The European Investment Bank (EIB) has signed a €20 million venture debt financing agreement with Dutch biotechnology company Solynta, to accelerate the development of potato varieties with enhanced resistance to disease and resilience to climate change. Solynta will use the EIB support for its research into the use of true potato seeds instead of traditional tubers for cultivation.
True potato seeds, unlike larger and heavier tubers, don’t spoil during transportation and long-term storage for the next crop season, boosting the chances of a successful harvest and enhancing global food security. The EIB backing for Solynta takes the form of venture debt and is supported under the European Commission’s InvestEU programme.
“Climate action and adaptation are at the heart of our financing, as is the successful scaling up of innovative European companies so that they grow and thrive. The Solynta operation is a win-win in that sense.” said EIB Vice-President Gelsomina Vigliotti. “Potatoes are a food staple around the world, making sure that they can grow in increasingly difficult climates and with higher chances of a good yield is extremely important.”
Using true potato seeds as an alternative to tubers for cultivation has the potential to improve the economics of potato production. Through proven hybrid breeding technology, Solynta has been able to create more robust potato varieties that require much fewer crop protection inputs.
Solynta’s breeding method, which excludes genetically modified organisms (GMOs), can adapt potato characteristics relatively quickly to different needs including resistance to diseases such as late blight – a destructive fungal illness – and adaptation to climate change.
As a result, the company’s potato varieties contribute to the United Nations sustainable-development goals (SDGs) such as ending poverty and hunger and promoting responsible consumption and production.
“With this significant contribution from the EIB, we are well positioned to meet growing demand for new, robust potato varieties,” said Solynta Chief Executive Officer Peter Poortinga. “Potato growers around the world need access to disease-free starting material with strong resistance against diseases like late blight. With our new potato varieties, propagated via true seeds instead of the traditional tubers, we bring new varieties to the market that require fewer chemicals for crop protection and help improve global food security, particularly for local communities.”
Klasja van de Ridder, Head of the Representation of the European Commission in the Netherlands, added: “Food security is a key element of the new Vision on Agriculture and Food of the European Commission. The loss of yield due to climate change is a threat to the EU and the rest of world. Development of more resilient potato seeds will strengthen global food security. The Commission supports this initiative under InvestEU, as it contributes to the EU ‘s priority for long-term competitiveness and sustainability of the farming sector and welcomes the cooperation with Solynta and the EIB.”
