Alternatives Meat-Tech invests in Peace of Meat
With this investment, Meat-Tech is expanding its strategy of developing scalable cell-based agriculture technologies. Peace of Meat (POM) is an Antwerp, Belgium based B2B supplier of cultured fats. POM has developed a unique, proprietary, stem-cell-based technology to produce animal fats, such as those from cattle, chicken or geese in industrial-scale bioreactors without harming any animals. In 2020 POM was awarded a subsidy of €1.2 mill. from the Flemish government as part of the € 3.6 mill. Foieture project.
Meat-Tech’s investment is part of the planned full acquisition of the target company, as announced in September 2020. The acquisition of the remainder of the company remains subject to the completion of a final agreement, according to which Meat-Tech will purchase all of POM’s equity for a total of approximately $17.5 mill., for a combination of cash and Meat-Tech equity over the course of two years as POM achieves technological milestones.
Meat-Tech expects to leverage POM’s cultured fat technologies to expand its cell-based offerings by accelerating cultured fat development and shortening times to market. Peace of Meat has already held tasting events demonstrating the potential of cultured fats to enhance plant-based protein products. Such products are being called hybrid products as they are made of both plant based and cultured animal cell ingredients.
“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 savory 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.
This acquisition is 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. Through a combination of internal development and acquisitions, Meat-Tech is developing multiple cutting-edge technologies intended to be leased to major food producers globally. Meat-Tech intends for its technologies to be utilized by value-added food producers to make advanced cultivated meat and related products. This in tandem to minimizing the use of natural resources, improving animal welfare and meeting the growing demand for meat sustainably.