TIDMANIC
Agronomics Limited
05 December 2022
Agronomics Limited
("Agronomics" or the "Company")
Doehler Ventures Invests in Portfolio Company Clean Food Group
to Accelerate Scale up and Market Approval of Sustainable Palm Oil
Alternative
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture is pleased to announce that portfolio
company Clean Food Group has received investment from Doehler
Ventures , the venture arm of Doehler Group GmbH ("Doehler"), a
global producer, marketer and provider of technology-based natural
ingredients and ingredient systems for the food and beverage
industries. This strategic partnership will see Doehler support
Clean Food Group in the scale up of their palm oil alternative,
produced via a proprietary fermentation platform which has been
developed over the last seven years at the University of Bath.
Following investments in March 2022 and August 2022 , Agronomics
holds a total of 38,075,000 Ordinary Shares which are carried at a
value of GBP3,807,500, subject to audit, and an approximate equity
stake in Clean Food Group of 35.03% on a fully diluted basis. The
investment by Doehler has no current impact on this position.
The full announcement is set out below without any material
changes.
Doehler Ventures invests in food-tech business Clean Food Group
to accelerate scale up and market approval of sustainable Palm Oil
Alternative
-- Doehler Ventures has made an investment in pioneering food-tech business Clean Food Group
-- Through a further technical collaboration agreement Doehler
Group will provide its industry-leading expertise in production
scale up to accelerate Clean Food Group's technology,
-- Clean Food Group's mission is to be part of the solution to
the environmental crisis beginning with the production of its palm
oil alternative
Today (5(th) December 2022) Clean Food Group - a pioneering
UK-based food-tech business that has developed a revolutionary and
sustainable, bioequivalent alternative to palm oil has announced
that it has received investment from Doehler Ventures, part of the
Doehler Group, a global producer, marketer and provider of
technology-driven natural ingredients, ingredient systems and
integrated solutions for the global food, beverage and nutrition
industry.
As part of an accompanying collaboration agreement between the
two companies, Doehler Group will support the scale up of the Clean
Food Group's technology, demonstrating production at commercial
scale as well as manufacturing product batches required for market
approval. The two groups plan to continue the strategic partnership
in the future, as Clean Food Group continues to develop their
category offerings.
The revolutionary sustainable palm oil alternative will help
reduce the detrimental environmental impact of a range of
palm-based ingredients that can be found in nearly 50% of all
packaged products on our supermarket shelves. Clean Food Group's
mission is to be part of the solution to this environmental crisis
beginning with the production of its palm oil alternative.
The global palm oil market was valued at US$ 50.6 billion in
2021 and is expected to reach US$ 65.5 billion by 2027. However,
palm oil production continues to be a major driver of deforestation
of some of the world's most biodiverse habitats, impacting
critically endangered species like the orangutan, pygmy elephant
and Sumatran rhino. This process combined with the conversion of
carbon-rich peat soils, is releasing millions of tonnes of
greenhouse gases into the atmosphere, contributing to climate
change.
Alex Neves, co-founder and CEO of Clean Food Group says: "We are
delighted to be partnering with Doehler Group, a leading
manufacturer and innovator within the area of technology-driven
natural ingredients and ingredient systems.
With Doehler Group's support, we are excited to accelerate the
scale-up of our ground-breaking technology, which will allow us to
bring our sustainable palm oil alternative to market more
quickly."
About Clean Food Group
Clean Food Group is a UK-based food-tech business focused on
bringing sustainable, cultivated foods to market in the UK and
Europe. It operates within the fast-developing cultivated food
industry, a market with enormous opportunities driven by
significant environmental, health and animal welfare concerns about
existing and future consumption levels of animal protein and other
foods such as palm oil.
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 is developing a bio-equivalent cultivated
alternative to palm oil. Its foundational technology is a
yeast-based alternative that has been developed over 7 years at the
University of Bath by Professor Chris Chuck.
About Doehler Group
Doehler is a global producer, marketer and provider of
technology-driven natural ingredients, ingredient systems and
integrated solutions for the global food, beverage and nutrition
industry. Doehler is all about mastering multi- sensory performance
and nutrition. Being Sustainable by nature(R) , we help to nourish
the world better - good for people, good for planet(R) .
All our ingredients are derived from natural raw materials.
Doehler's comprehensive product portfolio of natural ingredients
ranges from natural flavours, natural colours, natural health
ingredients, a broad range of plant-based ingredients to ingredient
systems and end-to-end solutions. Focused on science, technology
and innovation, we shape the future of nutrition.
Our customers are at the heart of all we do and are the reason
why we exist. With more than 45 production sites, 75 offices and
application centres, Doehler creates value for customers in over
160 countries. More than 8,500 dedicated employees, including 1,000
people in R&D and technology, are committed to making our
customers successful.
"WE BRING IDEAS TO LIFE." describes Doehler's integrated and
entrepreneurial approach to innovation. This also includes
innovation services, market intelligence, advice on food safety and
microbiology, as well as sensory & consumer science. Doehler
also runs its own venture unit with more than 85 active ventures.
Smart ideas have a way of becoming great products.
Every day, millions of people around the world enjoy products
created by Doehler.
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 24 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://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
Limited Cornish Genuity Securities Capital TB Cardew
Limited Limited Plc Limited
The Company Nomad Joint Joint Broker Joint Public Relations
Broker Broker
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Richard Reed Roland Andrew Giles Balleny Lucy Williams
Denham Eke Cornish Potts Max Gould Charles Ed Orlebar
James Harry Michael Johnson Goodfellow Alistair Walker
Biddle Rees
Alex Aylen
(Head
of Equities)
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 207 523 +44 (0) 207 207 469 630
info@agronomics.im 3396 8000 397 8900 0936 agronomics@tbcardew.com
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