MINNEAPOLIS – Cargill announced an additional $75 million investment into Puris, a North American producer of pea protein and a Beyond Meat supplier. As a result of the investment announced Wednesday, Puris will now own and operate three facilities in North America that focus solely on pea protein production. "Cargill is better known for trading crops like corn andsoybeans around the world and supplying ground beef thanproducing plant-based foods. We want to hear from you.Cargill and Puris signed a joint venture agreement in January 2018 to accelerate the production of pea protein with a $25 million investment from the agricultural giant.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.Puris, the continent's largest pea protein producer, will be able to more than double its pea protein production at a plant in Dawson, Minnesota."When you look at what the market needs, consumers are demanding more," Puris President and CEO Tyler Lorenzen said on CNBC's "Squawk Alley" Wednesday. "Cargill is a huge organization and so we deal with beingboth supplier and competitor in a lot of different areas," shesaid. Cargill has invested more than $100 million in Minneapolis-based Puris, whose pea protein is used by Beyond Meat.

The investment will also add approximately 90 jobs.Got a confidential news tip? Mega-corporation and food producer Cargill has invested an additional $75 million into Puris, North America’s largest pea protein producer and supplier of Beyond Meat. "Being able to have that raw material supply has beenhelpful for us for sure. Puris will have to first retrofit the Dawson facility to make it suitable for pea production, a process that will take time. According to company filings from July 31, it also sources pea protein from Roquette, which is based in France.Lorenzen added that he believes pea farmers will be able to meet the exploding consumer demand.The expected growth in the market for meat alternative market has send Beyond's stock surging 528% since its May initial public offering.Beyond's meat substitutes appeal to flexitarians — people looking to consume less meat — because they more realistically mimic the taste and look of meat products.Since then, Beyond Meat has significantly ramped up production of its meat substitutes, which use peas as its primary source of protein.

Beyond Meat, which became the year’s hottest new stock after going public in May, promised investors in its IPO filing that Puris, one of its key suppliers, would soon add production capacity. Retailers will beable to sell the products under their own labels. Cargill has announced investments of$100 million in Puris since January 2018 and benefited from theinvestment due to limited supplies of pea protein,Gutschenritter said.Beyond Meat products are made from pea protein, whileImpossible Foods uses soy protein. "We are offering a portfolio that will encompass both pea and soy formulations." By Tom PolansekCHICAGO, Feb 24 (Reuters) - Cargill Inc will launch plant-based hamburger patties and ground "fake meat" products in April, the company said on Monday, challenging Beyond Meat and Impossible Foods for sales in grocery stores, cafeterias and restaurants.The entry of Cargill, one the world's largest privately held companies, in the market for imitation meat highlights the … The Dawson location is expected to be operational in “late 2020.”Just enter your email and we’ll take care of the rest:In the meanwhile, Puris operates two other pea-protein-focused facilities, one in Turtle Lake, Wisconson and the other in Oskaloosa.

Cargill Inc., one of the world’s largest meat producers, has invested in another company growing “cultured meat” in a lab. "North American pea-protein producer Puris is a supplier toCargill and Beyond Meat. Cargill and Impossible Foods are both privately held companies. "On both, we're competing," Gutschenritter said.Demand for meat alternatives has soared as consumers addplant-based protein to their diets for health reasons and out ofconcern for animal welfare and environmental damage fromlivestock farming.The entry of Cargill, one the world's largest privately heldcompanies, in the market for imitation meat highlights thegrowing popularity of plant-based foods and expectations thatconsumers will continue to gobble up meat substitutes.The 155-year-old company presents new competition forstartups Beyond Meat and privately held, SiliconValley-based Impossible Foods. All rights reserved.

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