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Beyond Meat's pea protein supplier receives additional $75 million investment from Cargill

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Puris, which is the largest North American pea protein producer, will be able to more than double its pea protein production at an existing facility in Dawson, Minnesota.

The company buys peas from farmers who grow the crop using its proprietary seed and then extracts pea protein from them. As a result of the investment announced Wednesday, Puris will now own and operate three facilities in North America that focus solely on pea protein protein production. The investment will also add approximately 90 new jobs.

In January 2018, Cargill and Puris signed a joint venture agreement to accelerate the production of pea protein, with a $25 million investment from the agricultural giant. Since then, Beyond Meat has significantly ramped up production of its meat substitutes, which use pea protein as its primary source of protein. In its second quarter, revenue from restaurants and foodservice surged 483% from a year ago, and revenue from grocery stores soared 192%.

Puris is not Beyond's sole pea protein supplier. According to company filings from July 31, it also sources pea protein from Roquette, which is based in France.

 

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