Agronomics Limited Announces California Cultured Update

Rhea-AI Summary

California Cultured partners with Meiji for cell-based cocoa products, aiming to revolutionize the chocolate industry with sustainable solutions.

California Cultured Partners with Leading Japanese Chocolate Company Meiji for the Production of Cell-Based Cocoa Products

DOUGLAS, ISLE OF MAN / ACCESSWIRE / February 14, 2024 / Agronomics, a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, California Cultured Inc. ("California Cultured"), has reached a partnership agreement with the Japanese company Meiji Co., Ltd, ("Meiji"), Japan's largest chocolate manufacturer. Agronomics led California Cultured's seed round in October 2021 with a US$ 2.2 million investment in the form of a Simple Agreement for Future Equity ("SAFE").

The partnership involves a 10-year-long arrangement for the supply and integration of California Cultured's cell-cultured flavanol cocoa powder into an array of products tailored for both the US and Japanese markets. The co-branded packaged goods, including chocolate, truffles and wellness-enhancing chocolate, will mark the first time cell-cultured cocoa will enter any market worldwide.

The global chocolate industry faces significant issues regarding ethical and secure supply chains. Unpredictable weather patterns have been disruptive to cacao cultivation and have caused volatility in supply and price, which poses an issue for large manufacturers. Cell culturing technology allows the production of cocoa to be decoupled from tropical plantations, addressing key issues in the industry including uncertain weather conditions, deforestation concerns and labour exploitation.

California Cultured CEO, Alan Perlstein commented:

"We need to build a resilient, superior future for chocolate. This partnership is the first step in achieving this. With our scalable technology, we're positioned to excel in the field of plant-based cellular agriculture, where we pioneer the creation and cultivation of cells to redefine how we grow and produce innovative, sustainable products."

Jim Mellon, Agronomics Executive Chairman added:

"This partnership marks a significant milestone in the ongoing transition towards developing sustainable food production systems. It is a great example of how biomanufacturing provides a viable solution to environmental and ethical issues associated with industrial agricultural production while serving the needs of large multinational food companies."

To read the full announcement please see the following link: https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/

Agronomics Limited	Beaumont Cornish Limited	Canaccord Genuity Limited	Cavendish Capital Markets Limited	Peterhouse Capital Limited	SEC Newgate
The Company	Nomad	Joint Broker	Joint Broker	Joint Broker	Public Relations
Jim Mellon Denham Eke	Roland Cornish James Biddle	Andrew Potts Harry Pardoe Alex Aylen	Giles Balleny Michael Johnson Charlie Combe	Lucy Williams Charles Goodfellow	Bob Huxford Anthony Hughes
+44 (0) 1624 639396 info@agronomics.im	+44 (0) 207 628 3396	+44 (0) 207 523 8000	+44 (0) 207 397 8900	+44 (0) 207 469 0936	agronomics@secnewgate.co.uk

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SOURCE: Agronomics Limited

View the original press release on accesswire.com

FAQ

What partnership did California Cultured announce with Meiji?

California Cultured announced a partnership with Meiji, Japan's largest chocolate manufacturer, to produce cell-based cocoa products.

What investment did Agronomics make in California Cultured?

Agronomics led California Cultured's seed round with a US$ 2.2 million investment in the form of a Simple Agreement for Future Equity (SAFE).

What is the duration of the partnership between California Cultured and Meiji?

The partnership between California Cultured and Meiji involves a 10-year-long arrangement for the supply and integration of cell-cultured flavanol cocoa powder.

What issues does the global chocolate industry face that the partnership aims to address?

The global chocolate industry faces issues with ethical and secure supply chains, unpredictable weather patterns affecting cacao cultivation, supply volatility, and price fluctuations.

What technology enables the production of cocoa to be decoupled from tropical plantations?

Cell culturing technology allows the production of cocoa to be decoupled from tropical plantations, addressing issues like uncertain weather conditions, deforestation concerns, and labor exploitation.