Agronomics Limited Liberation Labs secures US$ 25 million loan (2952V)
01 12월 2023 - 4:00PM
UK Regulatory
TIDMANIC
RNS Number : 2952V
Agronomics Limited
01 December 2023
1 December 2023
Agronomics Limited
("Agronomics" or the "Company")
Liberation Labs secures US$ 25 million loan for biomanufacturing
facility
Agronomics (ANIC:LSE), a leading listed company focused on the
field of cellular agriculture, is pleased to announce that the
United States Department of Agriculture ("USDA") has awarded Ameris
Bancorp ("Ameris Bank") a US$ 25 million "Business and Industry"
loan guarantee to help the continued build and the completion of
Liberation Labs Holdings Inc ("Liberation Labs")'s biomanufacturing
facility in Indiana, USA.
Liberation Labs is currently constructing a commercial-scale,
purpose-built, precision fermentation biomanufacturing facility
with a capacity of 600,000 litres and a fully dedicated downstream
process. The facility is a significant step forward in addressing
the critical lack of fermentation capacity facing the industry. It
will allow companies to produce at the necessary commercialisation
scales, the capacity required to achieve favourable unit economics.
The awarded loan guarantee - made available to businesses working
to spur local economic development - ensures that Liberation Labs
has the necessary capital to complete the build-out of the
remainder of the facility over the next year. Commercial production
is expected to commence by Q1 2025.
Once completed, the facility will be purpose-built for precision
fermentation products that can be delivered at an optimised cost,
with increased yield production and improved efficiency for a
variety of novel bio-based proteins such as precision
fermentation-derived egg and dairy proteins. A 3D rendering of the
sophisticated 600,000L launch facility, designed to address the
acute shortage in precision fermentation capacity, can be seen here
.
Agronomics has invested US$ 7.6 million into Liberation Labs
since its inception, which is currently carried at GBP18.4 million.
Subject to audit, this position accounts for approximately 10.5% of
Agronomics' last published Net Asset Value (30/09/2023) , including
post-balance sheet date adjustments. Agronomics has an equity
ownership of 37.4% on a fully diluted basis.
Mark Warner CEO and Co-founder of Liberation Labs said: -
"Award of this USDA loan guarantee is continued confirmation of
the importance of adding US biomanufacturing capacity and the
strength of our business plan. Our project underwent significant
due diligence and risk rating, and to come out the other end with a
loan guarantee is a strong reflection of the quality of our team,
our vision and our ability to execute."
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."
About Liberation Labs
Liberation Labs is commercializing precision fermentation with a
global network of purpose-built manufacturing facilities that
enable the next wave of biotechnology advancements to produce
bio-based consumer products at scale. We combine modern technology
with fit-for-purpose design to bring reliable and cost-effective
solutions that meet customer demand across the world. More
information is available at www.liberationlabs.com .
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in
Atlanta, Georgia. The Company's banking subsidiary, Ameris Bank,
had 164 locations in Georgia, Alabama, Florida, North Carolina and
South Carolina at the end of the most recent quarter.
About Agronomics
Agronomics is a leading listed company with a focus on cellular
agriculture and cultivated meat. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It
seeks to invest 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 and improve food security for the world's
expanding population. A full list of Agronomics' portfolio
companies is available at https://agronomics.im/ .
For further information please contact:
Agronomics Beaumont Canaccord Cavendish Peterhouse SEC Newgate
Limited Cornish Genuity Securities Capital
Limited Limited Plc Limited
The Company Nomad Joint Joint Joint Public Relations
Broker Broker Broker
========== ============= ============= =============== =============================
Richard Reed Roland Andrew Giles Lucy Williams Bob Huxford
Denham Eke Cornish Potts Balleny Charles George Esmond
James Harry Michael Goodfellow Anthony Hughes
Biddle Rees Johnson Alice Cho
Alex Aylen
(Head
of Equities)
========== ============= ============= =============== =============================
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0)
639396 207 628 207 523 207 397 207 469
info@agronomics.im 3396 8000 8900 0936 agronomics@secnewgate.co.uk
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