Key Takeaways
- SuperMeat, a portfolio company of Agronomics, has received Kosher certification for its cultivated chicken, marking an industry first.
- The certification was granted by OU Kosher, which oversees the kosher certification of over 1.3 million products globally.
- This development is expected to set the stage for a Kosher meat certification process across the cultivated meat industry.
- Agronomics has invested $12.5 million in SuperMeat and owns a 7.8% equity stake.
Agronomics (ANIC: LSE), a leading company in cellular agriculture, has announced a groundbreaking achievement for its portfolio company, SuperMeat The Essence of Meat Ltd (“SuperMeat”). SuperMeat’s cultivated chicken has been certified as Kosher, meeting the stringent Mehadrin standards set by OU Kosher, the Kosher certification division of the Orthodox Union (“OU”).
A Historic Milestone
This certification represents a historic milestone for the cultivated meat industry, as it is the first time lab-grown poultry has received Kosher certification. OU Kosher, overseeing the certification of over 1.3 million products in 104 countries, determined that SuperMeat’s product met the necessary standards after in-depth discussions and scientific reviews.
Industry-Wide Implications
Following this landmark recognition, both parties are now focused on examining the entire supply chain and production process of cultivated meat. This endeavor aims to establish clear guidelines for other enterprises in the sector, potentially initiating a Kosher meat certification process for the entire industry. The development marks a pivotal moment in the intersection of religious dietary standards and advanced food technology.
Financial Investment and Market Opportunity
Agronomics has invested $12.5 million in SuperMeat and holds a 7.8% equity ownership. This investment represents 9.3% of Agronomics’ last published Net Asset Value as of June 30, 2023. Jim Mellon, Co-Founder and Executive Director of Agronomics highlighted the significant market opportunity this certification opens, stating that an estimated $11 billion is spent annually on kosher foods in the U.S. alone.
Expert Opinions
Rabbi Menachem Genack, CEO of OU Kosher, emphasized the unique halachic challenges posed by cultivated meat, requiring innovative guidelines that align with scientific advancements. Ido Savir, CEO of SuperMeat, expressed the company’s commitment to inclusivity and respect for diverse dietary needs, stating that this recognition sets high standards and opens new avenues for the Kosher food industry.
Image provided by SuperMeat
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