Millow and the EIC Accelerator: Beef-Like Protein From Oats and Fungi

Millow, based in Gothenburg, grows fungal mycelium on Nordic oats in a patented solid-state fermentation process to make a clean-label protein from two core ingredients, which it says sears like beef. Its scientific founder is Professor Mohammad Taherzadeh of the University of Borås. The EIC Accelerator granted €2,441,250 towards a total cost of €3,487,500 for MEATLOW, which ran from July 2024 to 30 September 2026, according to CORDIS. Millow describes the grant as part of a €17.5 million blended-finance package from the EIC, according to Millow.

In October 2025 Millow commissioned its first large-scale factory, a 2,500 square metre former LEGO production hall in Gothenburg, where each line is designed to produce up to 500 kilograms of protein a day. In March 2026 it appointed Fredrik Öhrn, a former Sodexo regional chief executive, as CEO, and Taherzadeh left the university to join full-time as the company prepared to enter Swedish foodservice from summer 2026, according to Millow. In August 2026 it closed a €2 million round led by the angel investor Magnus Emilson, with Vitamin Well co-founder Jan Enhager, according to Millow.

Where Millow Stands Now

Millow says it is in close discussions with major foodservice operators and distributors in the Nordics. The European Patent Office opposition period on its core patent closed in 2026 with no oppositions, and the research institute RISE verified the product's carbon footprint at 0.32 kilograms of CO2 equivalent per kilogram, which Millow says is about 98% lower than Swedish beef. Its accounts were not accessible in free sources for this article, as the Swedish company-data sites were blocked.

The Technology: Fermenting Solid Oats

Millow ferments the fungus on moist, solid oat substrate, which it says uses only 3 to 4 litres of water per kilogram and binds the product without additives. The EIC project report says the team industrialised substrate preparation and designed a large "S-Unit" fermenter with AI-controlled airflow that removes up to 4.4 kilowatts of heat while holding temperature within one degree, according to CORDIS.

What the EIC Award Promised, and What the Record Shows

MEATLOW promised cost-effective, nutritious hybrid mycelium-plant meat analogues through dry fermentation. The project ended on 30 September 2026 with a factory, an industrial fermenter design and a first market entry. The report said its results would de-risk a 480 kilogram per day line and underpin a planned 5,760 tonne per year commercial plant, which is not yet built.

1. Industrial fermenterDesignedS-Unit.
2. FactoryCommissionedOctober 2025.
3. Market entryStartedSwedish foodservice.
4. Commercial plantPlanned5,760 t a year.

The Money

Millow says its EIC support was a €17.5 million blended package, implying up to €15 million of EIC equity alongside the grant. How much of that equity has been invested has not been announced. The private round it closed in 2026 was €2 million.

What Cannot Be Checked

Why Europe Should Care

Millow notes that growth in conventional plant-based protein has cooled and that "ultra-processed" meat analogues face criticism. A two-ingredient protein made from Nordic oats with a small carbon footprint is a different pitch. Its success depends on chefs and caterers buying it at volume.

The Verdict

Millow and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.