20 March 2024

 Agronomics Ltd

("Agronomics" or the "Company")

Formo and Those Vegan Cowboys Partner to Industrialise Precision Fermentation Casein Proteins

Agronomics (LSE: ANIC), a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company Formo Bio GmbH ("Formo") has partnered with Those Vegan Cowboys ("TVC"), a Belgium-based company focusing on precision fermentation-derived caseins.

The partnership will look to combine development efforts across strain engineering, bioprocessing and the large-scale production of caseins to bring precision fermentation caseins to the mass market. Caseins are naturally occurring phosphoproteins found in dairy products which are essential to the characteristic textures and properties of certain cheeses, such as melting and stretching. Formo believes that the partnership will bring technological efficiency gains, accelerating this path to cost parity. Throughout the partnership, Formo and  TVC will maintain their distinct identities as separate companies and each market their own line of animal-free cheeses.

As founders of Food Fermentation Europe, an organisation aiming to raise awareness and build a forward-looking policy framework for precision fermentation food and ingredients in Europe, Formo and TVC will also be working with the European Food Safety Authority to drive legislative change to facilitate the adoption of precision fermentation produced foods.

Formo is already producing animal-free cheese that has the same taste, texture, and functional properties as conventionally produced cheeses but comes at a substantially lower cost for the environment, human health, and animal welfare. Formo's precision fermentation-enabled cheese will enter the market later in 2024.

Raffael Wohlgensinger, CEO of Formo, said:

"Our technology is the key to conquering a trillion-dollar market in the next ten years. In order to gain a leading market share together with our partners, the production of animal-free casein needs to be able to compete with animals on a cost level. The initiated collaboration allows us to improve the technological efficiency and scale of production to achieve this very goal."

Jim Mellon, Executive Chairman of Agronomics commented:

"This strategic partnership is a positive step forward in achieving the essential milestone of reaching cost-parity with conventionally produced protein. With their joint capabilities, Formo and Those Vegan Cowboys are well equipped to deliver on their goal of commercialising precision fermentation caseins to establish more ethical and environmentally friendly dairy production without compromising the foods we love to eat."

About Agronomics

Agronomics is a leading listed company focussing on investment opportunities within the field of cellular agriculture. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to invest in companies owning technologies with defensible intellectual property that offer new ways of producing food and ingredients with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability and address human health, food security, and animal welfare. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

About Formo

Formo is a food tech company on a mission to bring the next generation of animal-free products to consumers. In 2019, Formo was founded by Raffael Wohlgensinger to create a more sustainable and ethical food system - where change is not initiated through consumer sacrifice but through delicious and hedonistic products. After four years of R&D, the Company has manufactured micro fermentation-enabled cheese without the cow that is indistinguishable from the conventional benchmark product, which will enter the market in 2024. Learn more at https://formo.bio/

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