RCS - Agronomics Limited - BlueNalu Expands Partnership with Nomad Foods

AgronomicsAnnouncement

Wed 07:00

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RNS Number : 7026G  Agronomics Limited  30 April 2025

30th April 2025

 Agronomics (https://agronomics.im/) Limited

("Agronomics" or the "Company")

BlueNalu Expands Partnership with Nomad Foods

Agronomics (LSE: ANIC), a leading listed company in the field of clean food,
is delighted to announce that its portfolio company,  BlueNalu, Inc
("BlueNalu"), a global leader in cell-cultivated seafood, has expanded its
strategic partnership with (https://www.nomadfoods.com/) Nomad Foods
(https://www.nomadfoods.com/) Limited ("Nomad Foods"), Europe's leading frozen
food company, to support the commercialisation of its cell-cultivated seafood
products in the UK and across Europe.

Nomad Foods and BlueNalu first
(https://www.bluenalu.com/nomad-foods-and-bluenalu-collaborate-to-introduce-cell-cultured-seafood-in-europe)
announced their partnership
(https://www.bluenalu.com/nomad-foods-and-bluenalu-collaborate-to-introduce-cell-cultured-seafood-in-europe)
in 2021. To date, the partnership has explored opportunities to bring
cell-cultivated seafood to select markets in the UK and Europe. The new
partnership will now see the two companies work together on delivering a
market-entry strategy for the sale of BlueNalu's cell-cultivated seafood in
the UK, beginning with premium foodservice and limited-time offerings that
align with consumer demand for high-quality seafood options.

The partnership will also support BlueNalu's ongoing work with the UK
Government. In March, the Government announced that BlueNalu had joined the UK
Food Standards Agency's ("FSA") pioneering regulatory programme
(https://www.food.gov.uk/news-alerts/news/fsa-launches-pioneering-regulatory-programme-for-cell-cultivated-products)
to help speed up the approval process for cultivated-grown foods. The program
enables BlueNalu to work collaboratively with the FSA to navigate the
regulatory process for novel foods and ensure the highest food safety and
transparency standards. BlueNalu is the only company within the program
focused primarily on cell-cultivated seafood.

New research sponsored by BlueNalu also reveals strong enthusiasm among UK
sushi consumers for cell-cultivated bluefin tuna toro, which will be its first
commercial product. In a survey of 2,000 frequent sushi eaters conducted in
2024, 92% of respondents expressed interest in trying the product. The top
perceived benefits included its potential absence of parasites, pesticides,
microplastics, mercury, and antibiotics, followed by high omega-3 content.
Additionally, 74% expressed willingness to pay the same or more compared to
conventional bluefin tuna, due to its potential benefits.

Lou Cooperhouse, Founder, President, and CEO of BlueNalu commented "Our
cell-cultivated bluefin toro offers a new, high-quality seafood
experience-nutrient-rich, free from environmental contaminants, and designed
to complement a global supply chain that is increasingly fragile and
unpredictable. We are proud to work with trusted partners and forward-thinking
regulatory agencies to deliver safe, consistent, and desirable seafood to
consumers in the coming years. Our acceptance into the UK regulatory sandbox
reinforces BlueNalu's position as a global company at the forefront of food
system innovation."

Jim Mellon, Executive Chair of Agronomics said: "Today's news further
exemplifies the ongoing momentum in the cultivated food sector across the
globe. This research also confirms what we have known for some time, that
there is a strong demand from consumers, who want food options which are not
only more sustainable, but ones which are healthier and better for themselves
and the planet. We are looking forward to BlueNalu making waves in the UK, as
its partnership with Nomad Foods will drive forward innovation in the clean
food industry."

To date, Agronomics has invested a total of US$ 8.0 million (c.£6.1 million)
in BlueNalu which, subject to audit, is currently carried at £13.0 million.
This position represents c.8.6% of Agronomics' last stated Net Asset Value as
at 31 December 2024.

For more information about BlueNalu, please visit (http://www.bluenalu.com/)
www.bluenalu.com (http://www.bluenalu.com/) .

About BlueNalu

BlueNalu is pioneering the future of seafood by developing premium-quality,
cell-cultivated seafood products directly from fish cells. Founded in 2018 and
headquartered in San Diego, California, the company combines innovative
biotechnology with culinary expertise to deliver seafood products that align
with consumer preferences for health, safety, and sustainability. BlueNalu is
dedicated to supporting a more resilient global seafood supply chain and
reducing pressure on wild fish populations.

About Agronomics

Agronomics is a leading London-listed company focusing 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/) https://agronomics.im/
(https://agronomics.im/) .

 Agronomics Limited   Beaumont Cornish Limited  Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital Limited  33Seconds Limited
 The Company          Nomad                     Joint Broker               Joint Broker                       Joint Broker                Public Relations
 Jim Mellon           Roland Cornish            Andrew Potts               Giles Balleny                      Lucy Williams               Jack Ferris

 Denham Eke           James Biddle              Harry Pardoe               Michael Johnson                    Charles Goodfellow          Calum Warren-Piper
 +44 (0) 1624 639396  +44 (0) 207 628 3396      +44 (0) 207 523 8000       +44 (0) 207 397 8900               +44 (0) 207 469 0936        agronomics@33seconds.co

 info@agronomics.im

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