Investment group 3i Group plc and the Swedish Industrial Development Fund are making a first-stage investment totalling SEK 10 m (€1.06 million) in a microwave fast-food enterprise MicVac AB.
The company, based in Sweden, has developed and patented a novel method for preparing, pasteurising and packaging ready-to-eat meals using microwave technology.
Philip Nordell, MicVac AB's CEO, commented: "We take a very positive view of gaining two such professional, stable owners as 3i and the Swedish Industrial Development Fund. This capital injection will provide us with a very solid foundation for driving our concept and products resolutely onwards.''
The production process employs microwaves and a special valve to release steam, and originated from innovator and founder Joel Haamers's previous experience of, and research into, mussels.
The method is still in development, with a number of major food corporations in the Nordic region and other European markets now discussing pilot projects. MicVac expects to have consumer products in stores in autumn 2002.