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Industry NewsCanadian plant-based seafood co. selected in global competition for $15M

Canadian plant-based seafood co. selected in global competition for $15M

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Protein Industries Canada project partner New School Foods is a semi-finalist in the XPRIZE Feed the Next Billion competition. One of 31 teams to reach this milestone, New School Foods is in the running to receive a portion of the $15 million prize.

Each XPRIZE team is tasked with developing structured chicken breast or fish fillet analogs that have the same taste, texture and cooking experience of conventional chicken or fish.

New School Foods, which produces whole-cut seafood made from plants, is focused on a filet of fish that looks, cooks, tastes and flakes just like salmon.

New School Foods has been making quick progress in developing its prototypes and novel production method. Full creation and commercialization of the product, which is being developed in part with a co-investment from Protein Industries Canada, can help Canada reach its environmental sustainability goals while diversifying its plant-based food offerings, helping the country meet the growing global demand for plant-based foods and ingredients.

If successful, the next step in New School Foods’ XPRIZE journey is being chosen as one of the 10 finalist teams, which will split $2.5 million. These teams will move forward to a final round of product development, at the end of which a grand prize of $7 million will be awarded to one winning team. Second and third place teams will be awarded $2 million and $1 million respectively, and one team will be awarded a $2 million bonus prize for developing a sustainable product at a low cost. The 10 XPRIZE finalists will be chosen near the end of 2022, with the winners announced in early 2024.

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