Morgan Stanley is backing Huel, a supplier of plant-based food powders and meal-replacement drinks, marking the second deal made by the bank’s investment management arm from its 1GT carbon-reduction strategy.

Huel provides consumers with nutritional products such as powdered shakes and protein bars as well as instant meals and beverages. The Tring, England-based business serves more than 900,000 active online customers across about 100 countries, said Chief Executive James McMaster.