Lemnature AquaFarms

Lemnature AquaFarms, formerly known as Parabel and PetroAlgae, operated in the plant-based food ingredient sector with a focus on regenerative agriculture. The company was founded in 2006, initially targeting the biofuels market before pivoting to animal feed and eventually, human food ingredients. This strategic shift culminated in a 2018 'no objections' letter from the FDA for its duckweed-derived ingredients, confirming their GRAS (generally recognized as safe) status. The final rebrand to Lemnature AquaFarms occurred in 2020. Nestlé executive Frank Jimenez took the role of CEO in early 2021.

The company's business model was business-to-business (B2B), supplying plant-based ingredients to the food, beverage, and nutrition markets. Lemnature AquaFarms utilized a vertically integrated system, cultivating Lemnaceae, commonly known as water lentils or duckweed, in open-pond systems across more than 900 acres in Florida. This aquatic plant was chosen for its rapid growth, with a biomass that doubles every 48 hours, allowing for daily, year-round harvesting. The harvested crop was then minimally processed into its flagship products: Lemnature™ Protein and Lemnature™ Fiber powders. These ingredients were intended for use in products like superfood drinks, protein powders, snack foods, and nutritional beverages.

Despite its efforts and securing funding, including a $12 million round in January 2023, the company faced significant challenges. The company's core product, a green and vegetal-tasting protein powder, reportedly had limited mainstream applicability and struggled to find a sufficient product-market fit. Citing difficulties in raising adequate capital in a challenging market, Lemnature AquaFarms filed for Chapter 7 bankruptcy on September 12, 2023. Following the bankruptcy filing, the company's assets, including equipment from its production and R&D facilities in Vero Beach and Fellsmere, were scheduled for auction. Keywords: Lemnature AquaFarms, Parabel, water lentils, duckweed, plant-based protein, aquaculture, food ingredients, B2B supplier, regenerative agriculture, Lemnaceae, alternative protein, agritech, foodtech, Frank Jimenez, bankruptcy, vertical farming, sustainable food, animal feed, biofuels, nutritional beverages