Business
Portfolio Company Update: GALY CO.
Portfolio Company Update: GALY CO..
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 5951I\n Agronomics Limited\n 02 April 2020\n \n \n \n \n 2 April 2020 \n \n \n \n \n \n Correction: This RNS replaces the announcement no \n 5008I\n released at 7.00am on the 2 April 2020. The headline should have read 'GALY CO. has won a €300,000 prize...' rather than 'GALY CO. has won a €300,000 price…'\n . \n The full corrected announcement is issued below.\n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n Portfolio Company Update: GALY CO. has won a €300,000 prize at the H&M Global Change Award\n \n \n \n \n \n The Board of Agronomics is pleased to confirm that GALY CO. (\"GALY\") has won a €300,000 prize at the H&M Global Change Award for its innovative biotechnology to grow high quality cotton within a laboratory environment. Agronomics completed a subscription of US$ 500,000 in the form of a SAFE on 10 March 2020. Upon conversion, the SAFE will give Agronomics an approximate equity interest of 4.37% in GALY.\n \n \n \n \n \n The commentary from Global Change Award is set out below with no material changes or adjustments.\n \n \n \n \n \n Press Release - April 1, 2020 \n \n \n \n \n \n Five innovations that will transform the fashion industry awarded €1 million by H&M Foundation\n \n \n \n \n \n From lab-grown cotton and creating fabrics from protein DNA, to tracking sustainable fibres by using blockchain technology, wastewater separation and converting carbon dioxide into sustainable polyester. These are the five winning innovations of the 2020 Global Change Award. Global Change Award, named the Nobel Prize of sustainable fashion, is the non-profit H&M Foundation's fifth annual innovation challenge. Now, more than ever, H&M Foundation want to continue to support long-term development, innovation and entrepreneurship for a sustainable future. The goal is to identify early stage, disruptive ideas that can make fashion more sustainable, and to scale them to transform the entire fashion industry. \n \n \n \n \n \n In these uncertain times, when large parts of the world have been affected by the COVID-19 pandemic, H&M Foundation thinks it's even more important to find and encourage ideas that can contribute to a more sustainable future for us and generations to come. We are fully...