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The collaboration between the partners will leverage Steakholder Foods' expertise in providing mature Ready-to-Cook 3D printer technologies.
Steakholder Foods Signs Multi-Million-Dollar Agreement with GCC Governmental Body to Commercialize its 3D Bio-Printing Technology
(ISRAEL, 7/24/2023)
Steakholder Foods Ltd. (NASDAQ: STKH), an international deep-tech food company at the forefront of the cultivated meat industry, has announced that it has entered into a Memorandum of Agreement for Strategic Cooperation (MOA) with an accredited GCC-based governmental body as Steakholder Foods' strategic partner, to advance food security efforts through the application of Steakholder Foods' groundbreaking 3D printing technology.
Steakholder Foods’ Dropjet 3D-printer. Photo by Shlomi Arbiv.
Commencing with an investment by the strategic partner in the construction of a pilot plant to produce printed hybrid-fish products, the MOA eventually aims to create a first-of-its-kind large-scale production facility in the Persian Gulf region. The agreement foresees a material initial down payment to Steakholder Foods for the procurement of its 3D-printer technologies, followed by a milestone-based sales and procurement plan for industrial-scale output.
The MOA is intended to contribute to the scalability of Steakholder Foods' 3D-printed food technology in territories in the Gulf Cooperation Council ("GCC"), which represents the economic union between Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Steakholder Foods’ cooked 3D-printed hybrid-fish fillet. Photo by Shlomi Arbiv.
The collaboration between the partners will leverage Steakholder Foods' expertise in providing mature Ready-to-Cook (RTC) 3D printer technologies and customized bio-inks, tailored to produce a wide range of species-specific cultivated fish and meat products, as well as vegetable-based products. The partners also seek to utilize Steakholder Foods' advanced technology to overcome the limitations of traditional fish and meat production, ensuring consistent, nutritious, and safe food products that closely mimic the taste, texture, and appearance of conventional meat, fish and vegetable-based products. The collaborative efforts outlined in the MOA signify a shared vision and commitment to food security, in a future where access to nutritious and sustainable food is within reach for all.
Arik Kaufman.
Arik Kaufman, CEO of Steakholder Foods said: "After intensive years of development, Steakholder Foods is excited to sign this first agreement with a strategic partner, generating our first income stream that represents one of the first substantial income agreements for a company in the cultivated meat industry, a huge step forward. We believe that we have chosen the right partner, and together, we are committed to advancing the cause of food security and creating a positive impact on the world."
Yair Ayalon, VP of Business Development at Steakholder Foodssaid:"This strategic partnership marks a pivotal moment in our journey to commercialize our 3D printing capabilities. Looking ahead, we remain committed to pursuing additional strategic partnerships to enable us to deliver innovative solutions for the foodtech industry."
About Steakholder Foods
Steakholder Foods Ltd., is an international deep-tech food company at the forefront of the cultured meat revolution. The company-initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker "STKH" (formerly MITC), with headquarters in Rehovot, Israel.
The company is developing a slaughter-free solution for producing cellular agriculture meat products, such as beef and seafood, by offering manufacturers the ability to produce a cultivated meat product that aims to closely mimic the taste, texture, and appearance of traditional meat— as an alternative to industrialized farming and fishing. With its membership in the UN Global Compact, Steakholder Foods is committed to act in support of issues embodied in the United Nations Sustainable Development Goals (SDGs) which include strengthening food security, decreasing carbon footprint, and conserving water and land resources.
(ISRAEL, 7/24/2023)
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