Business
CellX Opens Chinese Cultivated Meat Pilot Factory
CellX Opens Chinese Cultivated Meat Pilot Factory.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n17 August 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nPortfolio Company CellX Opens China's First Cultivated Meat Pilot Factory\nAgronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that Shanghai based portfolio company CellX Limited (\"CellX\"), has inaugurated China's first cultivated meat pilot factory, setting the stage for an anticipated commercial launch by 2025.\nThe completion of the large-scale facility, Future Food Factory X, follows the firm's strategic partnership with food manufacturing specialists Shanghai Tofflon Science and Technology Co., Ltd. announced in February 2023 and the successful US$ 6.5 million Series A+ financing announced in June 2023.\nHaving introduced its cell-cultured pork to samplers back in 2021, CellX is in the process of applying for regulatory approval in both Singapore and the US, with the aim to launch by 2025.\nThe pilot plant uses proprietary cell cultivation technology and operates with fully digitalised intelligent management systems. As China's first \"transparent food space\" for cultivated meat, CellX integrates technology research and development, pilot production, and interactive consumer experiences at the new facility. Consumers are now able to sample products made from cultivated meat at the plant.\nCellX will look to target the high-end market, with further plans to introduce mass-market products as it continues to scale up and reduce costs in the future. The materially lower cost of bioreactors compared to the US and Europe, combined with the Chinese government's incentives for cultivated meat as part of its five-year plan, is expected to contribute to the efforts to lower prices.\nAgronomics has invested a total of US$ 2.05 million in CellX since its inception in 2020 and has an equity ownership of 4.98% on a fully diluted basis.\n \nAbout CellX\nCellX is a cellular agriculture company based in Shanghai, working to bring cultivated meat products to consumers in China and around the world. Its goal is to provide a sustainable source of animal protein, better health for all human beings, and improved animal welfare. Founded in 2020, CellX has built a top R&D team of 40 and focuses on building platform technologies with a multi-species approach.\n \nCellX is collaboratin...