Miguel Carmona_ Driving Circular Economy Sustainably Breeding Black Soldier Fly Larvae for Protein-Rich Animal Feed at P

1. Miguel Carmona: Driving Circular Economy Sustainably Breeding Black Soldier Fly Larvae for Protein-Rich Animal Feed at ProNuvo in Costa Rica The Business Magnate. As the entire globe embraces sustainability and integrates its principles into core business models, one vital practice stands out - The Circular Economy. This approach aims at reducing ecological degradation, lowering greenhouse gas emissions, conserving natural resources, and propelling innovations in design and business. By transforming how we produce, consume, and dispose of goods, the Circular Economy contributes significantly to creating and fostering economic, social, and environmental (ESG) benefits, that drive sustainable progress worldwide. In Costa Rica today, fast measures are being taken by the people to become the first Latin American country to go 100% carbon neutral. Among many companies and organizations that are strategically transforming their business models and championing this cause, ProNuvo - a company specializing in Animal Feed Manufacturing in Guápiles, Limón, Costa Rica, is by far setting quite an example. Miguel Carmona’s Vision: Miguel Carmona, ProNuvo’s President previously worked in venture capital before moving to Costa Rica in 2012. Miguel’s vision was to seize opportunities in the potential-filled country and was hence quickly drawn to sustainable aquaculture, where fly larvae were used to produce protein-rich animal feed. Seeing how there was a huge demand for sustainable animal feed solutions in the US, Europe, and Australia, Miguel called his two other brothers Gabriel and Alexandre to Costa Rica, where this venture idea was gradually set into motion. ProNuvo - An Environmental Friendly and Circular Economy Venture: In 2017, after four years of preparations and research, Miguel Carmona (President) along with his brothers Gabriel Carmona (CEO) and Alexandre Carmona (CMO), founded ProNuvo. These three businessmen were not your typical set of entrepreneurs running an even more typical family business. Their visions were much far greater than that. The goal with ProNuvo was to create a sustainable business in Costa Rica that adhered to the Circular Economy principles. For this, they started to sustainablybreed the country’s native Black Soldier Fly Larvae (BSFL) insect to produce protein-rich feed for pets, livestock animals, and fish. “Enhancing Nature’s Model” - as seen at first glance on the company’s website, ProNuvo aims to produce high-quality, sustainable, insect-based products through a Circular Economy principle, thereby fostering climate change mitigations and a sustainable planet. ProNuvo’s Operations in Costa Rica and Product Offerings: ProNuvo, a 100% Carbon Neutral Certified company, breeds Costa Rica’s native insect - The Black Soldier Fly Larvae (BSFL). This fly has a lifecycle of around 45 days, where during its larvae phase the maggots are fed processed fruit wastes like banana peels, mango, papaya, and more from nearby plantations and factories. The maggots then rapidly gain almost 10,000

2. times their original weight! Some of these larvae are then taken and processed organically and chemically free without any adulterants, while the rest of them are left to grow into adulthood, mate, and then die, thereby continuing the cycle. In 2023, ProNuvo completed constructing its first-ever industrial plant facility and grew closer to achieving its long-term sustainability for the Latin American animal feed industry in Costa Rica. With innovative and high-end technology equipment the processed larvae are produced into essentially four categories of feed - Whole Dried Larvae Feed (Nuvofeed) containing 46% crude protein for Aquaculture, Birds, Exotic Pets, and Poultry. The second type of animal feed is the Defatted Protein Powder-based Feed (Nuvomeal) containing 58% crude protein for Aquaculture, Pets, and Poultry. The third type of animal feed is Pressed-oil Feed (Nuvooil) containing 68% saturated fats and 32% unsaturated fats for Aquaculture, Pets, and Poultry. The last type of animal feed is obtained from the natural by-product of the Black Soldier Fly Larvae frass or excrement (Nuvosoil) as high-quality fertilizers for plants. ProNuvo’s products are rich in protein, calcium, and fats - all of the required nutrients in food for livestock animals, pets, and fish. Addressing Environmental Challenges Sustainably at ProNuvo: Initially just a pilot plant, ProNuvo is now an industrial-scale facility and a pioneer in Latin America. Sustainable development and disruptions are required in the world to address how food must be efficiently produced, consumed, and disposed of. With this, ProNuvo utilizes the BSFL to produce protein-rich feed ideal for fish, livestock animals, and pets to address the environmental challenges of depleting natural resources. This way with integrated Circular Economy principles, massive amounts of landfill dumps are reduced, greenhouse gas emissions are lowered, and water usage is decreased by tons in the production of this protein-rich feed. ProNuvo’s long-term sustainability initiative is to significantly reduce environmental carbon footprints by transforming organic leftovers or waste produced from nearby fruit processing factories like banana peels, mango, and papaya. When producing beef protein takes 36 months, 15.4 million liters of water, and 30,000 square meters of land, and soy protein takes 6 months, 1.6 million liters of water, and 3,000 square meters of land, ProNuvo’s Black Soldier Fly Larvae is a far more sustainable option. With a production time of just half a month, it uses only 0.1 million liters of water and 300 square meters of land, making it an environmentally conscious choice. By addressing global waste management challenges and the conservation of natural resources, ProNuvo’s commitment to environmental sustainability is commendable. “It’s a high-quality protein,” says Miguel Carmona - President of ProNuvo, who has strategically established their industrial plant facility close to Puerto, Limón for better international shipments and exports of ProNuvo’s products.

3. ProNuvo Today - Partnerships and Investments: In 2019, ProNuvo became a portfolio company under the EcoEnterprises Fund sharing in vision of sustainable growth, development, and climate mitigation with the Circular economy principles. EcoEnterprises Fund is an organization that invests in companies and business ventures that drive humanity and the planet forward focusing on Latin America and the Caribbean. Along with other investors, EcoEnterprises Fund works closely with ProNuvo in enabling the company to expand their global connections and exports to the US and Europe. In 2023, the Pomona Impact Fund II invested over $3 million in ProNuvo’s BSFL production, recognizing it as a sustainable and eco-friendly animal feed solution. “We are practicing a sustainable business,” says Miguel. A Costa Rican fishery business has already collaborated and partnered with this animal feed manufacturing firm using its products as sustainable animal feed solutions. Fostering the practice of sustainable farming methods, ProNuvo and its President Miguel alongside other stakeholders and board members, proudly state that - “In Costa Rica, sustainability is not a practice but a way of life,” and through it achieving a “common goal of creating a more sustainable planet”.