TIDMANIC
Agronomics Limited
10 October 2022
10 October 2022
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Meatable Announces Partnership with Commercial
Scale Cultivated Meat Manufacturer Esco Aster
Agronomics (AIM:ANIC), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that
portfolio company Meatable B.V. ("Meatable") has announced a
partnership with the world's only licensed large scale contract
manufacturer for cultivated meat, Esco Aster, based in Singapore.
This partnership will facilitate the production of Meatable's
cultivated pork products, which are aiming to initially be launched
in selected restaurants in Singapore in 2024, subject to meeting
Singaporean regulatory requirements.
Agronomics holds 4,859 shares in Meatable, representing an
equity ownership of 5.84% on a fully diluted basis.
The full announcement is set out below without any material
changes:
Cultivated meat leader Meatable announces partnership with the
world's only licensed manufacturer Esco Aster to become first
cultivated pork producer in Singapore
-- Industry-leading food company Meatable is announcing its
first international expansion to Singapore in partnership with
industry-leading Contract Manufacturer Esco Aster
-- The partnership will enable Meatable to produce cultivated
pork, including dumplings, sausages and other products for
customers - a first for the Southeast Asian country
-- Huge steps have been taken to create cultivated pork that has
the same structure, texture, juiciness and pronounced pork flavour
that customers know and love
-- Meatable aims to meet the demand for meat that doesn't harm the planet, animals or humans
10 October, Delft: Meatable, the innovative Dutch food tech
company that is on a mission to deliver cultivated meat at scale,
is partnering with Esco Aster, the first and only commercially
licensed cultivated meat manufacturer, as part of its first
international expansion to Singapore. The partnership will see the
two companies collaborate to produce cultivated pork, with the aim
to have products ready for launch in selected restaurants in 2024.
This marks the next step in Meatable's mission to create meat that
serves the planet's growing appetite without harming people,
animals or the environment.
Meatable was founded in the Netherlands in 2018 with the aim to
produce cultivated meat that looks like, tastes like, and has the
nutritional profile of traditional meat, to serve the planet's
growing appetite for meat without harming people, animals or the
environment. The company is currently focusing on developing
cultivated pork, including sausages and dumplings, to make
cultivated meat more accessible to the wider public.
Meatable's first international expansion
Meatable is partnering with Esco Aster in Singapore to enable it
to bring its first products to market, most likely starting with
cultivated pork dumplings and sausages. Meatable chose the
Southeast Asian country for its first international expansion as it
is a leading food and agritech hub. Singapore was the first country
to approve cultivated meat in 2020 with Esco Aster's facility, as
part of its 30 by 30 strategy. Singapore aims to build up its
agri-food industry's capability and capacity by producing 30% of
its nutritional needs locally and sustainably by 2030. Currently,
the country imports 90% of its food , with each citizen consuming
an average of 62kg of meat annually. In 2020 alone, over 123,000
metric tonnes of pork were consumed in Singapore.
Esco Aster was founded in Singapore in 2017 and is currently the
first and only production facility worldwide to obtain regulatory
approval to produce cultivated meat products in Singapore. Its
first-in-class cultivated meat production facility, combined with
industry-leading scientists and food safety specialists, enables
the acceleration of proof-of-concept to market.
Together, the two companies will produce cultivated pork on a
small scale by 2024 for restaurants with the aim to have products
on sale in supermarkets by 2025, with Esco Aster enabling Meatable
in developing, upscaling and realising its first consumer products.
It helps that both companies are aligned on the mission to have a
positive impact on the global meat industry, starting in Singapore,
but with plans to expand across the world as and when legislation
for this nascent sector develops.
The world's first cultivated pork dumplings
To address the Singaporean consumer, Meatable is working on the
development of several pork products, including cultivated pork
dumplings, a world-first for the cultivated meat industry. The
global dumpling market is poised to grow by $4.01bn between 2021
and 2025 . To serve this demand, Meatable is working closely with
Singaporean chefs, to develop great-tasting bespoke pork,
specifically for the Asian market. The team has taken huge steps in
the last few months to create cultivated meat products which have
the same structure, texture, juiciness and pronounced pork flavour
that customers know and love.
The aim is that Meatable's dumplings, and other cultivated pork
products including sausages and mince, will be the perfect choice
for local partners in Singapore and the wider Asian market who are
looking to diversify their consumer offerings with a tasty,
healthy, cultivated meat which is produced locally while staying
true to the local cuisine.
Creating meat without harm
Meatable's proprietary opti-ox(TM) technology will revolutionise
how cultivated meat is produced in what is predicted to become a
$25 billion industry by 2030. 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 what
Meatable believes to be the fastest process in the field, to grow
the pork needed for its sausages and dumplings. Meatable's
technology enables it to create cultivated meat without the need
for FBS (foetal bovine serum), whilst at the same time using only a
fraction of the resources from energy to water.
In the meantime, Meatable is going to work closely with
Singaporean food regulators to ensure its pork dumplings meet
regulatory requirements as it gears up for production. As well, the
wider team will continue to develop and optimize its dumplings and
sausages to ensure the final products offer the right tastes and
characteristics of traditional meat and satisfy the world's growing
demand for meat that doesn't cause harm.
Krijn de Nood, co-founder and CEO of Meatable, said: "At
Meatable we strongly believe that cultivated meat is the future of
food, in order to produce meat sustainably and as local as
possible. To do that it's imperative that we provide a wide variety
of products to cater for all cuisines, worldwide. Given Singapore's
status as a pioneer of cultivated meat, we're delighted to be
partnering with Esco Aster to begin production of our cultivated
pork products with the aim to launch in restaurants in 2024. Our
team has been working closely with the country's butchers and chefs
to develop the perfect cultivated pork dumplings and it was
incredible to recently taste the dumplings and know that we have
created something indistinguishable from traditional meat - because
it is real meat. Along with our sausages, we have made great
strides in recent months to create products that will satisfy the
world's appetites without harming the planet or animals in the
process."
Xiangliang Lin, CEO at Esco Aster, said: "Meatable has emerged
as one of the world's leading companies in developing cultivated
meat. We're delighted to be partnering with them to facilitate
their launch in Singapore and to enable the business to start
producing cultivated pork for customers. With our scientific
expertise, operational know-how and enabling technologies, we
believe that we can help companies reach their milestones and
advance to the next step of cultivated meat production with market
approval at scale. We're excited about the potential for cultivated
meat to transform how we feed the world and we're looking to expand
our facilities within and outside of Singapore to enable more
companies like Meatable across this space."
Hans Huistra, COO of Meatable, said: "We're excited to work
closely with Esco Aster and the Singaporean regulators as we gear
up to launch our first products for restaurant launch in 2024. Over
the past four years, we've been constantly innovating and
developing our technology to get it to the stage where we can
perfectly recreate some of the meat products we all know and love.
Esco Aster will enable us in developing, upscaling and realizing
our first consumer products, together we will make a positive
impact on the Singaporean meat industry.
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 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 Esco Aster:
Esco Aster is a homegrown company rooted in Singapore and
currently the first and only production facility in the world to
obtain regulatory approval by a government agency and is ISO 22000
certified, recognised internationally, to produce cultivated meat
products for commercial manufacturing and sales in Singapore. Esco
Aster, using its AsterMavors(R) manufacturing platform and linearly
scalable bioreactor farms, aims to produce proteins which are mass
market consumer friendly, environmentally sustainable and tasty
across ages and culture groups, all without harming the animal. In
line with their vision to become more self-sufficient and have 30%
of domestic food produced locally, Esco Aster is gearing up for
further expansion to provide regulatory-approved manufacturing
platforms worldwide as well as market access via our channels and
partners in ASEAN.
Follow Esco Aster: LinkedIn , Youtube , Email
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
========== =================== ============= ============= ========================
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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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info@agronomics.im 3396 523 8000 8900 0936 agronomics@tbcardew.com
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