ANIC Agronomics Limited

19 August 2024

Agronomics Ltd

("Agronomics" or the "Company")

Solar Foods Launch New Solein-powered products in Singapore 

Agronomics (LON: ANIC), a leading listed company in the field of cellular agriculture, is pleased to announce that its portfolio company Solar Foods Oy ("Solar Foods") has unveiled two new Solein™-powered products in partnership with the Japanese multinational food and bioscience corporation Ajinomoto Co. Inc. ("Ajinomoto"), to be launched in the Singapore following approval from the Singapore Food Agency.

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

"The partnership with Ajinomoto, a food company with a presence in 130 countries, paves the way for expansion into other markets. Solar Foods is one of the most advanced cell agriculture companies, with a wholly owned and fully operational factory to deliver products directly to customers and key retail suppliers. We are very much looking forward to seeing product sales begin in Singapore and for regulatory approval in the US and Europe."

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

VANTAA, 9 August 2024. Solein® takes its next step towards commercial use as leading Japanese food manufacturer, the Ajinomoto Group, unveils two new Solein-powered products: Traditional Flowering Mooncakes and Ice Cream Sandwiches. The products are the first to be launched under Ajinomoto's new conscious brand Atlr.72™. The limited edition launch in Singapore marks a significant leap forward, making Solein available for consumers and larger scale commercial use.

Last year, Solar Foods and Japanese food giant Ajinomoto entered a strategic product development partnership, with the aim of piloting Solein-powered products in Singapore. The partnership is now proceeding to the next stage with Ajinomoto launching the new conscious brand Atlr.72™ (Atelier Seven Two) to drive the company's green food business, in response to the growing demand for health- and environmentally conscious products. The first limited-edition products of the brand, Flowering Mooncakes and Ice Cream Sandwiches, are both powered by Solein.

After piloting the products in Singapore, the first market where Solein has been granted the food authorities' novel food approval, Ajinomoto is looking into expanding to other countries and regions. The company also plans to broaden the brand from sweet products to everyday foods. In addition, they will continue to test and verify the best sales channels.

Huge leap forward for Solein

This April, Solar Foods' Factory 01 started its operations. Factory 01 is the first facility providing commercial-scale production of Solein for the needs of the food industry, food brands and food service companies; making it possible for Solein to be available to consumers on a large scale, for the first time.

"Ajinomoto's launch marks an important milestone on our journey to renew existing food categories and reduce the environmental impact of food production. It's a major step for the commercial use of Solein as our new factory is now ramping up its production, paving the way for the introduction of Solein to people's plates", says Solar Foods CEO and Co-founder Pasi Vainikka.

Solein is also expected to enter the US market with a US GRAS status (Generally Recognized As Safe) in the upcoming months, which will open up new possibilities for the commercial use of Solein. In addition, applications for novel food authorisation have previously been filed in other key markets such as the UK and the European Union.

Fostering a new era of next generation food systems

The green food business is one of the Ajinomoto Group's major growth areas, and as a part of this business, Ajinomoto promotes the co-creation of new food ingredients and next-generation food systems, including protein, with low environmental impact. The company believes that the most important elements of a food product are good taste, good appearance, and affordability, and that consumers will be more receptive and satisfied if they are aware that the product contains health- and environmentally conscious raw materials and ingredients.

"With the new brand, Ajinomoto proposes a new food lifestyle that fosters a respect for nature in today's consumers. Solar Foods is proud to be supporting this ambition, and we share the vision for what the future of food will be", Vainikka continues.

In the Atlr.72™ Flowering Mooncakes and Ice Cream Sandwiches, Solein is substituting dairy, giving the final products a protein boost and helping reduce the final product's environmental impact. Solein also contributes to the rich consistency of the ice cream. The other ingredients in these novelties have also been selected with a focus on health and environmental sustainability.

The products will be available for a limited time in Ajinomoto's pop-up stores in two of Singapore's largest commercial facilities, Takashimaya Singapore as of August 12^th and One Holland Village as of August 30^th. The launch takes place ahead of the Mid-Autumn Festival, when Singaporeans traditionally gift mooncakes to each other while wishing their family and friends happiness.

What is Solein?

Solein is an all-purpose protein grown with the air we breathe: The unique bioprocess takes a single microbe, one of the billion different ones found in nature, and grows it by fermenting it using air and electricity. Solein is a nutritionally rich and versatile ingredient which can replace protein virtually in any food. Solein can also be used as a fortifier to complement the nutritional profile of various foods: it can be a source of iron, fibre and B vitamins, and it can also bring different techno-functionalities into food products. Solein is suitable for any food or product, regardless of diet. Learn more about Solein at www.solein.com.   

About Solar Foods

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.

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/.

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