TIDMANIC
Agronomics Limited
25 January 2023
25th January 2023
Agronomics Limited
("Agronomics" or the "Company")
Liberation Labs Announces Site for First Purpose-Built
Commercial Precision Fermentation Plant
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that investee
company, Liberation Labs Holdings Inc ("Liberation Labs"), the
large-scale precision fermentation contract manufacturer, has
acquired the land for its launch facility, which we believe will be
the first dedicated, purpose-built, commercial, precision
fermentation plant globally for food production.
Liberation Labs was formed to address the acute shortage in
precision fermentation capacity for the production of proteins for
use in food, including dairy, egg and other proteins. Many of the
facilities currently in use are over 40 years old and do not have
the modern downstream equipment to drive the quality, yield, and
production efficiency needed to compete in a global marketplace. In
the report Food for Thought published by Boston Consulting Group,
it is estimated that current global fermentation capacity is 61
million litres, however the capacity required to meet the projected
demand of 15 megatonnes of fermentation-produced animal protein by
2030 is 10 billion litres, over a 100-fold increase. The new
facility will have a fermentation capacity of 600k litres and the
site will have land available to expand to 4 million litres
thereafter. Commercial production is expected to come online at the
end of 2024.
The Company has invested a total of US$ 7.63 million since
Liberation Lab's inception, which is carried at US$ 18.9 million,
and this accounts for approximately 11.3% of the last published Net
Asset Value of Agronomics (30.09.22). Agronomics has an equity
ownership of 37.4% on a fully diluted basis in Liberation Labs.
Jim Mellon, executive director of Agronomics commented:-
"Liberation Labs is Agronomics' key exposure to the
infrastructure required to support the global shift towards more
secure and sustainable methods of protein production via
fermentation, representing a major opportunity for capital
deployment in the coming decade. Not only is Liberation Labs
building a first-of-a-kind facility, it is also creating an asset
class for institutional investors to be able to participate in the
food revolution, without having to underwrite significant
technology and regulatory risk, yet with highly predictable
cashflows."
The full announcement is set out below without any material
changes.
Liberation Labs Selects Indiana for First Biomanufacturing
Facility
The new facility will be the first purpose-built commercial
precision fermentation plant in the United States.
RICHMOND, Ind. (January 24, 2023) Liberation Labs, a large-scale
precision fermentation manufacturer, has executed a purchase
agreement for the site of its first commercial-scale
biomanufacturing facility. The new facility, which will have a
fermentation capacity of 600,000 litres with a fully dedicated
downstream process (DSP), will be located in the Midwest Industrial
Park in Richmond, Indiana. Commercial production is expected by the
end of 2024.
Liberation Labs is focused on increasing the availability of
alternative proteins that will meet the growing demand from both
existing major food brands as well as the emerging crop of foodtech
companies. The new facility will be the first purpose-built
commercial-scale precision fermentation plant in the United States.
The company has completed Front End Loading level 3 engineering
(FEL-3), and has begun placing orders for long-lead equipment and
building out the operations team. Groundbreaking is expected later
this spring.
"The three things a biomanufacturing facility like ours needs
are sugar, power and people - and Richmond, Indiana has them all,"
said Mark Warner, co-founder and CEO of Liberation Labs. "While
sugar and power are commodities, a workforce experienced in
manufacturing is not, which is why Richmond really stands out. We
are thankful for the support the state and local community has
provided us and we can't wait to break ground."
The new facility will be located on a 36-acre parcel within
Phase I of Richmond, Indiana's 700-acre Midwest Industrial Park ,
which is owned and maintained by the City of Richmond in
partnership with the Economic Development Corporation of Wayne
County. Liberation Labs will be the 10(th) tenant to locate in this
well-established industrial park.
This site offers tremendous logistical opportunities for the
company, including:
-- Shovel ready site with necessary utility capacity;
-- Proximity to Interstate 70, the Norfolk Southern mainline and
three regional airports for shipping and logistics;
-- Proximity to cost-advantaged carbon feedstocks;
-- Significant percentage of baseload power to facility is clean, solar energy;
-- Proximity to 3 large metropolitan areas, providing adequate qualified labour.
Liberation Labs will benefit from several key incentives offered
by Wayne County and the State of Indiana, including tax credits,
grants, utility offsets, workforce-related incentives and discounts
on the land purchase. The company expects to invest $115 million in
the facility and plans to create an estimated 45 well-paying
manufacturing jobs.
"Next generation technology is critical to future food security
for people everywhere, and I am proud that Indiana is leading the
charge," said Indiana Secretary of Commerce Brad Chambers. "We are
excited to welcome Liberation Labs to our growing agbiosciences
ecosystem. Liberation Labs will continue to enable companies to
innovate while creating high-paying, quality career opportunities
for Hoosiers."
Not only will Liberation Labs increase the overall supply of
bio-based consumer products, it also will make them at a lower cost
because they will be manufactured and distributed in the United
States. Today, most biomanufacturing capacity is in Europe but
production and shipping fees make sourcing from there
cost-prohibitive.
"Securing this partnership and investment from Liberation Labs
is another milestone in our strong relationship with Governor
Holcomb and the Indiana Economic Development Corporation," said
Richmond Mayor Dave Snow. "We are thrilled to add the expertise of
Liberation Labs to our Industrial Park. Make no mistake, when a
company of this calibre chooses to invest in Richmond, it's a
resounding vote of confidence that we are moving in the right
direction. With more jobs being created, and such a strong business
model, I am confident this is just the beginning of a long and
mutually prosperous relationship."
About Liberation Labs
Liberation Labs is commercialising precision fermentation with a
global network of purpose-built, international manufacturing
facilities that enable the next wave of biotechnology advancements
to produce bio-based consumer products at scale. We combine modern
technology with fit-for-purpose design to bring reliable and
cost-effective solutions that meet customer demand across the
world. More information is available at www.liberationlabs.com
.
Media Contact
John Williams, Scoville PR for Liberation Labs
+1-206-660-5503, jwilliams@scovillepr.com
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 over 20 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 and be 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 Broker Joint Broker Joint Broker Public Relations
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Richard Roland Andrew Giles Balleny Lucy Williams Ed Orlebar
Reed Cornish Potts Max Gould Charles Alistair Walker
Denham Eke James Harry Rees Michael Goodfellow
Biddle Alex Aylen Johnson
(Head of
Equities)
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+44 (0) 20 7930
0777
+44 (0) +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738
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info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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