14
February 2024
Agronomics
Limited
("Agronomics" or the "Company")
California Cultured Partners with Leading
Japanese Chocolate Company Meiji for the Production of Cell-Based
Cocoa Products
Agronomics, a leading listed company
focused on the field of cellular agriculture, is pleased to
announce that its portfolio company, California Cultured Inc.
("California Cultured"), has reached a partnership agreement with
the Japanese company Meiji Co., Ltd, ("Meiji"), Japan's largest
chocolate manufacturer. Agronomics led California Cultured's seed
round in October 2021 with a US$ 2.2 million investment in the form
of a Simple Agreement for Future Equity ("SAFE").
The partnership involves a
10-year-long arrangement for the supply and integration of
California Cultured's cell-cultured flavanol cocoa powder into an
array of products tailored for both the US and Japanese markets.
The co-branded packaged goods, including chocolate, truffles and
wellness-enhancing chocolate, will mark the first time
cell-cultured cocoa will enter any market worldwide.
The global chocolate industry faces
significant issues regarding ethical and secure supply chains.
Unpredictable weather patterns have been disruptive to cacao
cultivation and have caused volatility in supply and price, which
poses an issue for large manufacturers. Cell culturing technology
allows the production of cocoa to be decoupled from tropical
plantations, addressing key issues in the industry including
uncertain weather conditions, deforestation concerns and labour
exploitation.
California Cultured CEO, Alan Perlstein
commented:
"We need to build a resilient, superior future for chocolate.
This partnership is the first step in achieving this. With our
scalable technology, we're positioned to excel in the field of
plant-based cellular agriculture, where we pioneer the creation and
cultivation of cells to redefine how we grow and produce
innovative, sustainable products."
Jim
Mellon, Agronomics Executive Chairman added:
"This partnership marks a significant
milestone in the ongoing transition towards developing sustainable
food production systems. It is a great example of how
biomanufacturing provides a viable solution to environmental and
ethical issues associated with industrial agricultural production
while serving the needs of large multinational food
companies."
To read the full announcement please
see the following link:
https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/
Agronomics
Limited
|
Beaumont
Cornish
Limited
|
Canaccord Genuity
Limited
|
Cavendish Capital Markets
Limited
|
Peterhouse
Capital
Limited
|
SEC Newgate
|
The
Company
|
Nomad
|
Joint
Broker
|
Joint
Broker
|
Joint
Broker
|
Public
Relations
|
Jim
Mellon
Denham
Eke
|
Roland
Cornish
James
Biddle
|
Andrew
Potts
Harry
Pardoe
Alex
Aylen
|
Giles
Balleny
Michael
Johnson
Charlie
Combe
|
Lucy
Williams
Charles
Goodfellow
|
Bob
Huxford
Anthony Hughes
|
+44 (0)
1624 639396
info@agronomics.im
|
+44 (0)
207 628 3396
|
+44 (0)
207 523 8000
|
+44 (0)
207 397 8900
|
+44 (0)
207 469 0936
|
agronomics@secnewgate.co.uk
|