Spain's Elian secures $46M for EU plant

Spanish agrifood company Elian has secured a €40 million ($45.9 million) investment from the government-owned fund Cofides. The capital will accelerate the expansion of Elian's plant-based protein production hub in Barcelona, a move aligned with broader European Union goals for food security.

The funding comes from Cofides's Co-Investment Fund (FOCO), which targets strategic sectors for Spain's transformation. The state fund is now a minor shareholder in Elian, with owner Viserion International as the co-investor. This investment builds on over €300 million of cumulative investment in the Barcelona facility since early 2021.

Scaling a strategic production hub

Elian operates a major soybean processing plant at the Port of Barcelona. It is one of only three integrated facilities of its kind in Europe, producing ingredients like textured soy protein, concentrates, flour, oils, and lecithin. The company claims its plant is the first with an end-to-end hydrocarbon-free process, using what it calls a pioneering clean-label technology for lower environmental impact.

The expansion project, announced at the end of 2025, is scheduled for completion in early 2028. It will add 90,000 square feet to the facility and increase annual production capacity for protein derivatives by over 100,000 tonnes. This is on top of its existing 770,000-tonne scale. The goal is to broaden Elian's product range and customer base across human food and animal feed sectors.

Aligning with EU protein sovereignty

The investment coincides with the EU's Protein Plan, which aims to scale up domestic plant protein production. The bloc currently imports 74% of its high-protein sources like oilseeds, creating vulnerability to global market shifts. A key target is to increase the share of EU-produced proteins from 25.8% last year to 35% by 2035, though this focus is primarily on animal feed.

Elian positions its Barcelona plant as critical infrastructure for reducing this import reliance. Elian has developed an innovative industrial project with the capacity to contribute to the strengthening of European supply chains in a strategic area such as plant-based protein, said Cofides director-general Miguel Tiana. The company argues that local production makes the European market more resilient to global supply chain volatility.

Growth strategy and institutional backing

Elian, which reported revenues of €400 million last year, is pursuing a dual growth strategy. It is promoting non-GMO soybean cultivation in Catalonia and Aragon, targeting 3,000 hectares this year. Simultaneously, it is seeking acquisition opportunities that fit its sustainable production model.

The company also received a €2.25 million grant from Catalonia's growth agency, Acció. Catalan business minister Miquel Sàmper called the project strategic for reindustrialisation, quality job creation, and sustainability.

Founder and CEO Andrés Martín framed the Cofides investment as vital institutional support. "This alliance enables us to accelerate our roadmap to lead Europe in plant-based protein sovereignty," he said, emphasizing the goal of providing a local, traceable supply protected from global market fluctuations.

The following table compares key figures related to Elian's production and the EU's protein goals:

Elian's expansion is slated for completion in early 2028.