- Agronomics Limited
- 24 September 2024 14:51:51
Source: Sharecast
The AIM-traded firm said the credit, structured as milestone-linked payments, was intended to support Meatable's development of innovative projects with strong technical feasibility and market potential.
It said the funding would be used to enhance productivity and reduce costs as Meatable advanced towards commercialisation.
Meatable had raised about €97m to date, including a €30m series B funding round in August last year.
The company recently made headlines by hosting Europe’s first public tasting of its cultivated meat products at its headquarters in Leiden.
In addition, Meatable had achieved a significant reduction in production time for its pork sausage, halving the duration from eight days to four.
The Innovation Credit would help Meatable further develop its unique technology platform for producing cultivated meat, positioning the company to scale its operations and partner with the meat industry.
“The new funding awarded to Meatable is a testament to its innovative approach and the immense potential of cultured meat,” said Jim Mellon, co-founder and executive chair of Agronomics.
“As global meat consumption continues to rise, traditional livestock production methods are facing increasing pressure to meet demand while mitigating environmental impacts.”
Mellon said Meatable's innovative approach offered a “promising solution” by producing meat without the need for animal slaughter, thus reducing carbon emissions, water consumption, and land use.
“We are excited to see Meatable enter the next stage of growth as it achieves regulatory approval and commercialises its products.”
At 1401 BST, shares in Agronomics were up 0.53% at 5.21p.
Reporting by Josh White for Sharecast.com.