RCS - Agronomics Limited - Solar Foods to list on Nasdaq First North Finland

AgronomicsAnnouncement

29/08/2024 12:15

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RNS Number : 1863C  Agronomics Limited  29 August 2024

29 August 2024

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

("Agronomics" or the "Company")

Solar Foods to list on Nasdaq First North Growth Market Finland

Agronomics (LON: ANIC), a leading listed company in the field of cellular
agriculture, is pleased to report that portfolio company Solar Foods Oyj
("Solar Foods") has announced that it is planning a listing and application
for admission of its shares to trading on the Nasdaq First North Growth Market
Finland. The planned listing will be carried out in September 2024. No share
issue or sale will be arranged in connection with the listing. Solar Foods
represents 6.7% of Agronomic's last stated Net Asset Value (30/06/2024).
(https://polaris.brighterir.com/public/agronomics/news/rns/story/xjdzgkx)

Solar Foods explains that the main purpose of the listing is to enable them to
enact their global growth strategy, which involves the commissioning of
Factory 02, a commercial-scale production facility. Solar Foods is already a
notably advanced company in the field, given its wholly owned and fully
operational facility (Factory 01), which launched in April this year. This
facility can produce 160 tonnes of Solein(®) per year, which can be used as a
food raw material with high protein content and which will be sold to
customers for testing, marketing and piloting new products. Factory 02 is
critical to Solar Foods' growth strategy, given it is estimated to be 50-100
times larger than Factory 01, allowing for the production of Solein(®) at a
favourable cost of EUR 4.3-5.2/kg, which is expected to decrease further with
future technical developments.

Along with financing the construction of Factory 02 to scale production,
achieving regulatory approval in other jurisdictions is key to Solar Foods'
growth strategy. Solar Foods' management expects to achieve self-affirmed
Generally Recognised as Safe status in the US by the end of 2024, allowing
sales to begin and making the US the second jurisdiction to approve Solein(®)
alongside Singapore. Solar Foods also has applications pending approval in the
UK and in the EU.

The direct listing on the Nasdaq First North Growth Market Finland will allow
the company to access new and larger pools of capital, facilitating the
implementation of its growth strategy. Following the close of its
oversubscribed EUR 16 million Series B round on the Finnish fundraising
platform Springvest Oyj, Solar Foods meets the requirements for the listing
and is well positioned, given the demand for its shares has been tested.

Jim Mellon, Co-Founder and Executive Chair of Agronomics commented:

"Solar Foods has shown an impressive ability to execute particularly regarding
securing the financing for and the construction of Factory 01, which makes the
company one of few in the field with a wholly owned and fully operational
facility. We are confident in the ability of Solar Foods' management team  to
deliver on the next stage of its growth strategy, investing in developing and
expanding its production capability and the commercialisation of products in
key markets where regulatory approval is imminent."

For the Solar Foods' full announcement please see the following link:

https://investors.solarfoods.com/release/0fefa5b3-76a7-4c99-9dc8-e9943a466aff
(https://investors.solarfoods.com/release/0fefa5b3-76a7-4c99-9dc8-e9943a466aff)

About Solar Foods (https://solarfoods.com/)

Solar Foods produces protein using carbon dioxide and electricity. Solein(®)
production, irrespective of weather and climate conditions, liberates global
protein production from the constraints of traditional agriculture. Solar
Foods, founded in 2017 in Espoo, Finland by Dr Pasi Vainikka, Dr Juha-Pekka
Pitkänen, Sami Holmström, Jari Tuovinen, Professor Jero Ahola, and Janne
Mäkelä as a spinoff from VTT Technical Research Centre of Finland and LUT
University. www.solarfoods.com (http://www.solarfoods.com/) .

About Agronomics

Agronomics is a leading London-listed company focussing on investment
opportunities within the field of cellular agriculture. 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/) .

For further information please contact:

 

 Agronomics Limited   Beaumont Cornish Limited  Canaccord Genuity Limited       Cavendish Capital Markets Limited  Peterhouse Capital Limited  SEC Newgate
 The Company          Nomad                     Joint Broker                    Joint Broker                       Joint Broker                Public Relations
 Jim Mellon           Roland Cornish            Andrew Potts                    Charlie Combe                      Lucy Williams               Bob Huxford

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

                                                Alex Aylen (Head of Equities)
 +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

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.

 

 

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