Agronomics Limited has announced a US$ 10 million investment in Liberation Labs Holding Inc. as part of a wider US$ 12.5 million financing round. The investment was made in the form of a Secured Convertible Promissory Note for the continued construction of Liberation Labs' facility in Richmond, Indiana. Liberation Labs has raised US$ 33.5 million in equity-linked instruments and has formal commitments for non-dilutive funding totaling a further US$ 55 million.
Liberation Labs aims to become the industrial biotechnology industry's global fabrication partner through the design, build, and operation of Bio3, its purpose-built biomanufacturing platform. The company has broken ground on its first facility, which is expected to be commissioned in Q1 2025. Agronomics has invested US$ 17.6 million in Liberation Labs, representing approximately 14.8% of Agronomics' last stated Net Asset Value.
Mark Warner, CEO and Co-Founder of Liberation Labs, expressed gratitude for the continued support of major funding partners. Jim Mellon, Executive Chairman of Agronomics, expressed confidence in Liberation Labs' ability to become the first company in Agronomics' portfolio to be cash generative.
Liberation Labs is commercializing precision fermentation with a global network of purpose-built manufacturing facilities. In the year to 31/12/23, Liberation Labs reported a loss of US$ 7.1 million and had net assets of US$ 12.7 million.
Agronomics is a leading listed company focusing on investment opportunities within the field of cellular agriculture. 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 ingredients with a focus on products historically derived from animals.
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