RCS - Agronomics Limited - Investee Company Update: Clean Food Group

AgronomicsAnnouncement

01/12/2023 07:00

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RNS Number : 2907V  Agronomics Limited  01 December 2023

1 December 2023

Agronomics Limited

("Agronomics" or the "Company")

Investee Company Update: Clean Food Group partners with Leading UK Bakery
Brand

 

 

Agronomics, a leading listed company focused on the field of cellular
agriculture, is pleased to announce that its portfolio company, Clean Food
Group Ltd ("Clean Food Group"), has reached a partnership agreement with
Roberts Bakery Ltd ("Roberts Bakery"), one of the UK's leading bakery brands.

The partnership will enable Clean Food Group to use Roberts Bakery's surplus
bread as a feedstock for its proprietary non-GMO yeast strain in the
production of its precision fermentation palm oil. Waste bread is a
significant concern to producers and retailers, with studies finding that
nearly one million tonnes of bread are lost from the supply chain each year.
This innovative process will convert the discarded bread into valuable oils
and fats, showcasing the potential of circular economy principles within the
food industry. Overall, it marks a significant step forward as both companies
aim to address the pressing issue of food waste.

The partnership will begin with an initial trial phase and, going forward, the
ambition is to create a circular ecosystem, with Roberts Bakery providing
Clean Food Group with its bread waste, to produce oils that can be used as an
ingredient in bread and biscuits, when combined with glucose syrup.

To date, Agronomics has invested a total of £900,500 into Clean Food Group
which, subject to audit, is carried at £6.27 million, including an unrealised
gain on cost of £5.37 million. This position accounts for approximately 4% of
the last published Net Asset Value of Agronomics (30/09/23)
(https://polaris.brighterir.com/public/agronomics/news/rns/story/rdlm2px) ,
including post-balance sheet date adjustments. Agronomics has an equity
ownership of 30.59% on a fully diluted basis in Clean Food Group.

Jim Mellon, Executive Director of Agronomics and Director of Clean Food Group,
commented: -:

"This partnership marks a significant milestone in the ongoing transition
towards developing sustainable food production systems. A partnership between
a household UK brand like Roberts Bakery and Clean Food Group  shows the
steps being taken to help address both the harmful problem of food waste and
the unsustainable production of fats and oils."

Professor Chris Chuck, Co-founder at Clean Food Group, added: -

"We're seeing some great results from our early trials, irrespective of what
the bread is, our yeast can use not just the whole carbohydrate fraction but
the protein and microelements present as well. This all-in-one feed, gives us
a real advantage over using more complex media, in both performance and
sustainability."

The full announcement can be found here: Clean Food Group and Roberts Bakery
Partner to Pioneer Bread Waste Reduction in the Baking Industry
(prnewswire.co.uk)
(https://www.prnewswire.co.uk/news-releases/clean-food-group-and-roberts-bakery-partner-to-pioneer-bread-waste-reduction-in-the-baking-industry-301998181.html?tc=eml_cleartime)

 

About Clean Food Group:

Clean Food Group is a UK-based food-tech business delivering sustainable oils
and fats solutions to the world's food and cosmetics manufacturers, with the
mission to deliver scalable, healthier, competitively priced ingredients that
have a positive impact on the economic, environmental, and social health of
the planet. Clean Food Group is founded by a team with key experience in
growing bio-tech, food industry and retail businesses supported by established
venture capital and family office investors with a track record supporting
fast-growth start-up companies in highly regulated industries. Clean Food
Group's proprietary technology platform has been developed as a result of 8
years of pioneering research by Professor Chris Chuck, technical lead at Clean
Food Group, and the University of Bath.

 

About Agronomics

Agronomics is a leading listed company with a focus on cellular agriculture
and cultivated meat. 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/) .

 

 

 Agronomics           Beaumont              Canaccord Genuity Limited       Cavendish Securities Plc  Peterhouse Capital    SEC Newgate

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

 Denham Eke           James Biddle          Harry Rees                      Michael Johnson           Charles Goodfellow    George Esmond

                                            Alex Aylen (Head of Equities)                                                   Anthony Hughes

                                                                                                                            Alice Cho
 +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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