TIDMANIC
Agronomics Limited
14 September 2021
14 September 2021
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company, BlueNalu, and Nomad Foods Collaborate to
Introduce Cell-Cultured Seafood in Europe
Agronomics, the leading listed company in alternative proteins,
is pleased to announce portfolio company BlueNalu, Inc.
("BlueNalu") has entered a collaboration with Nomad Foods Limited
("Nomad Foods").
Agronomics currently holds both shares and a Convertible
Promissory Note in BlueNalu which would, in aggregate, represent an
equity interest of circa 5.85% on a fully diluted basis and be
valued, subject to audit, at approximately GBP13.4 million (see
announcement of 20 January 2021 for more details on the basis of
this calculation). The BlueNalu position represents roughly 6.3%
portfolio weighting to Net Asset Value.
The full announcement is set out below with no material changes
or adjustments:
FELTHAM, England & SAN DIEGO--( BUSINESS WIRE )--Nomad
Foods(1) , Europe's leading frozen food company and BlueNalu(2) a
leading innovative food company developing a variety of seafood
products directly from fish cells, have agreed to explore the
introduction of cell-cultured seafood in Europe, where demand for
sustainably produced, healthy seafood products continues to grow.
Europe is the largest importer of seafood in the world due to high
consumption rates, with EU citizens consuming more than three times
as much as they produce.(3)
The agreement represents the first of its kind in Europe between
a consumer packaged goods company and a cell-cultured seafood
company, and underpins Nomad Foods' commitment to sustainable
growth through the development and scaling of emerging food
technologies. The agreement also signifies a mutual interest in the
commercialization of cell-cultured seafood in Europe to help meet
rising demand and support wider efforts to safeguard the long-term
availability of quality, affordable seafood that is healthy for
people and sustainable for the planet. It includes a collaboration
to conduct market research and identify consumer insights, assess
regulatory requirements, and explore new business and product
opportunities that would be unlocked by the introduction of
cell-cultured seafood throughout Europe.
Stéfan Descheemaeker, Chief Executive Officer, Nomad Foods,
said: "The food industry is at a transformational moment as
consumer demand for nutritious, high-quality food is growing, the
importance of sustainability has never been more apparent, and the
role of technology in delivering these needs is accelerating.
"We are at the forefront of a generational shift towards
healthier, more sustainable eating and are delighted to announce
our collaboration with BlueNalu. Their breakthrough technology in
cell-cultured seafood perfectly aligns with our purpose and will
enable us to continue to introduce innovative and great tasting
seafood products that are good for people, good for the planet and
accessible to all."
Lou Cooperhouse, President and Chief Executive Officer,
BlueNalu, said: "As the latest IPCC report(4) on the climate crisis
demonstrates, the decisions we make over the next decade will have
a profound impact on life on this planet for generations to
come.
"We are excited by the opportunity to collaborate with Nomad
Foods, which has revered, market- leading brands such as Birds Eye,
Findus and iglo, to accelerate our market strategy in Europe. With
this announcement, BlueNalu is well-positioned to bring our
leading-edge innovation into Europe in the coming years, which
complements our existing collaborations in Asia and North
America."
Notes to editors:
1 Europe includes the UK, which is Nomad Foods largest market
2 BlueNalu's non-GMO technology platform is designed to produce
a wide array of seafood products from a variety of species in order
to meet consumer demand and supplement gaps in supply in each
region where it goes to market. BlueNalu has implemented a species
selection strategy that complements the current seafood supply
chain, focusing on fish species that are typically imported,
difficult to farm-raise, are overfished or non-sustainable, and/or
contain higher levels of environmental contaminants. Cell-cultured
seafood has the potential to democratize sustainable, nutritious
seafood, minimize food waste, improve transparency, and support the
biodiversity in the ocean. BlueNalu's cell-cultured seafood
products could offer a healthy, regenerative, consistent, and
predictable seafood solution that is traceable, secure, and
safe.
BlueNalu's business strategy is to partner with leading
multinational companies on market research, regulatory affairs,
product design and development, manufacturing, marketing, sales and
distribution, with an aim to efficiently and effectively bring
BlueNalu's branded cell-cultured seafood products to consumers
worldwide. This announcement with Nomad Foods follows additional
collaborations announced earlier by BlueNalu, including agreements
with Pulmuone Co, Ltd. in South Korea, Sumitomo Corporation and
Mitsubishi Corporation in Japan, and Thai Union in Thailand.
3 Source: EU Blue Economy Report 2021, https://blueindicators.ec.europa.eu/sites/default/files/2021_06_BlueEconomy_Report-2021.pdf p35-40
4 UN Intergovernmental Panel on Climate Change (IPCC) AR6 report summary https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM.pdf
About Nomad Foods
Nomad Foods (NYSE: NOMD) is Europe's leading frozen food
company. The Company's portfolio of iconic brands, which includes
Birds Eye, Findus, iglo, Aunt Bessie's and Goodfella's, have been a
part of consumers' meals for generations, standing for great
tasting food that is convenient, high quality and nutritious. Nomad
Foods is headquartered in the United Kingdom. Additional
information may be found at www.nomadfoods.com .
About BlueNalu
BlueNalu's mission is to develop great-tasting, healthy, safe
and trusted cell-cultured seafood products that support the
sustainability and diversity of our ocean. BlueNalu is aligned with
the United Nations' Sustainable Development Goals, a blueprint to
achieve a better and more sustainable future for our planet. The
company began its operations in 2018 and is based in San Diego,
California. To learn more about BlueNalu, please visit
www.BlueNalu.com .
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
------------------ ------------------ --------------------- ------------------------
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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