BioExx plans to build ND protein plant after positive study

The report was commissioned by the Agriculture Products Utilization Commission (APUC), a division of the North Dakota Department of Commerce, and was conducted by N.C. Doty & Associates. It concluded that there is a high probability of success for the new facility, the company said.

BioExx said it plans to start building the facility in Minot, North Dakota during 2011, and it could be operational by mid-2012, depending on the final construction schedule, producing canola protein isolate products for manufacturers of protein-fortified foods and supplements.

The report concluded: “The BioExx canola protein isolate manufacturing facility would be commercially feasible, is well located and commercially supported in the Minot area, and would make a valuable addition to the business base for the Minot community.”​

BioExx reported that when considering the project’s feasibility, the study considered the strength and size of the protein ingredients market for fortified foods and nutraceuticals; the suitability of the company’s hydrolyzed protein product Vitalexx as an alternative to milk and soy protein isolates for those with food intolerances; partnerships that can be leveraged for supply and distribution at the new facility; the company’s patent portfolio for its production of canola oil, meal, and protein isolate products; and the financial feasibility of the project.

The study reported that there is a rapidly expanding market for protein ingredients, and that entering the market with pricing on a par with other vegetable-based protein isolates, would help ensure the profitability of the processing facility.

The feasibility report is a requirement of a potential project lender, the company said.