Collaboration will Transition the Company from R&D to
Commercialization
REHOVOT, Israel, May 13, 2024
/PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq: STKH), a leading
innovator in alternative proteins and 3D printing technologies,
announced a royalties and raw materials supply agreement with Wyler
Farm Ltd., a leader in alternative protein production, whereby
Wyler Farm will manufacture alternative proteins on a commercial
scale using Steakholder Foods' premixes and know-how, in return for
the payment of royalties from sales. The agreement is expected to
generate the company's first commercial revenue, and marks
Steakholder Foods' early transition from R&D to
commercialization.
Production of the new plant-based meat products is tentatively
expected to begin in Q3 2024. Wyler Farm will manage the production
process to ensure product quality and the integration of
Steakholder Foods' advanced production technologies, while
leveraging their market influence to make the products are
available at a wide range of sales points.
The commercial revenue generated from the agreement is expected
to be realized by the end of 2024, from the production and sale of
a diverse range of plant-based minced-meat products, including
burgers, meatballs, and minced meat. These products will utilize
Steakholder Foods' SHMeat™ premix blends of plant proteins, fats,
fibers, and natural flavors. In the future, the parties will
consider broadening their cooperation by selling new products, such
as sausages and kebab, once Steakholder Foods completes the
development of these products.
The agreement is strategic for both parties. While Steakholder
Foods will contribute by bringing its unique expertise in producing
Premix blends, along with valuable production knowledge, Wyler Farm
brings its established brand and robust production and sales
capabilities, which could be profitable for both parties.
Steakholder Foods and Wyler Farm are continuing their
negotiation to reach a second-stage follow-on agreement, in which
Wyler Farm would produce plant-based 3D-printed meat products
utilizing Steakholder Foods' proprietary 3D printing technology and
premix blends, including producing Steakholder Foods' flagship
Printed Beef Steak product.
"This transformative collaboration marks a pivotal milestone for
our company – a significant step into generating our first revenue
and realizing the immense potential of our technology," said
Arik Kaufman, CEO of Steakholder
Foods. "It validates years of cutting-edge research and development
by our dedicated team and solidifies our position at the forefront
of innovation in the plant-based and cultivated food space. This
cooperation exemplifies the vast growth opportunities ahead as we
extend our highly versatile technology into new markets. We are
resolute in our commitment to developing future-forward products
that will help to shape the evolution of food production and
consumption."
Oleg Kulyava, CEO of Wyler Farm said: "Our agreement with
Steakholder Foods enables us to significantly broaden our
alternative protein product portfolio, reinforcing our goal of
producing a broad spectrum of high-quality, plant-based foods. We
expect our adoption of Steakholder Foods' technologies will propel
Wyler Farm to be a leading brand in the plant-based alternative
meat sector."
The commercialization agreement is consistent with Steakholder
Foods' distinctive revenue-generation strategy whereby the company
sells production machines and plant-based Premix blends on a
royalty basis, and it exemplifies the company's commitment to
long-term innovation and development within the sector.
Both the minced and the 3D-printed meat alternatives are being
engineered to satisfy consumer demand for safe, tasty and
health-conscious alternatives to traditional meat and the
Steakholder Foods Premix blends are in compliance with food safety
regulations, using only ingredients Generally Recognized as Safe
(GRAS). This commitment to using only GRAS ingredients underscores
Steakholder Foods' dedication to consumer health and safety.
Designed and built to operate in traditional food factories,
Steakholder Foods' production machines utilize two types of 3D
technologies to mimic the fibrous texture of traditional meat and
fish. These include Drop Location in Space (DLS), which is used for
fish and seafood production, and Fused Paste Layering (FPL). which
is designed for meat production. These machines support the meat
and fish industry's large production scale that can reach tons of
meat per day and are designed according to food safety standards
set by the European Hygienic Engineering & Design Group
(EHEDG).
About Steakholder Foods
Steakholder Foods is at the forefront of transforming the
alternative protein industries through its advanced technology.
Founded in 2019, Steakholder Foods specializes in developing and
selling 3D-printing production machines, supported by proprietary
premix blends, formulated from the highest-quality raw ingredients.
These innovative tools are designed to help manufacturers of all
sizes efficiently produce foods that meet and exceed consumer
expectations for taste, texture, and appearance and offer a safe
and sustainable alternative to industrialized meat and seafood
production.
Steakholder Foods' expertise in creating alternative proteins
products that replicate the complex textures of traditional meats
such as beef steaks, white fish, shrimp, and eel. The company is
also exploring the integration of cultivated cells, preparing for
future advancements in food technology.
About Wyler Farm
Wyler Farm established in 1994 and recognized as Israel's largest tofu producer, embodies the
pinnacle of innovation in alternative protein production. The
company is deeply committed to sustainability and health, offering
a broad spectrum of environmentally friendly and nutritious
plant-based products. Wyler Farm' product line, emphasizing
quality, includes their signature homemade tofu, soft texture tofu,
and calcium-enriched tofu. Recently, the company launched a new
schnitzel tofu product line. These offerings cater to a diverse
range of dietary preferences and are distributed across retail
chains, restaurants, and catering companies, fulfilling the
evolving demands of health-conscious consumers.
Forward-Looking Statements
This press release contains forward-looking statements
concerning Steakholder Foods' business, operations and financial
performance and condition as well as plans, objectives, and
expectations for Steakholder Foods' business operations and
financial performance and condition. Any statements that are not
historical facts may be deemed to be forward-looking statements.
Forward-looking statements reflect Steakholder Foods' current views
with respect to future events and are based on assumptions and
subject to known and unknown risks and uncertainties, which change
over time, and other factors that may cause Steakholder Foods'
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as "may," "could," "should," "will," "would,"
"believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan" or words or phases of similar meaning and include, without
limitation, Steakholder Foods' expectations regarding the success
of the technologies which it is developing, which may require
significant additional work before Steakholder Foods can
potentially launch commercial sales; Steakholder Foods' research
and development activities associated with printing technologies,
including three-dimensional food printing, which involves a lengthy
and complex process; Steakholder Foods' ability to obtain and
enforce its intellectual property rights and to operate its
business without infringing, misappropriating, or otherwise
violating the intellectual property rights and proprietary
technology of third parties; and other risks and uncertainties,
including those identified in Steakholder Foods' Annual Report on
Form 20-F for the fiscal year ended December
31, 2023, filed with the Securities and Exchange Commission
on April 30, 2024. New risks
and uncertainties may emerge from time to time, and it is not
possible for Steakholder Foods to predict their occurrence or how
they will affect Steakholder Foods. If one or more of the factors
affecting Steakholder Foods' forward-looking information and
statements proves incorrect, then Steakholder Foods' actual
results, performance or achievements could differ materially from
those expressed in, or implied by, forward-looking information and
statements contained in this press release. Therefore, Steakholder
Foods cautions you not to place undue reliance on its
forward-looking information and statements. Steakholder Foods
disclaims any duty to revise or update the forward-looking
statements, whether written or oral, to reflect actual results or
changes in the factors affecting the forward-looking statements,
except as specifically required by law.
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SOURCE Steakholder Foods Ltd.