£ANIC, Precision Fermentation: A Biological Lead to Gold

For centuries, alchemists chased a fantasy: turning lead into gold. They failed, but in the process, they invented chemistry. Today, we’re finally doing it, but not with metals, with biology. Feed a yeast sugar, give it the right biological instructions and it can make something rare and valuable. Instead of gold coins, we produce proteins, fats, oils, dairy, and nutrients worth orders of magnitude more than the inputs. Put simply, we are now brewing complex molecules the same way we brew beer. And brewing is incredibly cheap. For example Lactoferrin sells for almost a thousand dollars per kilo today; precision fermentation is widely expected to reduce production costs by 10× at scale. So who are the contenders: Liberation Labs - ‘In a Gold Rush, Sell Shovels’ One of the huge issues in any cutting edge industry is the lack of factory capacity to actually make the products at scale to get the cost down. Enter Liberation Labs, they have just about finished making one of the largest Precision Fermentation factories in the world in Ohio so that all these startup companies that have fantastic IP but not the funding to create their own factory can commission Liberation to produce their product at scale. \> Currently oversubscribed by 400% over the next 5 years, \> Just commissioned by the Saudis to help build PF factories as part of NEOM. \> In the running for a $100 million DOD grant. \>>> Total capital raised $130m +, 37% owned by ANIC ALL G - ‘Pink Gold’ Lactoferrin All G is making Lactoferrin, an iron-binding milk protein essential in infant formula, supplements, and medical nutrition. Traditionally extracted from cow’s milk in tiny quantities at extreme cost and due to its pink colour it is nicknamed ‘Pink Gold.’ All G programs yeast to brew it directly, cleaner, cheaper, scalable. Extreme demand in China. \> GRAS status in US \> First in world to get permission to sell in China \> Formed joint venture with Armor Protéines to scale, aiming early launch this year \>>> Total capital raised $40.5m+, 8% owned by ANIC Formo ‘Cheese Without the Cow’ Formo uses precision fermentation to produce casein and whey proteins without animals. These are real dairy proteins, not plant substitutes. However, while they are still working on bringing these to market they used their expertise to create dairy free cheeses without PF, Formo is unique in the portfolio as it actually has products for sale across over 2000 supermarkets in Germany. Aiming to expand to the rest of the EU and UK this year. \> Already has successful products in supermarkets \> Received €35m from EIB beginning of January \>>> Total capital raised $140m+, \~4.5% owned by ANIC Solar Foods ‘Food From Air’ Solar Foods feeds microbes CO2, electricity, and nutrients to produce edible protein powder. No farmland, no animals, no weather dependency. Backed by the EU and tested and confirmed by NASA. agriculture completely de-coupled from land. \> Partnered with Ajinomoto to launch in Ice Cream Singapore 2025 \> international category winner in the NASA Deep Space Food Challenge \>>> Total capital raised \~€130m+, \~5–6% owned by ANIC Clean Food Group ‘Palm Oil Replacement’ CFG ferments microbes to produce oils and fats, targeting palm oil replacement. By acquiring a one-million-litre fermentation facility in Liverpool, CFG jumped straight to industrial scale, starting with high-margin cosmetics before food, companies willing to pay for the ethically sourced option. \> 1 million litre facility acquisition instantly makes CFG one of the largest producers in the world \> Has approval for cosmetic use in UK \> Looking to do Series A fundraise at 100-150 mil valuation this year. \>>> Total capital raised $15m+, \~27% owned by ANIC In Closing Precision fermentation is proven tech, there are factories running already that are producing at scale molecules cheaper than you’d otherwise be able to. There is huge opportunity to ‘brew’ many more molecules than are currently under consideration. As you can see from the numbers, ANIC’s ownership over the above recently funded companies and many more comes to much more than its current market cap. TLDR: Very expensive molecules can now be brewed like beer, one of the only ways to invest is via the public Investment Fund Agronomics (LON:ANIC)