Steakholder Foods Ltd, formerly MeaTech 3D Ltd., today announces the closure of its wholly-owned subsidiary, Peace of Meat BV (PoM), in order to focus on the advancement of its core 3D printing tech of cultivated meat products. The closure is set to reduce Steakholder’s expenses by $4.5M annually.
“The Company shall consider how and when to continue development of cultivated avian products.”
The company states that the move aims to “optimize its funds and investment strategy, alongside enabling a greater focus on recently-announced core goals such as accelerating the commercialization of its 3D printing technology.”
Timeline of events
The company acquired Peace of Meat in December of 2020. In March 2021, the company announced the opening of a new Belgium facility for Peace of Meat, then in the following July it revealed it had established a stable and unique avian cell line with a clear upscaling path.
Then in March of this year, Steakholder announced a strategic restructuring of PoM, in order to streamline operations. “Today’s announcement is an important step in our efforts to successfully launch a product in the Singaporean market,” said CEO Arik Kaufman at the time.
The statement reads as follows: “PoM’s management had been granted full contractual autonomy throughout 2021 and 2022, and was provided with the funding required to develop its technologies in accordance with the terms of the purchase.”
Future focus on core 3d tech
“Following the conclusion of the autonomous period and following its previously announced plans to restructure PoM, the Company further evaluated the expected return on its investment, and decided not to further fund PoM, in order to focus its efforts [on] the advancement of its core technology 3D printing of cultured products, and potential collaborations.
“As a result, PoM has ceased operations and is expected to be liquidated. As part of this process, Steakholder Foods expects PoM’s assets to be realized, following which the Company shall consider how and when to continue development of cultivated avian products. The closure of PoM is expected to reduce Steakholder Foods’ expenses by about $4.5 million annually, relative to 2022.”