Alternative protein company Perfect Day to set up R&D centre in Singapore

ALTERNATIVE protein company Perfect Day is setting up its research and development (R&D) centre in Singapore, where it will focus on developing analytical systems that will be critical for ensuring the accuracy, specificity, and consistency of the firm's fermentation processes and protein ingredients.

The A*STAR-Perfect Day Joint Lab will leverage the A*STAR Singapore Institute of Food and Biotechnology Innovation's expertise in analytics and taste analysis, as well as the Institute of Molecular and Cell Biology's capabilities in the study of proteins, said Minister for Trade and Industry Chan Chun Sing on Monday, as he witnessed the signing of a Research Collaboration Agreement (RCA) between Perfect Day and A*STAR.

He noted that agri-food tech is a sector of growing importance in Singapore's economy as the world looks for innovative, cost-effective and sustainable solutions to increase production yield and improve food quality. The Covid-19 pandemic and the resultant disrupted and weakened food supply chains have heightened this urgency.

Notably, the agri-food sector is primed for growth. Agri-food tech-focused venture capitalist AgFunder had announced a 46.8 per cent annual increase to US$16.9 billion of sector venture funding in 2018, and another 17.2 per cent annual increase to US$19.8 billion in 2019.

"Leveraging Singapore's unique farm-to-fork ecosystem and track record for technical capabilities, quality branding and intellectual property protection, we aim to capture a significant share of the wave of economic opportunities in the agri-food tech sector," said Mr Chan.

He noted that there are increasing opportunities to grow the sustainable food production model for both Singapore and the region. Indeed, even amid the pandemic, the Republic has seen growing interest from global companies. These include &ever, a German indoor vertical farming company which will set up its first-in-Asia farm in Singapore that is set to produce 500 tonnes of vegetables a year.

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&ever will also be establishing a global R&D centre with plans to collaborate with local partners such as A*STAR and Signify to reduce energy consumption and optimise yield.

Meanwhile, Buhler - the world's largest company specialising in processing facility and equipment - and flavours and fragrances company Givaudan are jointly setting up a plant-based food innovation centre. The centre will work with Singapore's food processing companies, startups and researchers to provide expertise in developing plant-based food products.

Perfect Day plans to hire and train a pool of researchers, scientists and engineers locally, with know-how for microflora protein innovation, for example, in strain development, protein assays and analysis. The centre will officially begin operations in April next year.

Perfect Day uses precision fermentation biotechnology techniques to develop and produce animal-free dairy proteins, casein and whey. These animal-free protein products are then used to make items such as ice cream, cheese and yoghurt.

The collaboration will further anchor Perfect Day's R&D investments in Singapore, develop local talent in the R&D ecosystem and expose them to high-value opportunities, said Mr Chan.

He added that the opening of the Agri-Food Innovation Park in Q2 of 2021 will further catalyse innovation in the ecosystem, and that bringing together high-tech farming and associated R&D activities to discover synergies across value chains will result in a better base to attract companies, R&D talent and investment to the Republic.

"We are also building a vibrant cluster of financing firms across various stages, for example, New Protein Capital, EDB Investments, Temasek, and Proterra, as well as a base of global agri-food accelerators (e.g. Big Idea Ventures alternative proteins accelerator and GROW Accelerator)," said the minister.

"Our eventual aim is to build up the talent pool with expertise to deploy more than S$90 million of capital."

To groom local talent, the government is working with global industry players such as Perfect Day to build up workforce capabilities. In the longer term, the plan is to foster greater collaborations with local institutes of higher learning and industry players to nurture future talent, Mr Chan said.