October 23, 2020

 

Meat-Tech invests in leading cultured fat technology

 

 

Meat-Tech 3D Ltd. expanded its strategy of developing scalable cell-based agriculture technologies with an initial investment of €1million (US$1,184,555) in Peace of Meat.

 

Meat-Tech is a developer of industrial-scale cultivated meat production technologies based on advanced 3D bio-printing. Peace of Meat (POM) is a leading developer of cultured fat products. Meat-Tech's investment is part of the planned full acquisition announced in September.

 

The remainder of the POM's acquisition is subject to the completion of a final agreement. With the final agreement, Meat-Tech will purchase all of POM's equity for approximately US$17.5 million in a combination of cash and Meat-Tech equity.

 

Peace of Meat (POM), an Antwerp, Belgium based B2B company that develops cultured fat technologies, has created a proprietary, stem-cell-based technology to produce animal fats, such as those from cattle, chicken or geese without harming the animals. In 2020, POM was awarded a subsidy of €1.2 million (US$1.33 million) from the Flemish government as part of the €3.6 million (US$4,264,020) Foieture project, and also received US$1 million in private investments from supporters such as Joyance Partners, Big Idea Ventures and Food Angels.

 

Meat-Tech is expected to expand POM's cell-based offerings by accelerating cultured fat development and shortening delivery times to market. POM has already held tasting events and demonstrated the potential of cultured fats to enhance plant-based protein products. These products are being called hybrid products as they are made of both plant-based and cultured animal cell ingredients.

 

"Expediting the development of a broader range of cultured fat options will accelerate our go-to-market plans and support our current activities while opening the door to new product opportunities," said Sharon Fima, CEO and CTO of Meat-Tech.

 

"Meat-Tech believes that hybrid products, such as plant-based burgers made with cultured fat, may prove to be an exciting new product category. Such fats may offer improved aromas, flavours and textures as compared to purely plant-based proteins. Completing this acquisition will add technological capabilities to support Meat-Tech's core centre-of-plate product offering," said Steve H. Lavin, chairman of the board of directors of Meat-Tech.

 

"POM shares the strategic vision of Meat-Tech 3D and is excited to join forces. We are convinced that the strong scientific and commercial synergies between both parties paired with our approach of creating hybrid products based on savoury cultured fats is the perfect setting to bring cultured meat to market in an increasingly competitive space," said David Brandes, managing director of Peace of Meat.

 

Meat-Tech is combining internal developments and acquisitions to develop multiple cutting-edge technologies. This acquisition of POM was part of Meat-Tech's growth strategy of complementing its processes and diversifying its product range along the cultured meat production value chain in order to introduce cultured products to the global market as quickly as possible.

 

Meat-Tech intended its technologies to be utilised by value-added food producers to make advanced cultivated meat and related products. This in tandem to minimising the use of natural resources, improving animal welfare and meeting the growing demand for meat sustainably.

 

- PRNewswire