To meet global energy demand and achieve long-term environmental sustainability goals, the world will need to develop and scale a host of clean technologies, business models and other solutions.
As a global financial institution working with clients across industries, J.P. Morgan recognizes this need and our important role in helping our clients advance a more sustainable, inclusive economy.
Scaling innovation: A case study
Plantible Foods, a biology company in the sustainable agriculture industry and J.P. Morgan Commercial Banking client, is working to harness the power of plants to shape the future of food.
Founded in 2018, San Diego-based Plantible was created with a mission to rebuild the food system from the ground up. The company’s founders discovered that duckweed produces a unique protein called Rubisco (or Rubi Protein), which is nutritionally complete and has a variety of applications, including as an egg replacement in baked goods and as a base for plant-based proteins. The plant can double in mass every 48 hours, can grow in greenhouses all over the world and could help solve agricultural risks we face today.
Plantible has built a robust, scalable and sustainable supply chain for Rubi Protein that uses less water, requires less land and emits fewer greenhouse gases than the production of conventional meat and dairy alternatives, such as soybeans and peas.
To help support Plantible’s growth, J.P. Morgan’s Green Economy Banking team has provided financial services, including multimillion-dollar venture debt funding and treasury services.
“We’re excited to be supporting Plantible, whose innovations contribute to climate change solutions and address needed improvements to our global food system,” said Eric Cohen, head of Green Economy Banking at J.P. Morgan. “We’re proud to provide this outstanding company with the capital and expertise they need to scale.”
“Building this and being able to empower the local community has been the most fulfilling part of our business.”
—Tony Martens, co-founder, Plantible
While Plantible strives to make a sizable impact on the environment, they also seek to make an immediate impact on the local community of Eldorado, Texas. Plantible recently opened a new 100-acre production facility in Eldorado, a town of less than 2,000 people located about three hours west of Austin. The commercial-scale facility is expected to employ about 100 people and significantly increase Plantible’s production capacity.
“When I started Plantible, I never thought of the socioeconomic impact we might have with the supply chain. Building this and being able to empower the local community has been the most fulfilling part of our business,” Martens said.
J.P. Morgan’s work with Plantible was led by Commercial Banking's Green Economy team and builds on the firm’s efforts to scale green and innovative solutions to support the transition to a low-carbon economy.
Much of this information previously appeared as a case study in JPMorgan Chase’s 2023 Climate Report. Learn more about our approach to environmental sustainability and read additional client stories on our sustainability page.
JPMorgan Chase worked with Plantible on this article, which was originally published on the JPMorgan Chase website.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.
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