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USDA grants $25m guarantee to Agronomics' bio-protein facility

10:02, 1st December 2023
Lauren Gibbons
Vox Newswire

Agronomics (ANICFollow | ANIC, a company focused on the field of cellular agriculture, proudly announces that the USDA has granted Ameris Bancorp a US$25 million loan guarantee to aid in completing Liberation Labs' 600,000-litre biomanufacturing facility in Indiana. This facility aims to address the industry's fermentation capacity shortage, allowing commercial production to start by Q1 2025, facilitating the cost-efficient production of novel bio-based proteins like egg and dairy proteins.

Agronomics has invested US$7.6 million in Liberation Labs, currently accounting for approximately 10.5% of its last published Net Asset Value, with an equity ownership of 37.4% on a fully diluted basis.

Jim Mellon, Executive Director of Agronomics said: "Liberation Labs is developing state-of-the-art purpose-built fermentation infrastructure which will transform the existing fermentation capacity and help build a future in which precision fermentation proteins reach the industrial scale needed to meet growing demand in the US and across the world. With continued progress being made and key delivery timelines on track, we look forward to the operational launch in 2025."

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Agronomics is a leading listed company with a focus on cellular agriculture and cultivated meat and the company has established a portfolio of over 20 companies in this rapidly advancing sector. Lab-grown protein and meat could be an important step in reducing greenhouse gas emissions such as carbon dioxide and methane from traditional meat production, which account for around a quarter of all greenhouse gases.  

Growing awareness of the environmental impact of food production is a key reason why millions more are turning to vegan and vegetarian lifestyles. One recent survey suggested that there were now over 1 million vegans in the UK, around 1.5% of the total population, a figure which has been growing quickly and which would imply almost 100m vegans worldwide. The number of vegans in the US grew 600% from 2m to 20m between 2014 and 108.

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