Agronomics Limited has announced that the United States Department of Agriculture (USDA) has awarded Ameris Bancorp a US$25 million "Business and Industry" loan guarantee to support the construction of Liberation Labs Holdings Inc's biomanufacturing facility in Indiana, USA. Liberation Labs is building a commercial-scale, precision fermentation biomanufacturing facility with a capacity of 600,000 liters and a dedicated downstream process. The facility aims to address the lack of fermentation capacity in the industry and enable companies to produce at commercialization scales. The loan guarantee ensures that Liberation Labs has the necessary capital to complete the facility, with commercial production expected to begin in Q1 2025.
The facility will be purpose-built for precision fermentation products, including bio-based proteins such as egg and dairy proteins. Agronomics has invested US$7.6 million into Liberation Labs since its inception, accounting for approximately 10.5% of Agronomics' last published Net Asset Value. Agronomics holds an equity ownership of 37.4% on a fully diluted basis.
Mark Warner, CEO and Co-founder of Liberation Labs, expressed the significance of the USDA loan guarantee, stating that it reflects the strength of their business plan and their ability to execute. Jim Mellon, Executive Director of Agronomics, highlighted the transformative impact of Liberation Labs' fermentation infrastructure on the industry and the potential to meet growing demand for precision fermentation proteins.
Liberation Labs is focused on commercializing precision fermentation and aims to produce bio-based consumer products at scale. The company combines modern technology with purpose-built manufacturing facilities to provide cost-effective solutions that meet global customer demand.
Agronomics is a leading listed company in the field of cellular agriculture and cultivated meat. The company has a portfolio of over 20 companies in the sector and seeks to invest in companies with defensible intellectual property that offer new ways of producing food and materials. Agronomics aims to improve sustainability, address human health and animal welfare concerns, and decouple supply chains from the environment and animals.