TIDMANIC
RNS Number : 7630C
Agronomics Limited
15 June 2023
15 June 2023
Agronomics Limited
("Agronomics" or the "Company")
AUD 2.5 million investment in developer of synthetic biology
technology for hydrogen production
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that the
Company has invested AUD 2.5 million ("the Subscription") in
HydGene Renewables Pty Ltd ("HydGene"), a developer of synthetic
biology to engineer microorganisms for use in hydrogen production.
The Subscription is part of HydGene's AUD 6 million Seed financing
round. The Subscription is in line with Agronomics' wider focus in
investing in opportunities seeking to minimise the irreversible
damage to the natural environment, was paid using cash from the
Company's own resources and will result in Agronomics holding
188,239 Series Seed Preferred Shares and owning, on a fully diluted
basis, 12.50% of HydGene. Joining the round are the Clean Energy
Finance Corporation ("CEFC" - whose investment is managed by
Virescent Ventures), Understorey Ventures and NOAB Ventures.
HydGene engineers microorganisms, using synthetic biology, to
act as a proprietary biocatalyst for the production of green
hydrogen. This biocatalyst, produced via fermentation, enables the
conversion of waste biomass into gases such as hydrogen and
ammonia. The global hydrogen market is estimated to be worth US$
160 billion in 2022 ([1]) , with hydrogen being derived primarily
from fossil fuels and used for the production of chemicals such as
ammonia and methanol. The Hydrogen Council forecast this could
become a US$ 2.5 trillion global market by 2050 as hydrogen's usage
expands to fuel for transport applications, off-grid power
generation, and seasonal energy storage, with hydrogen constituting
up to 18% of the global energy supply. ([2])
Crucial to hydrogen becoming a mainstream supply of energy is
the development of cost-effective green hydrogen solutions, with
HydGene's biocatalyst technology providing a unique decentralised
solution, allowing for hydrogen to be produced at the site of use
and circumventing expensive transportation and storage costs.
Jim Mellon, Executive Director of Agronomics said:-
"Efficiently and effectively harnessing hydrogen as a renewable
source of energy is vital if we are to meet our net zero ambitions
and reduce our reliance on fossil fuels. By upcycling waste
biomasses into renewable gases, such as hydrogen and ammonia,
HydGene's biocatalyst technology provides an entirely renewable
carbon-negative solution which will support this global
transition.
"HydGene's unique decentralised solution aims to accelerate the
cost-effective adoption of low carbon technology across the fuel
sector, and we are excited to see the substantial impact this could
have on the global transition to hydrogen fuel."
Louise Brown, Co-founder and CEO of HydGene said:-
"Collaborating with Agronomics as our lead investor for our Seed
raise instills us with tremendous confidence and opportunities.
Together, we want to provide affordable and sustainable
alternatives in the production of green molecules, firstly
hydrogen, derived from waste biomass. Our biocatalyst technology,
which lies at the heart of our vision, is the driving force behind
our mission to shape a decentralised manufacturing future."
Virescent Ventures Partner Blair Pritchard said :-
"We are proud to manage the CEFC investment of AUD 2 million in
HydGene. This exciting technology has the potential to grow the
global green hydrogen industry as a critical factor in our net zero
emissions economy of the future. The potential demand for green
hydrogen is huge, and not every place has abundant renewable energy
resources or the land needed for electrolysis. We need to make
green hydrogen in more geographies, with a wider range of inputs
than just sun and wind. Organic waste streams, which Hydgene uses,
are a perfect example."
Galloway Limited, a company indirectly wholly owned by Jim
Mellon, an Executive Director of Agronomics, also participated in
the fundraise, with an AUD $200,000 investment on identical
terms.
About HydGene
HydGene seek to accelerate the adoption of low carbon technology
by providing an alternative green hydrogen solution. The hydrogen
is made from biomass waste in a carbon-negative process using the
Company's engineered microorganisms as a biodegradable
biocatalyst.
By replacing fossil fuel derived hydrogen, HydGene directly
reduces the emission of carbon dioxide into the atmosphere. And
even more, by upcycling biomass waste into hydrogen, it seeks to
divert waste from either being burned or ending up in landfill
where its degradation process releases methane - a more potent
greenhouse gas than carbon dioxide.
With its decentralized approach to making hydrogen only when and
where it is needed, the technology also reduces infrastructure
requirements and costs and supports the sustainable trend of the
future to decentralize energy production and chemical
manufacturing.
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of over 20 companies in this rapidly
advancing sector. It seeks to secure minority stakes in companies
owning technologies with defensible intellectual property that
offer new ways of producing food and materials with a focus on
products historically derived from animals. These technologies are
driving a major disruption in agriculture, offering solutions to
improve sustainability, as well as addressing human health, animal
welfare and environmental damage. This disruption will decouple
supply chains from the environment and animals and be fundamental
to feeding the world's expanding population. A full list of
Agronomics' portfolio companies is available at
https://agronomics.im/.
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is being facilitated by advances in cellular
agriculture. This change is necessary, given scientists' claims
that if we maintain existing animal protein consumption patterns,
then we will not meet the Paris Agreement's goal of limiting
warming to 1.5 .
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required in order to produce just 10% of the world's
protein using this technology, means that we are on the cusp of a
multi-decade flow of capital to build out manufacturing facilities.
Funding in the field of cellular agriculture is accelerating,
however, still, less than US$ 5 billion has been invested worldwide
since the industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Canaccord Genuity Cenkos Peterhouse Capital SEC Newgate
Limited Cornish Limited Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Financial
Communications
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Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Bob Huxford
Denham Eke James Biddle Harry Rees Michael Johnson Charles Goodfellow George Esmond
Alex Aylen (Head of
Equities)
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+44 (0) 1624
639396
info@agronomics. Agronomics@secnewgate.
im +44 (0) 207 628 3396 +44 (0) 207 523 8000 +44 (0) 207 397 8900 +44 (0) 207 469 0936 co.uk
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([1]) Hydrogen Generation Market Size, Share and Industry
Analysis
([2]) Hydrogen, Scaling Up | Hydrogen Council
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