TIDMANIC
Agronomics Limited
07 September 2023
07 September 2023
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company SuperMeat Meets Kosher Standards for Its
Cultivated Chicken
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that its
portfolio company, SuperMeat The Essence of Meat Ltd ("SuperMeat"),
has met Kosher standards for its chicken cell line.
This represents a historic milestone for the industry being the
first time that cultivated poultry has been recognised as meeting
Kosher, under the stringent Mehadrin standards. OU Kosher, the
Kosher certification division of the Orthodox Union ("OU")
determined that SuperMeat's product met the necessary standards.
The OU oversees the kosher certification of over 1.3 million
products and over 14,000 facilities in 104 countries.
Following this recognition, the parties involved are embarking
on a thorough examination of the entire supply chain and the
cultivated meat production process, thereby establishing clear
guidelines for other enterprises in the cultivated meat sector.
This endeavour is expected to initiate a Kosher meat certification
process for the entire industry and is a pivotal moment in the
overlap of religious dietary standards and advanced food technology
in the cultivated meat industry.
Agronomics has invested a total of US$ 12.5 million to date and
has equity ownership of 7.8% in SuperMeat on a fully diluted basis
which, subject to audit, represents 9.3% of the last published Net
Asset Value of the Company (30.06.23) including post-balance sheet
adjustments.
The OU's recognition came after a series of in-depth discussions
and scientific reviews. These reviews focused on avian
embryogenesis and stem cells, including the observation of the
excision of embryonic stem cells from a fertilised chicken egg.
Rabbi Menachem Genack, CEO of OU Kosher and Rabbi of
Congregation Shomrei Emunah, author and teacher at Yeshiva
University, stated:
" The kosher certification for cultivated meat poses a unique
halachic challenge, requiring innovative guidelines that mirror the
scientific and technological advancements integral to these novel
products. This collaboration aims to bridge the gap between
scientific understanding and halachic adjudication, setting
unprecedented standards in the cultivated meat industry."
Jim Mellon, Co-Founder and Executive Director of Agronomics,
commented:
"We are delighted that our portfolio company, SuperMeat, is
paving the way for cultivated meat products to achieve kosher
certification. This demonstrates the cutting-edge nature of
SuperMeat's technology, as well as Agronomic's ability to identify
the leading innovators in cultivated agriculture. This development
opens up a considerable global market opportunity, with an
estimated $11bn a year being spent on kosher foods in the US alone.
It is also another major step forward for the industry toward broad
regulatory approval following FDA assent issued earlier this
year."
Ido Savir, CEO of SuperMeat, stated:
"Aligning our technology with kosher dietary laws holds immense
significance for us. This step represents our commitment to
inclusivity and respect for diverse dietary needs, making our
cultivated chicken meat accessible to audiences around the world.
This recognition of our process is a testament to our meticulous
attention to detail and the high standards we uphold. We believe
this historic initiative with the Orthodox Union not only broadens
the options for Kosher consumers worldwide but will also set clear
guidelines for other companies in the cultivated meat industry
seeking Kosher certification, opening new avenues for the Kosher
food industry."
For more information, please contact press@supermeat.com .
About Orthodox Union
The Orthodox Union is one of the largest Orthodox Jewish
organisations in the United States. Founded in 1898, the OU
supports a network of synagogues, youth programs, Jewish and
Religious Zionist advocacy programs, programs for the disabled,
localised religious study programs, and international units. Its OU
Kosher division is the world's largest and most widely recognised
kosher certification agency. OU Kosher maintains a kosher
certification service, whose circled-U hechsher symbol - - is found
on the labels of up to 70% of kosher commercial and consumer food
products. For more information, please visit https://www.ou.org/
.
About SuperMeat
SuperMeat is a food-tech company working to supply the world
with high-quality meat grown directly from animal cells. The
company's products offer a delicious meat experience and a
high-quality nutritional profile while being manufactured in a
sustainable, GMO-free, and slaughter-free way. SuperMeat's
proprietary cultivated meat platform allows food companies to be at
the forefront of the emerging cultivated meat industry and
manufacture a wide range of products containing cultivated meat
inside. SuperMeat is the first B2B company to address the entire
poultry meat category from fat to muscle, providing a complete
solution to cultivated meat production. For more information,
please visit https://supermeat.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 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.
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 Joint Broker Public Relations
Broker
========== ============ ============= =============== =============================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Rees Michael Goodfellow Anthony Hughes
Biddle Alex Aylen Johnson Alice Cho
(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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