TIDMANIC
Agronomics Limited
08 August 2023
08 August 2023
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company Update: Clean Food Group announces strategic
collaboration with LATAM food giant, Alianza Team
Agronomics (LSE: ANIC), the leading listed company focused on
the field of cellular agriculture, is pleased to announce that
portfolio company Clean Food Group, focused on commercialising
fermentation-derived palm oil, will receive new investment and
entered a new strategic collaboration with leading South American
food company, Alianza Team .
-- Clean Food Group and Alianza Team will develop products that
meet the industry's need for sustainable, functional and
cost-competitive oils and fats to replace commonly used and
agriculturally intensive food ingredients.
-- As part of the strategic collaboration, Alianza Team is
investing in Clean Food Group's current "Pre Series A" funding
round.
The Company has invested a total of GBP900,500 into Clean Food
Group since inception, which is currently carried at GBP6.27
million, including an unrealised gain on cost of GBP5.37 million.
This position accounts for approximately 4% of the last published
Net Asset Value of Agronomics (30/06/23). Agronomics has an equity
ownership of 30.59% on a fully diluted basis in Clean Food
Group.
The full announcement is set out below without any material
changes:
UK food-tech business Clean Food Group announces strategic
collaboration with LATAM food technology specialist, Alianza
Team
Collaboration includes investment in Clean Food Group's current
funding round and will accelerate market availability of healthy
and sustainable oils and fats products for global food
manufacturers
London, 08 August 2023, Pioneering UK-based bio-tech business
Clean Food Group is pleased to announce a new investment and
strategic collaboration with Alianza Team, the Latin American food
production and lipid-based technology expert, a leading company in
the world of lipids, nutrition and frozen bakery.
The long-term collaboration agreement will accelerate Clean Food
Group's pathway to commercialisation and will combine Clean Food
Group's expertise in the production of microbial oils with Alianza
Team's 75 years' experience and expertise in developing functional,
value-add oils and fats products for the world's leading food
manufacturers. Together, Clean Food Group and Alianza Team will
develop, and bring to market, products which meet the industry's
need for sustainable, functional and cost competitive oils and fats
to replace commonly used and agriculturally intensive food
ingredients.
As part of the strategic collaboration, Alianza Team is
investing in Clean Food Group's current "Pre series A" funding
round. The funding round, which is being supported by both new and
existing investors, is expected to close in August 2023. Capital
raised from this funding will enable Clean Food Group to accelerate
the scale up of its technology platform whilst advancing critical
regulatory and commercial pathways. Clean Food Group expects to
complete a Series A funding in 2024, by which time the business
will have validated technology at a commercial scale and have clear
line of sight to near term revenue generation. The business will
raise funds at Series A to support the build out of a commercial
scale manufacturing facility.
Clean Food Group's technology platform is the result of eight
years of pioneering research led by Professor Chris Chuck,
Technical Lead at Clean Food Group. The proprietary technology
platform uses proven, scalable yeast strains and fermentation
technology and uses food waste as its food source, to deliver
sustainable alternatives to traditional oil and fat
ingredients.
Alex Neves, Co-founder and CEO of Clean Food Group says: "We are
delighted to be sharing the news of this investment and
collaboration with Alianza Team today. The investment is further
validation of Clean Food Group's technology platform and is a key
component in enabling the company to proceed to a successful close
of our current funding round. The strategic collaboration with
Alianza Team will drive forward our commercialisation strategy and
support our objective to bring sustainable oils and fats on to the
market, at commercial scale, within the next three years."
Luis Botero, President and CEO at Alianza Team says: "Alianza
Team is committed to creating a new future of healthy and
sustainable food choices for our customers. We are excited to be
investing in and collaborating with Clean Food Group, an
organisation where we believe our shared core values of innovation
and sustainability will deliver healthier, more nutritional foods
to improve our food systems for future generations."
Jim Mellon, Co-Founder and Executive Director of Agronomics;
Co-Chairman of Clean Food Group, says: "This strategic
collaboration marks an important milestone for Clean Food Group and
Agronomics in our mission to revolutionise the food industry. By
combining Clean Food Group's cutting-edge technology with Alianza
Team's extensive expertise in developing recognised, branded food
products, this collaboration brings us a significant step closer to
commercialisation while unlocking the potential for a future where
our food choices will be more sustainable."
About Clean Food Group:
Clean Food Group is a UK-based food-tech business delivering
sustainable oils and fats solutions to the world's food and
cosmetics manufacturers, with the mission to deliver scalable,
healthier, competitively priced ingredients that have a positive
impact on the economic, environmental, and social health of the
planet.
Clean Food Group is founded by a team with key experience in
growing bio-tech, food industry and retail businesses supported by
established venture capital and family office investors with a
track record supporting fast-growth start-up companies in highly
regulated industries. Clean Food Group's proprietary technology
platform has been developed as a result of 8 years of pioneering
research by Professor Chris Chuck, technical lead at Clean Food
Group, and the University of Bath.
About Alianza Team
Alianza Team is a multinational leader in the lipid, nutrition
and frozen bakery sector, with over 75 years of experience. With
operations in Colombia, Mexico, Chile and the United States, it
stands out for its extensive expertise in the development of
innovative products, services and technological solutions.
Committed to generating value and making a difference in the
market, they have four key business units: Team Solutions, Team
Foods, Team Caribe and BredenMaster. Their commitment with social,
economic and environmental sustainable development shows how they
are fulfilling their higher purpose of Nurturing a Better
Tomorrow.
About Agronomics
Agronomics is a leading listed company with a focus on cellular
agriculture and cultivated meat. 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/.
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 $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
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Richard Reed Roland Andrew Giles Balleny Lucy Williams Bob Huxford
Denham Eke Cornish Potts Michael Charles Anthony Hughes
James Harry Rees Johnson Goodfellow
Biddle Alex Aylen
(Head of
Equities)
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+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
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