Agronomics Share Discussion Threads

[peterrr3] 17/6/2025 09:59:14

Nice little clip from The Clean Foods Group, must admit I am part of the Andrea Cattaruzza fan club https://www.linkedin.com/posts/clean-food-group-ltd_oilsandfats-sustainability-cleanfoodgroup-activity-7340634387920613376-Xzax?utm_source=share&utm_medium=member_ios&rcm=ACoAAEbmZ18B1DqPg111hbtsfVqEYMHzEvjreI4

[nanopayments] 16/6/2025 12:35:47

Owen is probably trying to raise capital, so his comments about valuations should be taken in context. However, he is talking about the companies themselves being undervalued, and ANIC stock is trading at a steep discount to that. It's not all bad news. As you yourself have noted a couple of times, the abscence of VC interest has allowed us to continue to invest at a discount to NAV. It's also meant that our portfolio companies have had to do more with less. Meatly is a great example of this and I think the cost disciple and operating efficiencies they have been forced to adopt while times are lean will stand them in good stead for the future.

I agree that there is certainly still a risk, but as far as ANIC is concerned, the $50.5m capital raise Liberation Bioindustries did, that will allow them to complete their facility in Richmond was a key milestone in derisking this investment. As Mark Warner said in the recent podcast interview, they will now be able to show investors returns that are no lonnger theoretical, but real. I'd be surprised if VCs continue to snub that kind of opportunity.

[1chrism] 16/6/2025 07:30:09

Thanks Nano, and for context the quotes are from Owen Ensor of Meatly fame. It is frustrating but hardly surprising that VCs are swayed by the political wind. It's probably a combination of weighing up the revenue (lab meat vs traditional) and no one wanting to be first in a risk adverse world. However, it is worth also mentioning that lab meat does not really exist. Nothing is being made at scale (yet, but Meatly will see to that) so being a naysayer requires no rational enquiry (in the USA, religion-state politics or other large farming nations). And yet, with Chinese gov. backing lab meat (Fengtai and of course Cellx), and Singapore demonstrating the need, the counter argument requires patience rather than a stronger case; I think we basically need a space race and for the US to realise they are lagging. That is a risk of course, otherwise it will be years of dripping tap progress. But the genie is out of the bottle now.In any case, ANIC doesn't really need lab meat to work, just Liberation Bioindustries.

[nanopayments] 16/6/2025 05:21:37

"For investors, the message is equally resolute: recognise the global landscape.

The commitment to cultivated meat is not confined to a few progressive enclaves; it has widespread support, embraced by major economies and forward-thinking governments worldwide. We’ve had VCs say they will not invest because of the ‘geopolitical debate’. It’s really staggering to hear a global VC fund is making investment decisions based on what a provincial hard-right legislator is doing.

Let’s be very clear: you can build an exceptionally profitable, high-return business outside of Alabama… in fact, you can build an exceptional business outside of the US.

The potential for significant returns and the opportunity to contribute to a more sustainable future remains, with the global support for cultivated meat providing a robust foundation for long-term growth and success. Now is actually the ideal time to be investing, given the suppressed valuations that the current debate has created.

The direction of travel is clear. Governments around the world realise the environmental, health, economic, security, and ethical potential of cultivated meat, as well as the value in allowing consumers and the free market to decide which safe products should be sold. It’s time we started having this define the political conversation around cultivated meat."
hxxps://www.greenqueen.com.hk/meatly-lab-grown-cultivated-meat-pet-food-ban-investment/

[peterrr3] 12/6/2025 18:59:53

Don't discount the ex DuPont Team at Fembox Bio, same scale completing about the same time in Thailand. Also Perfect Day in India, Cauldron in Australia let alone the Japanese who already have the technology and experience. But it's a big market opportunity so plenty to go around.My punt for the next LB deal, UAE.

[1chrism] 05/6/2025 20:37:21

This was a key worry for me but our St Peter helped straightened out the kink in my thinking on this note, effectively: LB is a US factory making US product on an industrial scale and if the rest of the world has to come to the US if they want industrial scale precision fermentation at a decent pricepoint. It's essentially the Trump dream. The worry about being decried as 'Frankenstein' does not exist because LB don't make meat, they are making an ingredient. There is of course the outside chance that Trump might just change his mind if someone buys him a plane.

[nanopayments] 05/6/2025 16:46:00

A final point of interest was that MW mentioned they were in the process of completing the feasibility study for the Department of Defense, so no sign so far that the Trump administration plans on cancelling this. He also said he expects to get bipartisan support for Liberation Biosciences, so no real substance to the speculation that there will be substantial opposition in the US for novel proteins.

[nanopayments] 05/6/2025 11:18:43

Thanks for posting. A few notable comments by Mark Warner:

- They expect to announce two or three more customer deals before year end.
- The completion of the Richmond plant and start of production is a key milestone. Many potential customers aren't satisfied with theories and price projections and lab-based production, they want to see production at scale before signing contracts. That will now begin to happen. The same can be said for investors. Most of the financing so far has been equity, but once the plant is beginning to produce revenue and they can cut and paste to build another plant, raising capital should be easier and they will also have access to a wider pool, including project finance and debt.
- He reiterated that the Richmond plant will be profitable before the end of 2026.
- They are unlikely to build a facility in China to protect IP. I hadn't really thought there was anything particularly valuable here, but obviously I was wrong.

Every time I hear Mark Warner speak, I want to buy more ANIC stock.

[traderinthemaking] 05/6/2025 05:40:02

Great to see the growing interest in Liberation Bioindustries lately. With the rebranding and growing buzz around their precision fermentation capabilities, our large stake in them could really prove to be a gem for our NAV as they derisk further their offering... Exciting times ahead!TITM

[1chrism] 04/6/2025 21:27:14

Future of Foods podcast interviews Liberation Bioindustries CEO Mark Warner, https://rss.com/podcasts/alexcrisp-futureoffood/2057690/

[1chrism] 03/6/2025 10:22:21

ANICs 37% stake, Liberation Labs has rebrandedhttps://www.globenewswire.com/news-release/2025/06/02/3091930/0/en/Liberation-Labs-is-Now-Liberation-Bioindustries.html

[davebowler] 01/6/2025 18:03:36

Like manna from heaven!?...Solein is an all-purpose protein grown with the air we breathe: The unique bioprocess takes a single microbe, one of the billion different ones found in nature, and grows it by fermenting it using air and electricity and thereby converting carbon dioxide to protein

[volsung] 31/5/2025 13:11:40

Like the look of KelpEat
Would gorge on their crackers I think

[1chrism] 31/5/2025 10:56:52

Outstanding news Peter, and from the worstest company in the ANIC stable (Meatly fo' life!)I think we may be the only ones who know it is starting to happen in earnesthttps://solarfoods.com/solar-foods-has-signed-supply-agreement-with-kelpeat/

[peterrr3] 30/5/2025 20:38:07

Tropic, Unusually I was a bit short on up to date content. Approved to produce bananas in Colombia and Honduras and for sale in the US and Canada. So with the Philippines 3 of the top producers. First shipment this year. Getting plenty of press in Brazil at the moment as well.

[davebowler] 29/5/2025 08:28:25

Cavendish- Agronomics' portfolio company, Meatly, has announced two significant steps towards reducing the cost of producing cultivated meat and moving the industry towards price parity with conventional meat production. Firstly, the company has concluded the commissioning phase and first cell growth run of its novel, in-house developed bioreactor, with a cost of c5% of traditional biopharma reactors. Secondly, the company has further lowered the cost of its protein-free growth medium to a level which would be c1.5p per litre when used at industrial scale. We believe these are two significant steps towards achieving price parity, targeting two of the more costly components associated with cultivated meat production. This follows the launch of Meatly's cultivated chicken product in a pet food in February 2025.

[peterrr3] 28/5/2025 17:23:42

Tropic update - note name change Chris.Because you asked for it, or maybe you didn't. CFO and CTO have moved on, with the founder picking up the CTO reins and a slightly more high powered CFO joining the Team.The South Americans which are the heavy hitters in global bananas have requested field trials to get approval to grow locally not trusting or unable to use EU or Philippine determination that the non browning variant is non GMO.The Monsanto acquisition team which bought the Founder's last startup have moved to Bayer and are watching progress closely from the social upticks.Norfolk has been testing disease gene silenced rice, this is the holy grail IMO as it would give ANIC min 10x ROE. Bananas alone are probably worth at least 5x.

[peterrr3] 27/5/2025 21:09:05

Normally I couldn't give a rats about the alt food conference circuit, as actions always speak louder, but here is one that caught my eye for a couple of reasons:Half the expert panel are ANIC core portfolio companies. The VP of Mars R&D is in the mix, with one of the most impressive commercial cvs I've seen.https://www.linkedin.com/posts/liberation-labs_were-looking-forward-to-a-great-time-next-activity-7333160792093011968-pvw4?utm_source=share&utm_medium=member_ios&rcm=ACoAAEbmZ18B1DqPg111hbtsfVqEYMHzEvjreI4

[peterrr3] 27/5/2025 12:19:57

I'll give you a thumbs up Chris, but that of course begs the question what industry standard is and how relevant is it now. Medium is good but power costs is also key. Everyone is under 1USD per litre now for medium. If build costs are down, definitely a game changer.

Have bought a few as definitely press worthy.

[1chrism] 27/5/2025 11:59:29

Peter, the news I know you will have been waiting for. Meatly have designed a bio reactor 20x cheaper than industry standard https://www.linkedin.com/posts/owen-ensor-3496853a_meatlymilestone-congratulations-cultivatedmeat-activity-7333080402284134401-6c0h?utm_source=share&utm_medium=member_ios&rcm=ACoAAAyqvu4B8lyrDIzBF2FdI3ffs4-qw84RO2g

[1chrism] 26/5/2025 15:47:06

All G filed first patent for precision fermented human milk. https://www.linkedin.com/posts/agfunder_altprotein-alternativeprotein-biomanufacturing-ugcPost-7331198579828563971-7UYK?utm_source=share&utm_medium=member_ios&rcm=ACoAAAyqvu4B8lyrDIzBF2FdI3ffs4-qw84RO2g

[1chrism] 26/5/2025 11:23:53

You beat me to it! This is truly not only a portfolio first but but a cellular agriculture first

[peterrr3] 26/5/2025 10:20:16

Solar Foods scale up trials in Factory 1. They believe they have confirmed scale up is commercial for planned factory 2. This will be around 40x factory 1, so about 20% bigger than Liberation Labs, with a MOU for 50% offtake. Interestingly it looks like a planned US build and supply.https://solarfoods-4422035.hs-sites.com/solar-foods-confirms-successful-100-fold-industrial-scaling-of-soleins-production-technology?ecid=ACsprvvMLuytr4fUAisD10CcHJaStW0RpsGxbZsEm6xbow0E3uwNetB7DA5fDjSGPJahlwwl7fQ_&utm_source=hs_email&utm_medium=email