Asian Tech Press -- SK Inc., a subsidiary of SK Group, said Monday that the company signed a memorandum of understanding (MoU) with Chinese food company Joyvio Group to establish a 100 billion won ($86.7 million) fund for sustainable food.

According to the MOU, the two companies will establish the Sustainable Food & Consumption Fund to invest in alternative protein production companies and cooperate with food technology companies to jointly explore the Chinese market.

SK Inc. will contribute approximately 18 billion won. In addition to SK and Joyvio, several leading Chinese food companies and local government funds in Chongqing will participate as investors.