RCS - Agronomics Limited - California Cultured Update

AgronomicsAnnouncement

14/02/2024 07:00

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RNS Number : 0400D  Agronomics Limited  14 February 2024

14 February 2024

Agronomics Limited

("Agronomics" or the "Company")

California Cultured Partners with Leading Japanese Chocolate Company Meiji for
the Production of Cell-Based Cocoa Products

 

Agronomics, a leading listed company focused on the field of cellular
agriculture, is pleased to announce that its portfolio company, California
Cultured Inc. ("California Cultured"), has reached a partnership agreement
with the Japanese company Meiji Co., Ltd, ("Meiji"), Japan's largest chocolate
manufacturer. Agronomics led California Cultured's seed round in October 2021
with a US$ 2.2 million investment in the form of a Simple Agreement for Future
Equity ("SAFE").

 

The partnership involves a 10-year-long arrangement for the supply and
integration of California Cultured's cell-cultured flavanol cocoa powder into
an array of products tailored for both the US and Japanese markets. The
co-branded packaged goods, including chocolate, truffles and
wellness-enhancing chocolate, will mark the first time cell-cultured cocoa
will enter any market worldwide.

The global chocolate industry faces significant issues regarding ethical and
secure supply chains. Unpredictable weather patterns have been disruptive to
cacao cultivation and have caused volatility in supply and price, which poses
an issue for large manufacturers. Cell culturing technology allows the
production of cocoa to be decoupled from tropical plantations, addressing key
issues in the industry including uncertain weather conditions, deforestation
concerns and labour exploitation.

California Cultured CEO, Alan Perlstein commented:

"We need to build a resilient, superior future for chocolate. This partnership
is the first step in achieving this. With our scalable technology, we're
positioned to excel in the field of plant-based cellular agriculture, where we
pioneer the creation and cultivation of cells to redefine how we grow and
produce innovative, sustainable products."

Jim Mellon, Agronomics Executive Chairman added:

"This partnership marks a significant milestone in the ongoing transition
towards developing sustainable food production systems. It is a great example
of how biomanufacturing provides a viable solution to environmental and
ethical issues associated with industrial agricultural production while
serving the needs of large multinational food companies."

To read the full announcement please see the following link:
https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/
(https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/)

 

 

 Agronomics           Beaumont              Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital    SEC Newgate

 Limited              Cornish Limited                                                                     Limited
 The Company          Nomad                 Joint Broker               Joint Broker                       Joint Broker          Public Relations
 Jim Mellon           Roland Cornish        Andrew Potts               Giles Balleny                      Lucy Williams         Bob Huxford

 Anthony Hughes
 Denham Eke           James Biddle          Harry Pardoe               Michael Johnson                    Charles Goodfellow

                                            Alex Aylen                 Charlie Combe
 +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@secnewgate.co.uk

 info@agronomics.im

 

 

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