Ryp Labs Crowned the Winner of Lineage’s 2024 Global Food Chain Innovation Challenge

Rhea-AI Summary

Lineage (NASDAQ: LINE) has announced Ryp Labs as the winner of its 2024 Global Food Chain Innovation Challenge. Ryp Labs secured the $50,000 grand prize and entry into a six-month executive-led incubator program for their innovative StixFresh solution. This natural formulation mimics plant defense mechanisms to extend fresh produce shelf-life by slowing down spoilage.

The global competition featured regional winners from three cities: Ryp Labs (San Francisco), Mimica (London) with their 'Bump' temperature-responsive spoilage indicator, and Barbara Šoštarić (Amsterdam) with a visual shelf-life indicator. The challenge aimed to showcase innovative solutions for enhancing food supply chain efficiency and sustainability.

Ryp Labs awarded $50,000 and invited into executive-led incubator program for its biomimicry solution that increases the shelf-life of fresh produce

NOVI, Mich.--(BUSINESS WIRE)-- Lineage, Inc., (NASDAQ: LINE) (the “Company”), the world’s largest global temperature-controlled warehouse REIT, today announced the winner of its Food Chain Innovation Challenge. Ryp Labs, the winner of the San Francisco regional event, was selected for its innovative solution for tackling postharvest food waste, securing the global grand prize of $50,000 and an invitation into a six-month, Lineage executive-led incubator program.

Ryp Labs’ winning idea is called StixFresh, a natural and safe formulation that mimics the defense mechanisms of plants to slow down the natural process of fruit spoilage. It can be applied to a variety of surfaces, including food-safe labels and stickers, and has been shown to extend the shelf-life of fresh produce, thereby reducing food waste.

The global competition on December 2 convened three regional winners selected from events in San Francisco, London and Amsterdam, each recognized for their ideas for tackling food waste, including:

• London Regional Winner Mimica – A solution called “Bump” which is available as a cap or tag that shows the true longevity of food and drinks by responding to temperature changes and becoming bumpy when the food or drinks actually spoil.
• Amsterdam Regional Winner Barbara Šoštarić – A visual indicator that helps consumers determine which food to use first. It helps create awareness around the shelf life of products and thus reduce food waste.

“At Lineage, we take great pride in our investments in the future of the global food supply chain, and we are thrilled to support Ryp Labs in furthering our ultimate shared purpose of eliminating waste and helping feed the world,” said Greg Lehmkuhl, President and CEO of Lineage. “On behalf of the entire Lineage team, I want to extend a warm thank you and congratulations to our winner and all competitors, as well as our panel of esteemed judges, partners, employees and everyone who made this event possible. Together, we can make significant strides toward tackling one of the world’s most pressing issues today.”

"We are incredibly humbled and excited to be selected as the winners of Lineage’s global competition. This opportunity will be a significant step forward in our mission to eliminate food waste through our innovative biomimicry solutions,” said Moody Soliman, CEO & Co-Founder, Ryp Labs. “With Lineage’s extensive global network and commitment to sustainability, we believe we can scale our impact, not only reducing food waste but also creating lasting economic, environmental, and social change. The $50,000 prize and access to Lineage’s executive-led incubator program will undoubtedly provide us with the critical resources and support needed to accelerate our solution and make a real difference in feeding the world.”

The 2024 Lineage Food Chain Innovation Challenge invited students and young entrepreneurs worldwide to showcase innovative solutions using technology and data to enhance the food supply chain's efficiency, sustainability, and resilience. The $50,000 grand prize was provided by Lineage Ventures, the team at Lineage dedicated to investing in early-stage technologies and companies that advance food supply chain innovation.

To learn more about Ryp Labs, visit ryplabs.com.

About Lineage

Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84 million square feet and approximately 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn, Facebook, Instagram, and X.

Forward Looking Statements

Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Lineage intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by Lineage’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of Lineage’s performance in future periods. Except as required by law, Lineage does not undertake any obligation to update or revise any forward-looking statements contained in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241203852238/en/

Media Contact

Christina Wiese

Public Relations Manager

cwiese@onelineage.com

Source: Lineage

FAQ

What did Ryp Labs win in Lineage's 2024 Food Chain Innovation Challenge?

Ryp Labs won a $50,000 grand prize and access to a six-month executive-led incubator program from Lineage (LINE) for their StixFresh solution that extends produce shelf-life.

How does Ryp Labs' StixFresh technology work?

StixFresh is a natural formulation that mimics plants' defense mechanisms to slow down fruit spoilage. It can be applied to food-safe labels and stickers to extend the shelf-life of fresh produce.

Who were the regional winners in Lineage's 2024 Innovation Challenge?

The regional winners were Ryp Labs from San Francisco, Mimica from London with their 'Bump' solution, and Barbara Šoštarić from Amsterdam with her visual shelf-life indicator.

What is the purpose of Lineage's Food Chain Innovation Challenge?

The challenge aims to showcase innovative solutions using technology and data to improve food supply chain efficiency, sustainability, and resilience while reducing food waste globally.