Aquaculture firm locating to Indian River County

Parabel to construct $10-million production facility in Fellsmere

NEWS RELEASE

The Indian River County Chamber of Commerce Economic Development Office announced that Parabel, a producer of plant-based protein, is constructing a $10-million production facility in Fellsmere in northwest Indian River County. The Indian River County Board of County Commissioners unanimously approved the company’s Local Jobs Grant application at their March 1 meeting.

The company has signed a lease for 450 acres of land in Fellsmere, where it plans to build a facility to produce water-lentil-based proteins. Based on the company’s anticipated job creation numbers and proposed wages for the new hires, Parabel is eligible for up to $177,000 in Jobs Grant incentives. Parabel anticipates creating 43 new jobs by 3rd quarter of 2016, their first phase of operation. The majority of the new positions will pay an average wage of about $40,000 per year, greater than the county’s average annual wage of $37,882. The Jobs Grant is a performance-based program, meaning that it is paid out over a three-year period after the jobs are in place.

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