COFIDES takes €40 million stake in Elian to back Barcelona protein expansion

Elian has secured a €40 million (US$45.3 million) investment from Spanish state-owned financing company COFIDES, which will become a minority shareholder in the agribusiness as it expands its plant-based protein operation at the Port of Barcelona.

• COFIDES is investing €40 million (US$45.3 million) in Elian through Spain's Co-investment Fund, becoming a minority shareholder alongside Viserion International.
• Elian is investing more than €300 million (US$340 million) in Barcelona, with an expansion scheduled for completion in early 2028.
• The enlarged 90,000 m² facility will add more than 100,000 tons of annual protein-derivative capacity to the plant's existing 770,000-ton capacity.

The investment has been made through the Co-investment Fund, or FOCO, which is managed by COFIDES and designed to support projects in strategic sectors alongside foreign investors. Viserion International, Elian's owner, is acting as the co-investor in the transaction.

Founded in Barcelona in 2021, Elian is developing its site into a larger European production base for plant-based protein ingredients for human food and animal feed.

The company is investing more than €300 million (US$340 million) in the facility, having acquired an existing soybean crushing plant in 2024 before announcing a further expansion at the end of 2025. That project is scheduled for completion in early 2028.

Once complete, the site will cover 90,000 m² and add more than 100,000 tons of annual production capacity for protein derivatives. That capacity will sit alongside the plant's current annual throughput of 770,000 tons.

Elian said the expansion will allow it to serve a broader range of customers, products and end-use sectors while increasing European processing capacity for ingredients that are currently heavily reliant on imports.

“COFIDES joining our shareholding structure represents key institutional backing and demonstrates that the Barcelona plant has gone beyond the industrial sphere to become infrastructure of strategic national importance,” said Andrés Martín, CEO and founder of Elian.

“This alliance enables us to accelerate our roadmap to lead Europe in plant-based protein sovereignty, ensuring that the food industry has access to a local, traceable, highly sustainable supply that is protected from volatility in global supply markets.”

Elian generated €400 million (US$453 million) in revenue in 2025 and employs 90 people. The company describes the Barcelona operation as one of only three integrated facilities of its kind in Europe.

The plant also uses hydrocarbon-free oilseed processing technology across its production process, from soybean through to finished ingredients.

The expansion has previously received support from ACCIÓ, the Catalan government's business competitiveness agency, through a €2.25 million (US$2.55 million) grant for high-impact business projects.

Miguel Tiana, Director-General of COFIDES, said the investment reflects the strategic importance of strengthening domestic protein supply chains.

“Elian has developed an innovative industrial project with the capacity to contribute to the strengthening of European supply chains in a strategic area such as plant-based protein,” he said.

“With FOCO, we are contributing to the growth of a company that combines sustainability, technology, and long-term vision, while strengthening the competitiveness of the Spanish economy.”

The investment comes as the EU seeks to increase domestic production of protein crops and oilseeds and reduce its reliance on imported ingredients. According to figures cited by Elian, 94% of soy used for animal feed in the EU is currently imported.

The EU is targeting an increase in the proportion of domestically produced oilseed and protein-crop protein used in animal feed from 25.8% in 2025 to 35% by 2035.

Elian is also working further upstream in its supply chain. The company is supporting non-GMO soybean cultivation in the Spanish regions of Catalonia and Aragon, with a target of reaching 3,000 hectares during 2026.

Alongside the Barcelona expansion, Elian said it continues to assess acquisition opportunities that could increase the scale of its production model.

Miquel Sàmper, Minister of Business and Labour for the Government of Catalonia, said the administration had supported the project since its inception.

“Through ACCIÓ, we have supported the project from day one and are pleased to see such a significant investment for the country taking shape,” he said.

“Elian’s investment in Catalonia meets all the requirements to be considered strategic: reindustrialization, the creation of quality jobs in a sector of the future, and an undeniable commitment to sustainability.”

(Main photo shows from left to right: Miguel Tiana, Director-General of COFIDES; Miquel Sàmper, Minister of Business & Labour of the Government of Catalonia; Andrés Martín, CEO & Founder of Elian)

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