On Thursday, the European Investment Bank (EIB) announced that it entered a €40m loan agreement with the Dutch agritech innovator, In Ovo. This Leiden University spin-off invented proprietary screening technology, known as Ella®, that detects the sex of chickens inside eggs at an early stage to avoid the mass culling of male chicks after hatching.
European Investment Bank backs Dutch agritech innovator In-Ovo with €40m loan
Studies indicate roughly 6.5 billion male chicks are killed annually. Globally, this practice ruffles the feathers of animal lovers and activists alike, as only egg-laying hens are needed in the industry. Ovo aims to cull this practice with its technology.
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In its press release, the EIB said the technology not only promotes animal welfare but also lowers carbon emissions. The financing of this project forms part of the InvestEU programme, which aims to provide an additional €372m in investment funds for EU policy priorities between 2021 and 2027. EIB vice-president, Kris Peeters, said:
In Ovo’s technology means an improvement in the field of animal welfare and sustainability of the poultry sector, which is a good match with the EIB’s overall priorities.
Wouter Bruins Source: Ovo
Wouter Bruins, the founder of In Ovo, expressed the company’s delight with the financial backing. He added:
We are super excited and humbled to be receiving this prestigious and fantastic support from the EIB. It will permit us to further develop our technology pipeline and become a worldwide player, positively impacting animals throughout the food production channel.
Stella Kyriakides, commissioner for Health and Food Safety, echoed these views and emphasised the importance of animal well-being in Europe.
