TIDMANIC
RNS Number : 7325T
Agronomics Limited
16 November 2023
16 November 2023
Agronomics Limited
("Agronomics" or the "Company")
Solar Foods Completes EUR8 million Series B Financing
Agronomics (LSE:ANIC), a leading listed company focused on the
field of cellular agriculture, is pleased to announce that
portfolio company Solar Foods Oy ("Solar Foods") has raised EUR8
million in a Series B financing round carried out through the
Finnish-based investment organizer Springvest Oyj ("Springvest").
In addition, existing investors participated in the Series B
financing alongside Springvest via a private placement anticipated
to close within 2 weeks. The private placement includes existing
investors Happiness Capital, Lifeline Ventures, VTT Ventures and
Fazer. The Series B funds will be used for continued building and
ramping up production of their single cell protein Solein(TM) .
Since Agronomics' first investment in Solar Foods, significant
technical, regulatory, and operational progress has been made. This
includes a substantial increase in the productivity of SolarFoods'
organism by over 10x, achieving regulatory approval of Solein(TM)
in Singapore and submission of a dossier to the European Food
Safety Authority for approval in the European Union. In December
2022, Solar Foods received EUR34 million in grant funding to
support the construction of its first commercial scale facility,
Factory 01, which management understands is currently scheduled to
be operational in the first half of 2024.
Agronomics has invested, in aggregate, EUR6 million in Solar
Foods, being a EUR3 million investment in Solar Foods Series A
round in September 2020 and EUR3 million in the form of a
pre-Series B Convertible Promissory Note ("CPN") in October 2021.
Subject to audit, the Company's 2020 Series A investment will be
carried at a book value of GBP8.3 million including an uplift of
GBP5.7 million. The Company expects to convert the CPN following
the closing of the private placement, at which point a further
announcement will be made.
A link to the Solar Foods announcement is as follows:
https://solarfoods.com/solar-foods-share-issue-oversubscribed/
About Solar Foods
Solar Foods produces protein using carbon dioxide and
electricity. Solein (TM) 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 Solein (TM)
Solein (TM) is a microbial protein-rich powder that contains all
the essential amino acids. It is produced using a bioprocess where
microbes are fed with gases, including carbon dioxide, hydrogen,
and oxygen, together with small amounts of nutrients. The
bioprocess resembles winemaking, with carbon dioxide and hydrogen
replacing sugar as the source of carbon and energy.
This type of production method has the potential to transform
the sustainability, availability, and transparency of what we eat
and where food can be produced. It is not reliant on agriculture,
weather, or climate: it can be produced in harsh conditions such as
deserts, Arctic areas, even space. Learn more about Solein (TM) at
www.solein.com .
About Agronomics
Agronomics is the leading listed venture capital firm with a
focus on cellular agriculture. The Company has established a
portfolio of over 20 holdings 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.
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, 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 $1.8 trillion investment
is needed to produce just 10% of the world's protein using this
technology, means that we are on the cusp of a multi-decade flow of
capital to build out manufacturing facilities. Funding in the field
of cellular agriculture is accelerating, however, it is still less
than US$ 5 billion - the amount invested worldwide since the
industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Cavendish Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Joint Joint Public Relations
Broker Broker Broker
========== ============= ============= =============== =============================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Michael Goodfellow Anthony Hughes
Biddle Rees Johnson Alice Cho
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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November 16, 2023 09:05 ET (14:05 GMT)
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