Business
Investee Company Update: Clean Food Group
Investee Company Update: Clean Food Group.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n5 December 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nInvestee Company Update: Clean Food Group Awarded UK Government Funding\n \nAgronomics, a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, Clean Food Group Ltd (\"Clean Food Group\"), a company focused on commercialising sustainable palm oil via precision fermentation, has been awarded funding for a £1 million project by the UK government to accelerate novel low-emission food production systems.\nThe funding has been awarded by Innovate UK, the UK's national innovation agency and the Biotechnology and Biological Sciences Research Council (\"BBSRC\"). This represents the UK's broader mission to lead the global drive for innovative biotech solutions for a more sustainable, secure and healthy food system. The funding will accelerate the commercialisation of Clean Food Group's fermentation-derived oils and fats which can be used as ingredients in both food and cosmetics.\nClean Food Group's proprietary technology platform uses proven, scalable yeast strains and fermentation technology to convert food waste into sustainable alternatives to traditional oil and fat ingredients. For the 18-month project, Clean Food Group will collaborate with the University of Bath, leveraging its world-class biotech research capabilities.\nTo date, Agronomics has invested a total of £900,500 into Clean Food Group which, subject to audit, is carried at £6.27 million, including an unrealised gain on cost of £5.37 million. This position accounts for approximately 4% of the last published Net Asset Value of Agronomics (30/09/23), including post-balance sheet date adjustments. Agronomics has an equity ownership of 30.59% on a fully diluted basis in Clean Food Group.\nClean Food Group Co-founder and CFO, Tom Ellen, commented:\n\"We are delighted to have been granted this funding by Innovate UK and the BBSRC. The award is a true validation of our technology platform and commercialisation strategy and will help us rapidly scale our manufacturing capabilities and regulatory pathways to achieve the necessary Food and Cosmetic regulatory approval for our products. We have a long history with the University of Bath and are thrilled to strengthen this further as we continue working with their world-leadi...