Arkeon, an Austrian biotech company developing sustainable protein via gas fermentation, has formally filed for insolvency.

The announcement was shared by co-founder and CEO Gregor Tegl on his LinkedIn page, marking the end of the start-up’s efforts to commercialise its alternative protein technology.

In a public statement, Tegl expressed gratitude to the team, investors, partners and supporters who contributed to the company’s progress. “Your dedication, late nights and passion for innovation made every milestone possible,” the statement read. “I’m deeply proud of what we built together.”

Founded to produce amino acids and protein ingredients through carbon-capture-based fermentation, Arkeon was part of a wave of start-ups working to decarbonise the food system.

Despite the setback, the co-founder reaffirmed belief in the promise of sustainable biotechnologies and said the experience had offered valuable lessons in scaling, stakeholder engagement, and regulation. He added he is now looking ahead to new projects and collaborations across biotech, cleantech and adjacent sectors.