RCS - Agronomics Limited - Portfolio Company Update: Meatable

AgronomicsAnnouncement

14/09/2021 07:00

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RNS Number : 6388L  Agronomics Limited  14 September 2021

 

14 September 2021

 

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

("Agronomics" or the "Company")

 

 Portfolio company Meatable signs joint development agreement with Royal DSM

 

Agronomics, the leading listed alternative proteins company with a focus on
cellular agriculture and cultivated meat, is pleased to announce portfolio
company Meatable B.V. ("Meatable") has signed a joint development agreement
with Koninklijke DSM N.V. ("Royal DSM"). Agronomics holds 4,859 preferred
shares in Meatable, representing an equity ownership of 5.84% on a fully
diluted basis. The position in Meatable contributes approximately 6.9% to Net
Asset Value.

 

The full announcement is set out below with no material changes or
adjustments:

Meatable Enters into Joint Development Agreement with Royal DSM to Develop
Affordable Growth Media for Cultivated Meat

The companies believe this collaborative approach will result in patentable
findings that will address the core challenge of making cultivated meat
affordable and accessible on a large scale, and they will work closely
together to scale up the entire process

 

Innovative food company Meatable has entered into a joint development
agreement with Dutch multinational Royal DSM, a global purpose-led,
science-based company active in nutrition, health and sustainable living, to
co-develop growth media for cultivated meat. Growth media is a nutrient-rich
liquid which contains the essential nutrients such as carbohydrates, proteins,
salts, vitamins, and growth factors that cells need to grow.

 

Growth media is currently estimated to account for 50-90% of the production
cost of cultured meat. If pivotal technological and cost breakthroughs are
achieved, cultured meat could be one solution that helps support diversified,
sustainable, and healthy diets for a growing world population - and will have
a trillion-dollar market potential.

 

Wim Klop, Vice President DSM Biotechnology Center, says, ''Protein is an
essential part of a balanced diet and vital for good health. Yet its
production has a big environmental footprint. With the world population
expected to grow to 10 billion people by 2050, a wide variety of solutions for
more sustainable proteins will be needed. Cultivated meat is one of those
promising, innovative protein solutions in which DSM invests. Our commitment
goes way beyond investing in Meatable through DSM Venturing. With this joint
development agreement DSM will contribute its unique competencies in
biotechnology, such as fermentation, analysis and production scale-up to help
make the science of cultivated meat a reality."

 

In addition to focusing on the cost-effective production of growth media, DSM
and Meatable will focus on the development of meat-like taste and texture of
the final product, which are important factors influencing the purchase
decision of consumers.

 

"With traditional animal farming alone, we will not be able to meet the
growing demand for meat worldwide; we need breakthrough solutions. Cultivated
meat has the potential to provide the growing world population with the
protein source many people love - meat - using an efficient and sustainable
production process that respects animal health and welfare," says Krijn de
Nood, CEO and co-founder of Meatable. "Joining forces with DSM, a global
leader in biotechnology, will accelerate our research and development
trajectory significantly. Together, we aim to develop the right nutritional
ingredients in a fundamentally more cost effective and scalable process, to
become the leading consumer choice for cultivated meat."

 

DSM Venturing, the venture capital arm of Royal DSM, was a participant in the
consortium of funders of Meatable's recent raise of $47 million in venture
capital. Meatable aims to produce cultivated meat for which animal health and
welfare are respected, fewer GHG emissions are released, and significantly
less land and water are required. Cultivated meat replicates the natural
process of fat and muscle growth, in proportions that emulate traditional cuts
of meat. The end-product will provide the full experience of eating actual
meat, with the same texture, taste, and nutritional benefits, without harm to
animals or the planet

 

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 Capital

 Limited              Cornish Limited       Securities Plc        Limited               TB Cardew
 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
 +44 (0) 1624 639396  +44 (0) 207 628 3396  +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im                                                                     +44 (0) 7738 724 630

                                                                                        agronomics@tbcardew.com

 

 

 

 

 

 

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