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

AgronomicsAnnouncement

05/12/2023 15:30

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RNS Number : 7648V  Agronomics Limited  05 December 2023

5 December 2023

Agronomics Limited

("Agronomics" or the "Company")

Investee Company Update: Clean Food Group Awarded UK Government Funding

 

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"), a company focused on commercialising
sustainable palm oil via precision fermentation, has been awarded funding for
a £1 million project by the UK government to accelerate novel low-emission
food production systems.

The funding has been awarded by Innovate UK, the UK's national innovation
agency and the Biotechnology and Biological Sciences Research Council
("BBSRC"). This represents the UK's broader mission to lead the global drive
for innovative biotech solutions for a more sustainable, secure and healthy
food system. The funding will accelerate the commercialisation of Clean Food
Group's fermentation-derived oils and fats which can be used as ingredients in
both food and cosmetics.

Clean Food Group's proprietary technology platform uses proven, scalable yeast
strains and fermentation technology to convert food waste into sustainable
alternatives to traditional oil and fat ingredients. For the 18-month project,
Clean Food Group will collaborate with the University of Bath, leveraging its
world-class biotech research capabilities.

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.

Clean Food Group Co-founder and CFO, Tom Ellen, commented:

"We are delighted to have been granted this funding by Innovate UK and the
BBSRC. The award is a true validation of our technology platform and
commercialisation strategy and will help us rapidly scale our manufacturing
capabilities and regulatory pathways to achieve the necessary Food and
Cosmetic regulatory approval for our products. We have a long history with the
University of Bath and are thrilled to strengthen this further as we continue
working with their world-leading research team."

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

"We have long been champions of Clean Food Group's technology and this funding
is a recognition of the cutting-edge quality of its platform. Clean Food
Group's ability to convert food waste into valuable oil and fat alternatives
can play a fundamental role in the global transition to sustainable food
production. We are delighted the UK Government is leading the way in
supporting such an important company."

The full announcement can be found here:
https://www.prnewswire.co.uk/news-releases/uk-government-awards-clean-food-group-funding-for-1-million-project-to-accelerate-novel-low-emission-food-production-systems-302005224.html?tc=eml_cleartime
(https://eur06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.prnewswire.co.uk%2Fnews-releases%2Fuk-government-awards-clean-food-group-funding-for-1-million-project-to-accelerate-novel-low-emission-food-production-systems-302005224.html%3Ftc%3Deml_cleartime&data=05%7C01%7Cisabel%40agronomics.im%7Cc48d4093187a4c3a60c308dbf5714bfb%7C859da425033e4dd184c9c55a63f8b18d%7C0%7C0%7C638373639218750883%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=QiNhn6XmWTlZsE%2Fv8PBrrh107bX4M1Dk5RmYefhfmX0%3D&reserved=0)
.

 

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 biotech, 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/) .

For further information please contact:

 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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