REG - Agronomics Limited - Meatable awarded €7.6 million Innovation Credit

AgronomicsAnnouncement

24/09/2024 09:00

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RNS Number : 3283F  Agronomics Limited  24 September 2024

24 September 2024

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

("Agronomics" or the "Company")

Meatable awarded €7.6 million Innovation Credit

Agronomics, a leading listed company in the field of cellular agriculture, is
pleased to announce that its portfolio company, Meatable B.V. ("Meatable"),
has secured €7.6 million in funding under the Innovation Credit programme
from the Netherlands Enterprise Agency
(https://english.rvo.nl/subsidies-financing/innovation-credit) .

The programme is intended for the development of innovative development
projects that are proven to have a good degree of technical feasibility and
excellent market prospects. The funding is in the form of milestone linked
credit payments
(https://english.rvo.nl/en/subsidies-financing/innovation-credit/conditions)
that are spread out across the period and will be repaid following the
completion of the project. Meatable will use the credit to further improve
productivity and reduce costs in the lead-up to commercialisation.

Meatable has rapidly emerged as a frontrunner in the field of cultured meat,
having raised approximately €97 million to date including a €30 million
Series B funding round in August 2023. Meatable has also recently achieved a
groundbreaking milestone by hosting Europe's first public tasting
(https://www.forbes.com/sites/danieladelorenzo/2024/04/17/eu-bites-into-cultivated-meat-as-meatable-sets-first-sausage-tasting/)
of its cultivated meat products at its headquarters in Leiden, Netherlands. In
addition, Meatable announced in April that it had achieved a 50% reduction in
production times (https://meatable.com/4-days/) for its pork sausage from 8
days to just 4.

Agronomics Co-Founder and Executive Chair Jim Mellon commented:

"The new funding awarded to Meatable is a testament to its innovative approach
and the immense potential of cultured meat. As global meat consumption
continues to rise, traditional livestock production methods are facing
increasing pressure to meet demand while mitigating environmental impacts.
Meatable's innovative approach offers a promising solution by producing meat
without the need for animal slaughter, thereby reducing carbon emissions,
water consumption, and land use. We are excited to see Meatable enter the next
stage of growth as it achieves regulatory approval and commercialises its
products."

The full announcement is set out below without any material changes:

September 2024 - Meatable has been awarded EUR 7.6 million under the
Innovation Credit program by the Netherlands Enterprise Agency (RVO). The RVO
Innovation Credit is intended for the development of innovative development
projects with considerable technological risks and excellent market prospects.
Meatable will use the credit to further improve productivity and reduce costs
in the lead-up to commercialisation.

Demand for meat continues to grow rapidly. Already, as many as 828 million
people - or 10% of the world's population - go to bed hungry each night. To
keep up with this demand, the required supply increases under current
livestock production methods will have further devastating impact on the
environment and society. Cultivated meat is set to be part of the solution -
one single sample of cells has the potential to feed the world, without any of
the environmental or societal drawbacks.

Meatable has developed a unique technology platform to produce cultivated meat
and will work as a partner to the meat industry to roll out products at scale.
The Innovation Credit comes on top of Meatable's 2023 $35 million Series B
funding round and will bring the company one step closer to fulfilling its
vision of satisfying the world's appetite for meat, without harming people,
animals or the planet.

The Netherlands Enterprise Agency helps entrepreneurs and organisations to
invest, develop and expand their businesses and projects, both in the
Netherlands and abroad. RVO is a government agency and part of the Dutch
Ministry of Economic Affairs.

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                    Giles Balleny                      Lucy Williams               Bob Huxford

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

                                                Alex Aylen (Head of Equities)   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

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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