European Investment Bank (EIB) to develop plant proteins and support its renewable chemistry activities.

The funding will support the production of proteins for human consumption and animal nutrition from oilseeds.

The oilseed meal for livestock is produced by crushing rapeseed, sunflower seeds, and protein-rich plants.

Avril also produces vegetable glycerine, a by-product of the production of biodiesel and other formulas based on vegetable oils, including rapeseed, sunflower, soy and coconut.

Ambroise Fayolle, Vice-President of the EIB, said: “By supporting the Avril group’s research projects in plant proteins and green chemistry produced from biobased materials alternative to fossil resources, this loan is fully in line with the European ambition to strengthen our food sovereignty, essential to achieve the climate and environmental objectives set by the Paris Agreement.”

Jean-Philippe Puig, Managing Director of the Avril Group, commented: “The confidence of the EIB and its support in our research projects will clearly accelerate the marketing of concrete solutions from the agricultural world, ensuring outlets for the entire oilseed crop sector, at a time when reducing protein dependence, as well as decarbonising materials, represent crucial issues for people and our planet.”