TIDMANIC
Agronomics Limited
20 July 2022
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Meatable Unveil its Cultivated Pork
Sausage
Agronomics Limited (AIM:ANIC), a leading listed company focused
on cellular agriculture, is pleased to announce that its existing
portfolio company, the Dutch cultivated meat company Meatable B.V.
("Meatable") has revealed the first images of its cultivated pork
sausage product, created using real meat, produced differently.
Images can be seen here . This marks a major milestone for the
Dutch company as they approach wide-scale commercialisation, which
they expect to occur in 2025, if not sooner.
Agronomics holds 4,859 shares in Meatable, representing an
equity ownership of 5.84% on a fully diluted basis. Subject to
audit, Agronomics carries this position in its accounts at a book
value of EUR8.15 million, representing an unrealised gain on cost
of EUR2.95 million, following Meatable's completion of its US$ 47
million Series A financing announced in March 2021.
The full announcement is set out below with no material changes
or adjustments:
Leading cultivated meat company Meatable reveals its
groundbreaking pork sausages product for the first time
-- Industry-leading food company Meatable is developing
cultivated pork and beef with groundbreaking technology
-- Meatable is on a mission to create real meat that can serve
the planet's growing appetite without harming the environment or
animals in the process
-- Major milestone reached for the Dutch company as it reveals
images of its pork sausages for the first time
-- Meatable expects to sell its first products to consumers in 2025 - if not sooner
20 July, Delft - Meatable, the industry-leading food company
that is developing cultivated pork and beef with groundbreaking
technology, is today revealing images of its pork sausage for the
first time. The cultivated sausage is the first product to be
announced by the Dutch company, which aims to create real meat that
can serve the planet's growing appetite without harming the
environment or animals in the process.
The sausage of the future
The reveal of Meatable's cultivated sausages marks a major
breakthrough for the company. Since launching in 2018, Meatable has
been developing and refining its process to grow cultivated meat
using opti-ox(TM) technology, without the need for FBS (fetal
bovine serum). The company only needs one single cell sample, taken
harmlessly from an animal, to replicate the natural growth of
muscle and fat to create real meat. In the last few months, huge
steps have been taken by the team to create the cultivated sausages
which have the same structure, texture, glossiness and pronounced
pork flavour that customers know and love. The product even
produces the signature sizzle in the pan, just like traditional
sausages - this is because it isn't like meat, it is real meat.
It takes only a few weeks to grow Meatable's sausages. This
demonstrates the potential of cultivated meat to deliver the
delicious meat that consumers love and enjoy without the negative
effects on the planet, with studies showing that cultivated meat
could reduce the meat industry's environmental impact by up to 92%
. With 14% of the world's global emissions caused by the farmed
meat industry, Meatable believes cultivated meat will be essential
to combating climate change and creating a healthier planet.
Creating a new food order
Meatable decided to create sausages to satisfy potential
customers in Europe and the US with Germany alone comprising around
27% of the total volume of sausages consumed worldwide. Meatable
hopes that its sausage will be the first step to making cultivated
meat more accessible to the wider public.
However, as delicious as the sausages look, currently cultivated
meat is not legal to sell in Europe. Meatable has been working
closely with regulators in the Netherlands to support the passing
of a motion that will look to enable the wider tasting of
cultivated meat by the end of the year. As regulatory and safety
standards develop over the next few years, Meatable hopes this will
enable it to have its products widely on sale to consumers in 2025,
if not sooner.
In the meantime, Meatable will continue to develop and optimise
its meat with the support of its sensory panel as well as a team of
world-renowned food scientists and chefs to ensure the final
product boosts the right tastes and characteristics of traditional
meat, as well as further the development of other products in the
Meatable range.
Krijn de Nood, co-founder and CEO of Meatable, said: "This is a
truly exciting moment for the entire Meatable team. To be able to
see and cook our sausages for the first time was an incredible
experience especially as my co-founder Daan and I were able to
finally have our first taste. This was particularly exhilarating as
we know that all of our hard work over the past four years has been
successful in creating a real meat sausage that is
indistinguishable from traditional pork sausages. We believe that
cultivated meat is the future of food - meat that will satisfy the
world's appetites but without harming the planet or animals in the
process. We can't wait to enable more people to taste Meatable meat
on the next step of our journey to create the new natural
meat."
Daan Luining, co-founder and CTO of Meatable, said: "Over the
past four years, we've been constantly innovating and developing
our technology to get it to this stage today where we can hear the
sausages sizzle in a pan, see and, for Krijn and I, even taste this
incredible product that we've created. I hope more people can taste
it soon following the Dutch government's motion to enable
controlled tastings. This will ensure that people can experience
that this isn't just like meat, it is meat - 100% delicious meat,
identical on every level, but without any of the drawbacks. This is
one step on our journey to creating the new natural meat and I'm
looking forward to seeing how the product develops before we can
bring it to consumers in the next few years."
For further information please contact:
About Meatable
Meatable is an innovative, Dutch food company, aiming to
deliver, at scale, the new natural , cultivated meat that looks
like, tastes like, and has the nutritional profile of traditional
meat. Its proprietary opti-ox(TM) technology enables Meatable to
produce meat rapidly, sustainably, and without harming animals.
Founded in 2018 by Krijn de Nood (CEO), Daan Luining (CTO), and Dr.
Mark Kotter (principal inventor of opti-ox(TM)technology), Meatable
has brought together a team of experts with unique knowledge in
fields including molecular biology, chemistry, tissue engineering,
bioprocess development, food safety, and food science to create the
new natural meat. Follow Meatable : LinkedIn , Twitter , Instagram
, Facebook .
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 22 companies at the Pre-Seed to
Series C 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 Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter,
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists claims that
if we maintain existing animal protein consumption patterns, then
we will not meet the Paris Agreement's goal of limiting warming to
1.5
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however still less than US$ 4 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse TB Cardew
Limited Cornish Genuity Limited Securities Capital
Limited Plc Limited
The Nomad Joint Broker Joint Joint Public Relations
Company Broker Broker
========== =================== ============= ============= ========================
Richard Roland Andrew Potts Giles Lucy Ed Orlebar
Reed Cornish Harry Rees Balleny Williams Alistair
Denham James Alex Aylen Michael Charles Walker
Eke Biddle (Head of Equities) Johnson Goodfellow
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(0) (0) (0) (0) 7930 0777
1624 207 207 207 +44 (0) 7738
639396 628 +44 (0) 207 397 469 724 630
info@agronomics.im 3396 523 8000 8900 0936 agronomics@tbcardew.com
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