TIDMANIC
Agronomics Limited
14 September 2021
14 September 2021
Agronomics Limited
("Agronomics" or the "Company")
Portfolio company Meatable signs joint development agreement
with Royal DSM
Agronomics, the leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat, is pleased to
announce portfolio company Meatable B.V. ("Meatable") has signed a
joint development agreement with Koninklijke DSM N.V. ("Royal
DSM"). Agronomics holds 4,859 preferred shares in Meatable,
representing an equity ownership of 5.84% on a fully diluted basis.
The position in Meatable contributes approximately 6.9% to Net
Asset Value.
The full announcement is set out below with no material changes
or adjustments:
Meatable Enters into Joint Development Agreement with Royal DSM
to Develop Affordable Growth Media for Cultivated Meat
The companies believe this collaborative approach will result in
patentable findings that will address the core challenge of making
cultivated meat affordable and accessible on a large scale, and
they will work closely together to scale up the entire process
Innovative food company Meatable has entered into a joint
development agreement with Dutch multinational Royal DSM, a global
purpose-led, science-based company active in nutrition, health and
sustainable living, to co-develop growth media for cultivated meat.
Growth media is a nutrient-rich liquid which contains the essential
nutrients such as carbohydrates, proteins, salts, vitamins, and
growth factors that cells need to grow.
Growth media is currently estimated to account for 50-90% of the
production cost of cultured meat. If pivotal technological and cost
breakthroughs are achieved, cultured meat could be one solution
that helps support diversified, sustainable, and healthy diets for
a growing world population - and will have a trillion-dollar market
potential.
Wim Klop, Vice President DSM Biotechnology Center, says,
"Protein is an essential part of a balanced diet and vital for good
health. Yet its production has a big environmental footprint. With
the world population expected to grow to 10 billion people by 2050,
a wide variety of solutions for more sustainable proteins will be
needed. Cultivated meat is one of those promising, innovative
protein solutions in which DSM invests. Our commitment goes way
beyond investing in Meatable through DSM Venturing. With this joint
development agreement DSM will contribute its unique competencies
in biotechnology, such as fermentation, analysis and production
scale-up to help make the science of cultivated meat a
reality."
In addition to focusing on the cost-effective production of
growth media, DSM and Meatable will focus on the development of
meat-like taste and texture of the final product, which are
important factors influencing the purchase decision of
consumers.
"With traditional animal farming alone, we will not be able to
meet the growing demand for meat worldwide; we need breakthrough
solutions. Cultivated meat has the potential to provide the growing
world population with the protein source many people love - meat -
using an efficient and sustainable production process that respects
animal health and welfare," says Krijn de Nood, CEO and co-founder
of Meatable. "Joining forces with DSM, a global leader in
biotechnology, will accelerate our research and development
trajectory significantly. Together, we aim to develop the right
nutritional ingredients in a fundamentally more cost effective and
scalable process, to become the leading consumer choice for
cultivated meat."
DSM Venturing, the venture capital arm of Royal DSM, was a
participant in the consortium of funders of Meatable's recent raise
of $47 million in venture capital. Meatable aims to produce
cultivated meat for which animal health and welfare are respected,
fewer GHG emissions are released, and significantly less land and
water are required. Cultivated meat replicates the natural process
of fat and muscle growth, in proportions that emulate traditional
cuts of meat. The end-product will provide the full experience of
eating actual meat, with the same texture, taste, and nutritional
benefits, without harm to animals or the planet
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 16 companies at the Seed to Series B
stage in this rapidly advancing sector. It seeks to secure minority
stakes in companies owning technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/.
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with
approximately US$ 170 million invested worldwide between 2016-2019
and over US$ 270 million raised in 2020 alone. Additional
financings are anticipated as the capital requirements of these
companies grows to build out and scale up manufacturing facilities.
Currently it is estimated that there are 60 companies globally
within the sector. AT Kearney, a global consultancy, has predicted
that Cultivated Meat's market share of meat consumption will be 35%
by 2040.
For further information please contact:
Agronomics Beaumont Cenkos Peterhouse
Limited Cornish Limited Securities Capital TB Cardew
Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Michael Johnson Charles Goodfellow Joe McGregor
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) 7738
639396 +44 (0) 207 +44 (0) 207 +44 (0) 207 724 630
info@agronomics.im 628 3396 397 8900 469 0936 agronomics@tbcardew.com
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