Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAgronomics Regulatory News (ANIC)

Share Price Information for Agronomics (ANIC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 8.30
Bid: 8.20
Ask: 8.40
Change: 0.12 (1.45%)
Spread: 0.20 (2.439%)
Open: 8.30
High: 8.42
Low: 8.30
Prev. Close: 8.30
ANIC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Portfolio Company Update: BlueNalu

27 Jan 2022 08:00

RNS Number : 8299Z
Agronomics Limited
27 January 2022
 

27 January 2022

 

Agronomics Limited

("Agronomics" or the "Company")

 

Portfolio Company, BlueNalu, Announces Partnership with FOOD & LIFE COMPANIES, the Largest Sushi Restaurant Operator in Japan

 

Agronomics Limited (AIM:ANIC), a leading listed company focused on cellular agriculture, is pleased to announce portfolio company BlueNalu, Inc. ("BlueNalu") has agreed a partnership with FOOD & LIFE COMPANIES Ltd ("FOOD & LIFE COMPANIES"), to supply leading sushi brands such as Sushiro and Kyotaru with BlueNalu's lead product, cultivated bluefin tuna.

 

Agronomics currently holds both shares and a Convertible Promissory Note in BlueNalu which would, in aggregate, represent an equity interest of circa 5.85% on a fully diluted basis and be valued, subject to audit, at approximately £13.4 million (see announcement of 20 January 2021 for more details on the basis of this calculation). The BlueNalu position represents roughly 4.8% portfolio weighting to Net Asset Value.

 

The full announcement is set out below with no material changes or adjustments:

 

SAN DIEGO, Calif., January 25th, 2022 / Osaka, Japan, January 26th, 2022 -- BlueNalu, a leading innovative food company developing a variety of seafood products directly from fish cells, announced today a collaboration with leading, multinational sushi restaurant operator, FOOD & LIFE COMPANIES Ltd. (TYO: 3563). As a Japanese foodservice leader, FOOD & LIFE COMPANIES (F&LC) operates brands such as Sushiro and Kyotaru and over 1,000 restaurants across Japan, Korea, Taiwan, Hong Kong, Singapore, Thailand and Mainland China.

The agreement focuses on developing a supply-chain solution for bluefin tuna and other sushi-grade products for the multinational sushi restaurant operator in the Asia-Pacific region, where seafood consumption is highest. The companies plan to collaborate on product development and marketing as well as support of a regulatory framework to accelerate BlueNalu's commercialization in Japan.

BlueNalu and F&LC will focus on the belly portion of bluefin tuna, called toro, as an initial commercial product. Bluefin tuna is a prized species in Japan, where an estimated 80% of the global supply is consumed, and commands premium pricing for its delicious flavor and unique sensory characteristics.

"FOOD & LIFE COMPANIES is a global leader in the sushi restaurant business, and BlueNalu is thrilled to partner with their team to continue the innovative legacy of their iconic brands," said Lou Cooperhouse, president & CEO of BlueNalu. "Cell-cultured seafood is a supply-chain solution that will have the taste, texture and nutrition that consumers expect, and will not be susceptible to environmental contaminants like mercury and microplastics. By centering our initial efforts on the high-quality toro portion of bluefin tuna, we aim to demonstrate culinary excellence with the most prized portion of the most sought-after fish in the most iconic marketplace for seafood." 

"With the uncertainty of natural marine resources in the future, it is important that we secure a stable supply of seafood in a more sustainable manner," said Koichi Mizutome, president and CEO of FOOD & LIFE COMPANIES. "We have already been promoting the use of farmed seafood as one of the ways to achieve this, but as seafood demand increases in the future, there will be increasing challenges with our global supply chain. Therefore, we are eager to incorporate BlueNalu's cell-cultured seafood as we believe it is one of the most promising methods to help solve these issues. We look forward to the progress of this collaboration, and to the future when BlueNalu products can be used as sustainable, delicious, healthy, and reliable seafood on our menus." 

Global seafood consumption is at an all-time high and continues to increase, particularly in Asia. The United Nations projects global population and consumption growth will require 28 million metric tons of new seafood production by 2030. In addition to wild-caught and farm-raised seafood, cell-cultured seafood is seen as a third production method that can help meet that demand. 

This announcement with F&LC follows additional collaborations announced earlier by BlueNalu, including agreements with Pulmuone Co. Ltd. in South Korea, Sumitomo Corporation and Mitsubishi Corporation in Japan, Thai Union in Thailand and Nomad Foods in Europe. BlueNalu's business strategy is to partner with leading multinational companies on market research, regulatory affairs, product design and development, manufacturing, marketing, sales and distribution, with an aim to efficiently and effectively bring BlueNalu's branded cell-cultured seafood products to consumers worldwide.

 

About BlueNaluBlueNalu's mission is to develop great-tasting, healthy, safe and trusted cell-cultured seafood products that support the sustainability and diversity of our ocean. BlueNalu is aligned with the United Nations' Sustainable Development Goals, a blueprint to achieve a better and more sustainable future for our planet. BlueNalu began its operations in 2018 and is based in San Diego, California.

 

About FOOD & LIFE COMPANIESFOOD & LIFE COMPANIES (F&LC) operates restaurant brands such as Sushiro and Kyotaru and is aiming to realize the vision of "Discovering new tastiness, Sharing moments of joy" together with our "COMPANIES" - the various multinational brands in our group. As a Japanese foodservice leader, F&LC operates over 1,000 restaurants across Japan, Korea, Taiwan, Hong Kong, Singapore, Thailand, and Mainland China. In order to deliver safe and delicious food to our customers, we have a responsibility to achieve a sustainable food supply that will last into the future.

 

Forward-Looking Statements

This press release contains forward-looking statements including, but not limited to, statements related to the development and commercialization of BlueNalu's products in collaboration with F&LC, the potential launching of BlueNalu's products in F&LC , and the type and characteristics of products that BlueNalu will produce in collaboration with F&LC. These forward-looking statements are based on BlueNalu's and F&LC's current expectations and inherently involve significant risks and uncertainties. BlueNalu and F&LC undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information. The impact of this agreement on the consolidated business performance of F&LC is expected to be insignificant.

 

About Agronomics

Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat. The Company has established a portfolio of 18 companies at the Pre-Seed to Series C stage in this rapidly advancing sector. It seeks to secure minority stakes in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals, as well as being fundamental to feeding the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

 

About Cellular Agriculture

Cellular Agriculture is the production of agriculture products directly from cells, as opposed to raising an animal for slaughter, or growing crops. This encompasses cell culture to produce cultivated meat and materials, and fermentation processes that harness a combination of molecular biology, synthetic biology, tissue engineering and biotechnology to massively simplify production methods in a sustainable manner.

Over the coming decades, the source of the world's food supply traditionally derived from conventional agriculture is going to change dramatically. We have already witnessed the first wave of this shift with the consumer adoption of plant-based alternative proteins but today, we are on the cusp of an even bigger wave of change. This is being facilitated by advances in cellular agriculture. This change is necessary, given scientists claims that if we maintain existing animal protein consumption patterns, then we will not meet the Paris Agreement's goal of limiting warming to 1.5℃

AT Kearney, a global consultancy firm, projects that cultivated meat's market share will reach 35% by 2040. This combined with the Good Food Institute's estimate that a US $1.8 trillion investment will be required in order to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however still less than US$ 1 billion has been invested worldwide since the industry's inception in 2016.

 

For further information please contact:

 

Agronomics

Limited

Beaumont

Cornish Limited

Cenkos

Securities Plc

Peterhouse Capital

Limited

 

TB Cardew

The Company

Nomad

Joint Broker

Joint Broker

Public Relations

Richard Reed

Denham Eke

Roland Cornish

James Biddle

Giles Balleny

Michael Johnson

Lucy Williams

Charles Goodfellow

Ed Orlebar

Joe McGregor

+44 (0) 1624 639396

info@agronomics.im

+44 (0) 207 628 3396

+44 (0) 207 397 8900

+44 (0) 207 469 0936

+44 (0) 20 7930 0777

+44 (0) 7738 724 630

agronomics@tbcardew.com

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRABKOBQOBKKKDB
Date   Source Headline
26th Apr 20247:00 amRNSSolar Foods Raises an Additional EUR8 Million
22nd Apr 20247:00 amRNSAgronomics Newsletter
17th Apr 20247:00 amRNSMosa Meat Raises EUR 40 Million in New Financing
12th Apr 20247:00 amRNSExercise of Warrants
10th Apr 20249:30 amRNSPortfolio Company Presentation Series – Onego Bio
5th Apr 20247:00 amRNSAgronomics Invests US$10m in Liberation Labs
2nd Apr 20247:00 amRNSOnego Bio Raises EUR37 Million
26th Mar 20247:09 amRNSClean Food secures £2.5m additional funding
21st Mar 20245:40 pmRNSSuperMeat Update
20th Mar 202410:37 amRNSFormo Update
18th Mar 20247:00 amRNSMeatly Creates Cans of Cultivated Pet Food
13th Mar 20247:00 amRNSShiok Meats Merges with Umami Bioworks
21st Feb 20247:00 amRNSAgronomics Newsletter
14th Feb 20247:00 amRNSCalifornia Cultured Update
14th Feb 20247:00 amRNSUnaudited Interim Results
9th Feb 20247:00 amRNSNet Asset Value calculation as at 31 December 2023
8th Feb 202412:15 pmRNSResult of AGM
8th Feb 20247:00 amRNSPerformance Shares issued to Shellbay Investments
6th Feb 20247:00 amRNSBond Pet Foods Achieves Key Milestone
18th Jan 20247:00 amRNSIsraFirst Regulatory Approval for Cultivated Beef
10th Jan 202412:32 pmRNSAgronomics Newsletter
10th Jan 20247:00 amRNSExercise of Warrants and TVR
28th Dec 202312:36 pmRNSNew Website and Corporate Presentation
27th Dec 20231:16 pmRNSHolding(s) in Company
27th Dec 20237:00 amRNSFinal Results
14th Dec 20237:00 amRNSJim Mellon appointed Executive Chairperson
5th Dec 20233:28 pmRNSInvestee Company Update: Clean Food Group
1st Dec 20237:00 amRNSInvestee Company Update: Clean Food Group
1st Dec 20237:00 amRNSLiberation Labs secures US$ 25 million loan
22nd Nov 20235:05 pmRNSHolding(s) in Company
16th Nov 20232:05 pmRNSSolar Foods Completes EURO 8m Series B Financing
13th Nov 20237:00 amRNSInvestee Company Update: Good Dog Food
9th Nov 20238:09 amRNSUpdate regarding Joint Broker
3rd Nov 20237:05 amRNSNAV calculation as of 30 September 2023
1st Nov 20237:00 amRNSBlueNalu Update: NEOM Signs MoU with BlueNalu
17th Oct 20237:00 amRNSPortfolio Company Update: All G Foods
12th Oct 20239:47 amRNSExercise of Warrants & Total Voting Rights
9th Oct 20237:00 amRNSBlue Naln raises US$33.5m in Series B priced round
22nd Sep 20237:00 amRNSShare Buyback Programme announced
7th Sep 20237:00 amRNSPortfolio Company Update: SuperMeat
21st Aug 20237:00 amRNSPortfolio Company Good Dog Food Update
17th Aug 20237:00 amRNSCellX Opens Chinese Cultivated Meat Pilot Factory
14th Aug 20237:00 amRNSCFG completes £2.3 Million Pre-Series A Financing
9th Aug 20231:06 pmRNSREPLACEMENT: Meatable completes EUR30m funding
8th Aug 20239:05 amRNSMeatable completes EUR35M Series B Financing Round
8th Aug 20238:21 amRNSClean Food Group Collaboration with Alianza
2nd Aug 20237:00 amRNSNet Asset Value calculation at 30 June 2023
18th Jul 20239:14 amRNSFormo Successful Tasting Event
18th Jul 20237:00 amRNSFormo Successful Tasting Event
18th Jul 20237:00 amRNSPortfolio Company Update: Galy Co. Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.