Agronomics Limited
21 January 2025
Agronomics Limited
("Agronomics" or the "Company")
Formo Secures a €35 million
loan from the European Investment Bank
Agronomics (LSE: ANIC), a leading
listed company in the field of cellular agriculture, is pleased to
report that its portfolio company, Formo Bio GmbH, ("Formo"), has
secured a €35 million loan from the European Investment Bank
("EIB").
The EIB loan is part of an
initiative aimed at investing over €370 billion in new technologies
by 2027 with the aim of supporting European companies developing
innovative products in nascent, transformative markets.
Founded in Berlin in 2019, Formo
specialises in utilising two technologies in its production of
cellular agriculture products. The first is micro-fermentation, in
which naturally occurring micro-organisms such as Formo's Koji
mushrooms are used to produce proteins without modifying the
micro-organism itself. Koji proteins are excellent for producing
cheese without using animal products. Its work has also
enabled Formo to develop bioidentical milk proteins, particularly
caseins with good melting properties. Traditional fermentation is
combined with the latest biotechnologies to produce caseins
efficiently and on an industrial scale.
The €35 million loan follows the US$
61 million in Series B funding that Formo secured in September 2024
- the third largest raise by an alternative protein startup last
year - bringing Formo's total financing to over €135 million to
date. The additional funds will be used to scale up manufacturing
of its Koji protein cheeses and develop new products through its
micro fermentation platform, in addition to securing regulatory
clearance for its precision-fermented casein in the US and the
EU.
Formo is already delivering key
products to supermarket shelves across the continent. To date, it
has launched its micro-fermentation product line, with several
flavours of the cream cheese alternative Frischhain distributed to
more than 2,000 METRO and REWE supermarkets in Germany and Austria
since September 2024. Other cheese alternatives - from Greek feta
to white and blue cheese, and an egg substitute for scrambled eggs
and baked goods - are currently in the scaling process and
preparing to be launched on the market.
Agronomics has invested €4.4
million in Formo, including the first investment
in December 2019 when Agronomics co-led Formo's Seed
round with M Ventures. The carrying value of Agronomics'
position is £9.3 million accounting for approximately 5.8% of
Agronomics' last stated Net Asset Value as at
30th
September 2024. Agronomics holds
an equity stake of 4.5% on a fully diluted basis.
Jim
Mellon, Executive Chair of Agronomics, said:
"Formo is leading the charge in the
global transition towards animal-free proteins, with several
popular products already serving a substantial area of the European
market. The significant backing from the European Investment Bank
is a testament to the quality of Formo's products, its commercial
roadmap and its success to date. In addition, it will provide
further financial resources to help Formo launch new products and
continue to scale and expand its product offering across the rest
of the continent - helping to bring ethical and sustainable
agricultural products to millions more people."
About Formo
Formo is an innovative European
fermentation startup that is redefining the future of cheese.
Founded in 2019 with locations in Berlin and Frankfurt, Formo
develops animal-free alternatives that combine taste and
sustainability. Using state-of-the-art fermentation technology,
Formo creates cheese alternatives that taste great and contribute
positively to the environment. Learn more at
https://formo.bio/.
About
Agronomics
Agronomics is a leading
London-listed company focussing on investment opportunities within
the field of clean food. The Company has established a portfolio of
over 20 companies in this rapidly advancing sector. It seeks to
invest 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 and improve food security for the world's
expanding population. A full list of Agronomics' portfolio
companies is available at https://agronomics.im/.
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Agronomics
Limited
|
Beaumont Cornish
Limited
|
Canaccord Genuity
Limited
|
Cavendish Securities
Plc
|
Peterhouse Capital
Limited
|
SEC Newgate
|
|
The
Company
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Nomad
|
Joint
Broker
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Joint
Broker
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Joint
Broker
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Public
Relations
|
|
Jim
Mellon
Denham
Eke
|
Roland
Cornish
James
Biddle
|
Andrew
Potts
Harry
Pardoe
Alex
Aylen (Head of Equities)
|
Giles
Balleny
Michael
Johnson
|
Lucy
Williams
Charles
Goodfellow
|
Bob
Huxford
Anthony
Hughes
|
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+44 (0)
1624 639396
info@agronomics.im
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+44 (0)
207 628 3396
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+44 (0)
207 523 8000
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+44 (0)
207 397 8900
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+44 (0)
207 469 0936
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agronomics@secnewgate.co.uk
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Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
END
