REG - Agronomics Limited - Solar Foods Raises an Additional EUR8 Million

AgronomicsAnnouncement

26/04/2024 07:00

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RNS Number : 0577M  Agronomics Limited  26 April 2024

 

26 April 2024

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

("Agronomics" or the "Company")

Solar Foods Raises an Additional EUR8 Million in New Financing

Agronomics (LSE:ANIC), a leading listed company focused on the field of
cellular agriculture, is pleased to announce that portfolio company Solar
Foods Oy ("Solar Foods") has raised an additional EUR8 million in funding via
Finnish investment organiser Springvest Oyj.

 

This additional funding is a subsequent close to Solar Food's Series B round
which took place in November 2023
(https://polaris.brighterir.com/public/agronomics/news/rns/story/rn4q7kx) ,
bringing the total raise to EUR16 million. Solar Foods' first commercial-scale
factory, named Factory 01, has been fully operational since April this year
and is expected to produce 160 tons of Solein™ annually. Solar Foods has
already achieved regulatory approval for Solein™ in Singapore and is
currently in partnership with the Finnish food company, Oy Karl Fazer AB,
which is incorporating Solein into a chocolate snack. Solar Foods has also
submitted a dossier to the European Food Safety Authority and is in
conversations with multiple potential customers for the integration of
Solein™ into existing product lines.

 

To date, Agronomics has invested EUR6 million in Solar Foods. As disclosed in
Agronomics'
(https://polaris.brighterir.com/public/agronomics/news/rns/story/wv4j23w)
Unaudited Interim Results
(https://polaris.brighterir.com/public/agronomics/news/rns/story/wv4j23w) ,
this position is currently carried at a book value of £11.4 million,
including an uplift of £6.3 million. This subsequent raise remained on the
same terms as those set in November and there is no change to the value of
Agronomics position.

 

Agronomics' Executive Chair, Jim Mellon commented:

 

"Solar Foods has shown impressive execution with the funds they have raised to
date. It is one of the few companies in this field with a wholly owned and
fully operational factory and regulatory approval which puts Solar Foods as
one of the most advanced cell ag companies globally. We are very much looking
forward to seeing product sales begin in Singapore and for regulatory approval
in Europe."

 

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 Solein™

Solein™ is a microbial protein-rich powder that contains all the essential
amino acids. It is produced using a bioprocess where microbes are fed with
gases, including carbon dioxide, hydrogen, and oxygen, together with small
amounts of nutrients. The bioprocess resembles winemaking, with carbon dioxide
and hydrogen replacing sugar as the source of carbon and energy.

This type of production method has the potential to transform the
sustainability, availability, and transparency of what we eat and where food
can be produced. It is not reliant on agriculture, weather, or climate: it can
be produced in harsh conditions such as deserts, Arctic areas, even space.
Learn more about Solein™ at www.solein.com (http://www.solein.com/) .

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

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture including precision fermentation and cultivated meat. The
Company has established a portfolio of over 20 companies 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://clicktime.symantec.com/368cVqxx3R6vTFuHpf6MSE66Gi?u=https%3A%2F%2Fagronomics.im%2F)
https://agronomics.im/
(https://clicktime.symantec.com/368cVqxx3R6vTFuHpf6MSE66Gi?u=https%3A%2F%2Fagronomics.im%2F)
.

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For further information please contact:

 Agronomics           Beaumont              Canaccord Genuity Limited  Cavendish Capital Markets Limited  Peterhouse Capital    SEC Newgate

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

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

                                            Alex Aylen                 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

 

 

 

 

 

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