(Alliance News) - Agronomics Ltd on Tuesday said that its portfolio company, Clean Food Group Ltd, has received further funding to commercialise its technology.
The Isle of Man-based venture capital firm, which invests in the cellular agriculture field, said that Clean Food has received GBP2.5 million in funding from Clean Growth Fund Management LLP.
The funds will be used to speed up the commercialisation of Clean Food's sustainable oils and fats technology. The firm's go-to-market product is an equivalent to high oleic palm oil.
To date, Agronomics has invested a total of GBP1.6 million into Clean Food, and holds an equity ownership of 27%.
"We are hugely pleased to be joined by Clean Growth Fund on the register of Clean Food Group," said Agronomics Executive Chair Jim Mellon. "As specialist investors in climate technology, this investment is a real validation of the progress that Clean Food Group has made in recent years and reflects the quantifiable benefits of precision fermentation-derived fats and oils in addressing the ethical and environmental challenges associated with the industry."
Agronomics shares were trading 0.4% higher at 8.68 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
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Agronomics (ANIC)