MeaTech 3D Ltd, a developer of industrial-scale cultivated meat production technologies based on advanced 3D bioprinting, announces it has made an initial €1M investment in Belgian cultured fat startup Peace of Meat, as part of a planned full acquisition.
Peace of Meat has developed a unique, proprietary, stem-cell-based technology to produce animal fats, such as those from cattle, chicken or geese without harming any animals. In 2020 POM was awarded a subsidy of €1.2 million (US$1.33 million) from the Flemish government as part of the €3.6 million Foieture project.
The acquisition of the remainder of the company remains subject to the completion of a final agreement. Upon completion of the final agreement and, as POM achieves pre-agreed technological milestones over the course of two years, MeaTech will purchase all of POM’s equity for a total of approximately $17.5 million, for a combination of cash and Meat-Tech equity.
MeaTech 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.
“MeaTech believes that hybrid products, such as plant-based burgers made with cultured fat, may prove to be an exciting new product category. Such fats may offer improved aromas, flavors and textures as compared to purely plant-based proteins. Completing this acquisition will add technological capabilities to support Meat-Tech’s core center-of-plate product offering.” added Steve H. Lavin, Chairman of the Board of Directors of Meat-Tech.
“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.