How to eat a real juicy steak if you’re a vegan
Steaks are immensely popular and loved by millions all over the world. Time and time again, steak lovers declare that in terms of flavor, nothing beats a juicy prime cut grilled to perfection. Yet if you ask us, the joy of eating a steak should not be exclusive to meat eaters. It should also be something vegans can eat. How is that possible? The answer is cultivated 3d-printed steaks.
The need for a cruelty-free steak that is nutritious and sustainable
Vegans stay away from animal-based products for a variety of reasons. Many cite animal cruelty as the main reason they avoid meat, dairy and fish. Some vegans are concerned with their physical well-being and feel that a plant-based diet supports their health objectives. Others cite the negative impact of the meat and dairy industries on the environment. Naturally, many vegans identify with all three reasons and can bring up additional arguments that are just as legitimate.
Does a vegan’s commitment to his or her morals and values mean they should not be able to enjoy a delicious steak? It would seem that way, but the answer is no. Steaks made from animal cells rather than animal slaughter are designed to dramatically reduce the environmental impact of meat production, are antibiotic free, and are on a path toward becoming 100% vegan-friendly.
Cultured steaks are bursting with protein, flavor and goodness
What is a cultured steak? Let’s first define cultured meat. Cultured meat is the popular term for meat that is developed from animal stem cells rather than slaughtered farm animals. Here’s how it works. Stem cells are collected from living tissue. They are then placed in a media that is rich in nutrients, amino acids, vitamins, and salts. In short, they are given optimal conditions for proliferation, growth and development, similar to what they would get inside an animal’s body. The process takes place in a fully controlled and sanitary laboratory environment.
To make a cultured steak, the stem cells must be 3D-printed into a steak structure. Once the steak structure is printed, it is placed in an incubator where the cells are given time and optimal temperature to differentiate into muscle cells and fat cells. During this process, the muscle cells develop into fibrous muscle tissue resembling the density, thickness and length of a conventional cut of meat.. The end result is a tender, juicy steak that can be cooked on the grill and devoured.
Needless to say, because they are made from actual animal cells, cultured steaks are delicious, nutritious and packed with protein. And from a vegan’s perspective, they don’t come with the downsides of steaks produced from farmed animals.
How is a cultured steak cruelty-free?
Cultured steaks avoid the slaughtering of animals. Animal cells are ethically harvested for the purpose of developing real meat. This represents a conscious effort to offer a solution that will reduce the practice of raising animals (in often difficult conditions) for slaughter.
Is a cultured steak actually healthy?
Lab-grown meat is meat and therefore possesses the nutritional profile of conventional meat. If a person shouldn’t be eating meat because of diet or health concerns, they will have the same issues with cultured meat.
One considerable healthy advantage of lab-grown meat is that it doesn’t have or ever need antibiotics. Why is this important? Because animals raised for slaughter are often given antibiotics to prevent them from getting sick. Traces of these antibiotics can be found in meat. When antibiotic-laced meat is consumed, over time, this can cause antibiotic resistance among humans which can lead to severe sickness and even death.
Another reason cultured steaks are considered healthy and safe for consumption is that they are grown in a sterile lab environment with no animals present and minimal human contact. Lab-grown meat is less susceptible to foodborne pathogens, such as E. Coli and salmonella, both of which are commonly transmitted by factory-farmed animals. According to the CDC, three out of four new or emerging infectious diseases in humans come from animals.
What are the sustainability implications?
To produce meat for the masses, the conventional meat industry relies on the use of vast amounts of land and puts a constant strain on precious freshwater resources. Twenty-six percent of the earth’s terrestrial surface is used for livestock grazing. One-third of the planet’s farmable land is used to grow feed for livestock (Source: FAO). The global consumption of meat and animal products makes up 27% of humanity’s total water footprint, 98% of which is used for animal feed.
As populations and demand for meat increase globally, mass market meat production is unsustainable. When compared to conventional meat, cultured meat is projected to reduce land use by between 63% and 95%. Cultured meat is also expected to use 51% to 78% less ground and surface (blue) water than conventional beef production (about the same as chicken and pork) (Source: Good Food Institute).
How does a cultured steak compare to vegan-friendly steaks?
When people think of vegan-friendly steaks or vegan-friendly meat in general, they mostly imagine a plant-based dish sold as a meat substitute. People who are vegans for moral or ethical reasons might be interested in trying cultured meat. When it becomes regulated and widely available, the experience may encourage them to go back to eating meat. Cultured meat, however, will not have much influence on vegans who lean more toward animal-free diets for health reasons or simply because they don’t like meat.
There are a lot of vegan steaks on the market. But when compared to cultured meat, vegan meat substitutes tend to be highly processed in an attempt to offer a close-as-possible meat-eating experience. Since cultured meat is real meat, the experience is already there and therefore, there is no need for adding extra ingredients or chemicals for flavor.
A real beef steak that’s vegan friendly? We are working on it
Even vegans crave a steak every once in a while. Fortunately for them, there are products out there, and even home recipes, to satisfy the craving. And vegans don’t expect the real thing or even want the real thing. So, all’s good, right? Well, if they only knew what’s possible… Why should vegans be limited to steak substitutes when they can enjoy a real, savory, juicy steak experience without any animal having been harmed in the process? That’s right. A real steak made from animal cells rather than farm-raised animals. Cultured steaks won’t compromise vegan values, and if you’re expecting the real thing, it will taste a lot better than a vegetarian steak.
At Steakholder Foods, formerly MeaTech 3D, we are working hard to achieve the holy grail of meat – steak. Our cultured meat production methodology and innovative 3D bioprinting technology is helping us get there. In the future, we expect cultured meat to occupy a significant share of the overall market for meat products. Along the way, we hope meat lovers and vegans the world over will join our movement to make meat sustainable.
The collaboration creates an opportunity to penetrate the Asian market with 3D-bioprinted structured seafood products
Rehovot, Israel, July 12, 2022 – MeaTech 3D (Nasdaq: MITC), an international deep-tech food company at the forefront of the cultured meat industry, is pleased to announce that it has signed a memorandum of understanding with Umami Meats for the joint development of 3D-printed cultured structured seafood.
Umami Meats is a Singapore-based cultured seafood company with a focus on developing species that are expected to experience severe supply-side shortages in the coming years due to climate change, overfishing and continuously growing consumer demand. The global seafood market was estimated to be worth US $110.2 billion by 2022 and is growing at a CAGR of 3.6% (FMI – The Food Industry Association).
This collaboration opens a door for both companies into the Asian market, and Singapore specifically, which is currently the only country that has authorized the production and distribution of cultured meat.
The agreement is part of MeaTech’s strategy of collaboration with other players in the alternative protein space and takes advantage of the company’s flexibility in its technological and biological capabilities to develop and print a wide variety of species. With this agreement, MeaTech will be adding seafood to its portfolio of bovine, avian and porcine products under development.
The company’s innovative 3D bioprinting technology can produce complex meat products with pinpoint precision at an industrial rate of production without impacting cell viability. Through the company’s private subsidiary, MeaTech is developing and commercializing its 3D-printing capabilities in-house and to third parties in the food tech sector.
MeaTech also sees this collaboration as an opportunity to make a valuable contribution to helping preserve marine ecosystems and wildlife while addressing the environmental challenges surrounding the aquaculture and fishing industries.
Arik Kaufman, MeaTech’s Chief Executive Officer & Founder: “We are very pleased about this new agreement which reflects our commercialization strategy of industry collaboration using our unique 3D printing capabilities. We are excited about entering into the seafood sector and believe it will lead us to new market pathways throughout Asia and worldwide.”
Mihir Pershad, Umami Meats’ Chief Executive Officer & Founder: “We are delighted to establish this collaboration with MeaTech to expand our product range with their 3D printing capabilities. This partnership will enable us to build upon our technology platform for cultivating fish muscle and fat to produce a variety of structured products that meet the desires of discerning consumers. We believe cultivated seafood holds tremendous potential to provide a local, sustainable source of healthy protein and to address many of the challenges facing our food system and our oceans.”
About MeaTech
MeaTech 3D 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). MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US.
The company is developing a slaughter-free solution for producing a variety of beef, chicken, pork, and seafood products — both as raw materials and whole cuts — as an alternative to industrialized farming and fishing. With its membership in the UN Global Compact, MeaTech 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.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements concerning MeaTech’ business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’ business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’ current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’ expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’ research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’ ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’ Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’ forward-looking information and statements proves incorrect, then MeaTech’ actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
Peace of Meat’s cultured avian capabilities put the company on a clear path toward commercialization in the hybrid foods market
Rehovot, Israel, July 5, 2022 – MeaTech 3D (Nasdaq: MITC), an international deep-tech food company at the forefront of the cultured meat industry, is pleased to announce that Peace of Meat, the company’s Belgian wholly-owned subsidiary, has established a stable and unique avian cell line with a clear upscaling path.
Peace of Meat is a cultured avian company that develops 100% non-GMO cultured meat products that are microcarrier free. The company plans to commercialize its products in the emerging hybrid foods market through collaborations with the meat industry and with other alternative protein companies to produce a range of sustainable hybrid products that combine plant-based ingredients with cultured avian biomass.
In May 2022, Peace of Meat signed a joint development agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient. The initiative will combine Peace of Meat’s unique expertise in cultured avian development with ENOUGH’s cutting-edge mycoprotein ingredient to create game-changing hybrid alternative meat products.
In September 2021, Peace of Meat successfully produced 700 grams of cultured chicken fat biomass in a single production run. The company plans to establish a pilot plant and R&D facility in Belgium to begin scaled-up production in 2023. The plan includes the use of serum-free cell lines.
Peace of Meat was founded in August 2019 and acquired by MeaTech in 2021 for approximately $20 million. The company has invested close to $7.5 million in cultured avian technology development.
Dirk Standaert, Peace of Meat’s Chief Executive Officer: “We are moving forward with a clear R&D and go to market strategy. We have established a superior cell platform for the industrialization of cultured meat products that allows us to develop tasty, nutritious cultured avian products made sustainably.”
Arik Kaufman, MeaTech’s Chief Executive Officer & Founder: “We are proud of Peace of Meat’s achievements and their accelerated path toward commercialization in the hybrid foods market, a sector with tremendous potential.”
View Peace of Meat’s one pager here.
About MeaTech
MeaTech 3D 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 “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US.
The company is developing a slaughter-free solution for producing a variety of beef, chicken, pork, and seafood products — both as raw materials and whole cuts — as an alternative to industrialized farming and fishing. With its membership in the UN Global Compact, MeaTech 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.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements concerning MeaTech’ business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’ business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’ current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’ expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’ research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’ ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’ Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’ forward-looking information and statements proves incorrect, then MeaTech’ actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
Rehovot, Israel, June 30, 2022 – MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”), an international deep-tech food company at the forefront of the cultured meat industry, today announced that it has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 1,857,143 American Depositary Shares, (or American Depositary Share equivalents in lieu thereof) and warrants to purchase 1,857,143 American Depositary Shares at a purchase price per ADS (and accompanying warrant) of $3.50, pursuant to a registered direct offering.
The warrants to be issued will have a five-year term, will become exercisable immediately, and will have an exercise price of $3.50 per ADS.
The closing of the offering is expected to occur on or about July 5, 2022, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $6.5 million. The Company intends to use the net proceeds from the offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
This offering is being made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-264110) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.
Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MeaTech
MeaTech is an international group of deep-tech food companies 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 “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings.
MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements concerning MeaTech’ business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’ business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’ current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’ expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’ research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’ ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’ Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’ forward-looking information and statements proves incorrect, then MeaTech’ actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
Population growth, technology, and a universal evolution of value systems. Could this trifecta of change bring a perfect storm to the world of food by 2050? Could the meat industry experience the lion’s share of transformation? If so, what form could that take? Should there be less conventional meat in the future? And for good reason? There are serious questions about the sustainability of the meat farming industry. Are plant-placed meat alternatives a viable and attractive replacement?
Let’s jump into a time machine of possibilities in an attempt to envision how an estimated global population of 10 billion people might source their protein 30 years from now while helping to preserve the natural balance of the planet we call home.
UN statistics: The global population by 2050 will reach 10 billion
By 2050, cultivated meat, high-protein insects, seaweed and algae, and allergen-free nuts will be the most sustainable protein sources to support an increasingly growing population.
What’s going to happen by 2050?
Many aspects of our lives — how we communicate with each other, how we travel, how we power our homes — continue to evolve. And as the future unfolds, food will be no exception. Population growth, global warming, the challenges surrounding food security and equal access to food, and the promise of more sustainable food will lead individuals to eat differently.
Here are some ways the world will change by 2050:
Growing population
The United Nations Environment Programme estimates that the global population will reach 10 billion by 2050. Also by that same year, the UN projects that a scarcity of water, land and energy will lead to a global food shortage.
With a population of 10 billion people projected by 2050, global food security issues must be addressed now.
Greenhouse gasses and global warming
Rising temperatures of 2.5 to 10 degrees Fahrenheit caused by greenhouse gas emissions over the next 100 years will already have a significant negative impact on our food supplies by 2050. Crop yields and availability will go down and food prices will disproportionately go up.
Providing a growing population with enough protein will also be challenging. Current meat supplies will not be sustainable in the decades to come. Just raising cattle requires an enormous amount of land, a reality that results in approximately 6.7 million acres of deforestation each year.
Trees are a critical source of oxygen we need to breathe, and they help keep our air clean. Ongoing deforestation increases the CO2 in the atmosphere, a greenhouse gas that contributes to global warming. Replacing jungles and forests with pastures and feedlots is not a sustainable option. In fact, it presents an imminent danger of which we are already seeing the effects. The good news is that alternative protein products can provide people the protein they need with a lot less impact on the environment.
Unequal access to food
With an estimated 10 billion people in the world by 2050, sixty percent more food will need to be produced (Source: Food and Agriculture Organization [FAO]). A business-as-usual approach to food production won’t get us there. Today, there is enough food in the world. Yet millions of people still go hungry. The problems are access and availability.
Hunger and how alternative proteins can help
Access to food is most commonly disrupted by extreme weather conditions (much of which today is caused by climate change), food waste, one’s gender, and conflict. Hunger as a result of the effects of climate change mostly affects developing countries, creating a constant state of instability for local food production economies. On the gender front, women are more likely to suffer from hunger and malnourishment than men. Sixty percent of food-insecure people in the world are women and girls (Source: UN-WFP).
Millions around the globe lack consistent, secure access to nutritious food
Violent regional or international conflict can make it extremely difficult or even impossible for people to access food. Conflict destroys infrastructure, cuts off import supply chains, hikes up inflation, devalues currency, shuts down roads, and causes job loss.
The good news is that if systems are established that can empower local economies, we can mitigate hunger no matter the cause. One potentially effective approach could be to set up localized cultured meat production facilities to help decrease a country’s dependency on international supply chains. This could also be an opportunity for regions whose climates are not suitable for meat agriculture to create a new and stable source of protein production.
Cultured meat production could also allow manufacturers to increase yield more efficiently and cost effectively based on need. Unlike animal husbandry, an increase in the supply of cultured meat will not require the time and land resources needed to raise and feed more cattle, not to mention the environmental impact. This means that we will be able to produce enough meat anywhere in the world efficiently, economically and at costs that are not as easily impacted by changing climate conditions or natural disasters.
The need for sustainable food
The acceleration of global warming has already caused an unprecedented increase in droughts, insect outbreaks, coastal flooding and erosion, wildfires, declining water supplies, and decreased agricultural yields. These environmental consequences along with global population growth amplify the need for sustainable and secure food solutions.
By most estimates, based on today’s current systems of food production and distribution, by 2050, billions of people will not have sustainable access to safe, nutritious food. The consequences of such a scenario wouldn’t just be devastating for people in the hardest hit areas. It would send shockwaves around the globe, potentially sparking violent conflict, an economic downturn, and migration of populations en masse the likes of which the world has never seen.
On the bright side, there are numerous government initiatives, technological advancements, and an overall increase in awareness of the need for improving and securing food systems. Today, market trends indicate that more and more people understand the importance of sustainable food production to make sure that especially the neediest communities around the world can remain resilient in the face of environmental and climate crises.
What does the future of food look like?
Cultivated meat, high protein insects, seaweeds and algae, and allergen-free nuts might just be some examples of what a more secure future of food could look like.
Let’s discuss these sustainable protein options in more detail.
Cultured meat
Cultured meat is real meat made from animal cells rather than slaughtered animals. Although the industry is still in its infancy, most projections position meat grown from cells as a protein option that people will eventually embrace on a global level. The reasons are clear. If the final product successfully mimics the meat-eating experience of conventional meat and its nutritional value, people will gravitate toward the idea of real meat that can potentially have a significant positive impact on the sustainability of the planet, e.g., enhanced food and water security, reduction in greenhouse gasses, and a reduction in deforestation.
Compared to conventional meat, cultured meat has a lower carbon footprint and has a real potential to help reduce global warming. Even with optimistic scenarios of increased renewable energy use in conventional animal agriculture, “cultivated meat produced using renewable energy reduces global warming impacts by 17 percent, 52 percent, and 85 to 92 percent compared to conventional chicken, pork, and beef production, respectively.” (GFI)
Cultured meat could provide up to a 78% reduction in blue water usage, lessening the meat industry’s strain on precious water resources. It could also help with a whole host of other issues associated with the conventional meat industry: antibiotic resistance, foodborne illness, zoonotic disease risk, the destruction of terrestrial and marine habitats, and biodiversity loss.
A sustainable real-meat alternative to conventional meat
At Steakholder Foods, formerly MeaTech 3D, we are using an animal cell cultivation process and 3D bioprinting technology to develop whole cuts of real meat. It is an approach that, when scaled, could provide a more secure and sustainable source of protein to millions of people in a world where the demand for real meat is only growing.
High protein insects
Insects can provide a valuable source of protein, vitamins, and amino acids for humans, and are much more readily available than cattle. Crickets, mealworms and grasshoppers are high in protein and, compared to cattle and poultry, are a more sustainable option as a global source of protein. Insect farming can also reduce the environmental impact of other animal protein sources and are essential in many parts of the world to providing future food security.
Seaweed and algae
Similar to high protein insects, seaweed and algae contain nutrients that are essential to the human diet. They are rich in dietary fiber, high in protein and can be grown quickly without minimal environmental impact. It is also projected that seaweed and algae production will increase in the future with the expectation that they will be used as a solution for food security.
Allergen-free nuts
Allergen-free nuts, such as the tiger nut, are high in fiber, protein and minerals. Tiger nuts, which are not actually nuts, are currently experiencing a popular resurgence in the west, especially among people who suffer from food allergies because they do not contain lactose, gluten or fructose. They’ve actually been a part of the human diet for thousands of years, dating back to the Egyptians. They are now being rediscovered in western food cultures as a rich source of protein and a valuable food staple for the future.
Food in 2050 might look very different
By 2050, with a global population of close to 10 billion, experts project that the problems of food access inequality and the environmental and economic consequences of global warming will only grow more severe. As these issues evolve, the need for sustainable food and sustainable food systems will become more urgent. Cultured meat, high protein insects, seaweed and algae, and allergen-free nuts will be some of the foods that pave the way for creating a better, more sustainable way of life for humans and animals.
Frequently asked questions
1. What food will we be eating in 2050?
By 2050, individuals will be eating cultured, or cultivated, meat, high-protein insects, seaweed, algae, and allergen-free nuts. All of this food is rich in essential vitamins and minerals and high in protein. In addition, these foods will be grown sustainably and will benefit the environment by not depleting the planet’s natural resources.
2. Is cultured meat, or cultivated meat, the meat of the future?
Yes. Cultured meat does not require any animals to be slaughtered, requires significantly less water intake than conventional meat, and is more economical as it requires only weeks instead of years to achieve the same product output as conventional meat. As the Earth’s population continues to grow, it will only become more and more critical that we address economic and sustainability issues, such as food security and carbon footprint, through the transformation of how we source and supply food. Cultured meat is an excellent example of how to address these concerns.
3. How will we continue to feed our growing population?
To feed our growing population, we must reduce global warming and the need to raise and slaughter animals for protein. Understanding the importance of eating sustainably, protecting and restoring precious ecosystems, and increasing food production without expanding agricultural land are all keys to feeding a growing population while ensuring a healthier future for ourselves, animals and the planet.
Synthetic beef has recently come to the public’s attention with the publication of Microsoft cofounder Bill Gates’ book How to Avoid a Climate Disaster. In his book, Gates lays out his theory on how to mitigate climate change and lists steps he believes the world should take to reduce greenhouse gas emissions. According to Gates, all rich countries should switch to 100% synthetic beef. This can be achieved, Gates suggests, through behavioral change or regulation.
But what is synthetic beef exactly? Often mistakenly grouped synonymously with cultured or cultivated beef, the term refers to 100% plant-based, often vegan-friendly meat substitute created to have a similar look, taste and texture as beef. It tries to come as close as possible to resembling beef in taste and texture, but it ain’t beef.
How is synthetic beef made?
Synthetic beef is typically made with proteins (such as beans or peas), fats (coconut or canola oils), carbs (potato starch), and minerals with flavorings, such as beet juice, to create appetizing patties, for example, that sizzle and resemble beef in texture and appearance. One of the industry’s leading synthetic beef producers blends peas, beans, and brown rice with natural fats like coconut oil. Other variations include combinations of soy and potatoes. Synthetic beef products may also include sausages, meatballs, and beef jerky.
What is the difference between synthetic beef and cultured or cultivated meat?
While synthetic beef is produced from 100% plant-based ingredients, cultured, or cultivated meat (also known as lab-grown meat), is created using animal stem cells ethically harvested from cows and grown under ideal conditions in a nutrient-rich cell medium inside bioreactors. The cells grow, multiply and differentiate into muscle and fat cells which then develop into muscle and fat tissue. The process from stem cell to final product is humane as it avoids the need to raise and slaughter animals.
When did synthetic beef come about?
Meat alternatives have actually been around for hundreds of years, the best known example perhaps being tofu, a protein-rich bean curd derived from soybeans. Legend has it that tofu was developed in China in the second century. Tofu is a versatile alternative protein source that picks up the flavors of other ingredients. Tofu gained mainstream popularity in America in the late 1960s.
The beginning of cultured meat
According to most experts, cultured meat first appeared in 2000 with a NASA-funded research project led by Morris Benjaminson at Touro College in New York. They produced lab-grown fish from muscle cells harvested from a goldfish.
But the first significant breakthrough occurred in 2013 when Mark Post from Maastricht University developed the first cultured beef burger patty. It was created from more than 20,000 thin strands of muscle tissue at a cost of more than $300,000 and took two years to develop. In the years that followed, a handful of companies began to focus on cultured meat, while others continued advancing and developing the synthetic meat industry.
How much does synthetic beef cost to manufacture?
According to a new report by the Good Food Institute (GFI), there is still a significant cost gap between plant-based, or synthetic meat, and real meat. The average cost of a pound of beef is $3.95 while a pound of Beyond Meat, for example, is $7.79 a pound. GFI reports that price parity could happen far sooner than expected – by 2023.
The cost of cultured meat
Cultured meat has come a long way since Mark Post’s $300,000 burger. Currently, dozens of companies are working on low-cost lab-grown meat. While there’s still a ways to go, the cost has come down considerably. As the scale of manufacturing improves and the cell growth medium and other materials become less expensive, price parity will be achieved. GFI contends, based on supported studies, that cultured meat could be cost-competitive with multiple forms of slaughtered animal meat by 2030.
Is synthetic beef genetically modified?
To make “fake” meat as real as possible, plant-based meat companies rely on genetic engineering. Used for a variety of applications, GMO techniques have been increasingly effective in the food industry, and specifically with meat substitutes.
Cultured meat can be developed with non-GMO processes. While a few cultured meat companies have revealed that they are developing non-GMO products, the vast majority of the industry currently uses GMO to improve efficiency and effectiveness, depending on each company’s particular approach.
Is synthetic beef healthier than real beef?
Compared to ground beef, synthetic burgers offer similar amounts of calories, protein, iron, and other micronutrients. The Impossible Burger, for example, adds extra zinc and B vitamins of which beef also boasts high amounts. But for all their attempts at mimicking the real-beef experience, alternative meat products must be taken with a grain of salt (pun intended).
Cultured (or lab grown) meat has the same nutritional contents as conventional meat. But cultured meat, which is developed in a sterile, highly controlled environment, has a host of advantages over its conventional cousin. When meat is grown from cells, you can mitigate or completely avoid these common problems associated with factory farming and conventional meat production:
- Chronic disease caused by harmful cholesterol and saturated fat. Both plant-based beef products and conventional beef are high in saturated fats and can raise cholesterol levels, leading to chronic illness. When meat is grown from cells, it is possible to control the amount of saturated fat and cholesterol without sacrificing taste.
- Antibiotic resistance. Livestock raised on factory farms are given antibiotics to either prevent or treat illness in crowded, unhealthy conditions. But this practice can pose a risk of generating antibiotic-resistant bacteria in animals which can then lead to the same potential risk to humans when animal meat enters the food supply. When you remove the need to farm animals like with plant-based meat and cultured meat, the problem with antibiotics goes away.
- Growth hormones. The economic benefit of growth hormone use in factory farms is well known. What is less well known, and still up for debate, is the health impact of such hormone use on consumers of meat. While the research is still inconclusive, it is still advisable to stay away from growth hormones in animal meat. Today, your options would be to buy only hormone-free organic meat or plant-based alternatives.
- Zoonotic diseases. Global meat production has, over the years, been a cause of animal-to-human transmission of diseases. In fact, 22% of foodborne diseases are linked to global meat production. Examples include the African swine fever and the highly pathogenic avian influenza. With lab-grown meat in highly controlled, sanitary environments, the risk of foodborne disease is expected to be significantly lower – and possibly negligible.
When will synthetic steaks and burgers be in restaurants?
Synthetic meat is already widely available in restaurants. Cultured meat is another story. The two main factors holding back mass production of cultured meat for restaurants are the cost of production and regulatory approvals. Original forecasts claimed that cultured meat would be widely approved by 2021. 2021 has come and gone, and so far, there is still only one place in the world where consumers can order cultured meat on a menu.
In December 2020, Singapore authorized the sale of lab-grown meat, making it the first time cultured meat has been licensed for sale anywhere on the planet In the same year, in Ness Ziona, Israel, the world’s first lab-grown meat “restaurant” was opened, offering the public a chance to taste (free of charge) their cultured chicken dishes. Cultured meat is expected to become available in a number of other countries in the next one to three years, depending on different time frames for regulatory approval.
Cultured meat is the future
The cost of producing cultured meat is dropping all the time, though admittedly, we are still years away from the vision of cultured meat being widely available and affordable for the masses. But the payoff for the environment and food security is huge, which is why Steakholder Foods, formerly MeaTech 3D, is focused on perfecting its unique 3D bioprinting technology and cultured meat production process. Steakholder Foods technology will be able to generate high-quality whole cuts of meat in a fraction of the time it takes to produce conventional meat.
And though it may take a little more time before our whole-cut meat products hit shelves and restaurants, you may sooner be able to buy our hybrid products made with plant-based ingredients and cultured meat which offer the signature flavors, aromas and texture of real, savory meat.
Bon Appetit!
The patent, issued in Australia, is based on systems and methods for enhancing muscle fiber formation to develop high-quality meat
Rehovot, Israel, June 9, 2022 – MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”), an international deep-tech food company at the forefront of the cultured meat industry, is pleased to announce that it has received its first patent out of several that are currently pending. The patent, granted by IP Australia, is based on the company’s development of systems and methods to apply external forces to muscle tissue that result in the development of high-quality complex structured meat.
One of the main challenges of producing structured meat is to enable the muscle tissue to mature with an enhanced fibrous texture that results in a mouthfeel with the right elasticity, density and taste. “Our patented systems and methods strengthen and enhance cultured muscle tissues in a way that mimics how a cow’s muscles are developed while it walks and grazes,” said Dan Kozlovski, MeaTech’s Chief Technology Officer.
Arik Kaufman, MeaTech, Chief Executive Officer: “We are excited about the first patent approval of our novel technology and processes. This achievement strengthens the company’s IP which we believe will help speed up MeaTech’s entry into the market as the leading producer of high-quality cultivated whole cuts of meat. We will also provide technology and services to third-party food-sector players.”
View our patent here:: https://patentimages.storage.googleapis.com/bb/59/88/62caca3feb01a7/AU2020349580A1.pdf
About MeaTech
MeaTech is an international group of deep-tech food companies 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 “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings.
MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements concerning MeaTech’ business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’ business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’ current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’ expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’ research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’ ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’ Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’ forward-looking information and statements proves incorrect, then MeaTech’ actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
The company will speak about how its game-changing approach to cultured meat development can promote sustainability, food security and animal welfare
Rehovot, Israel, June 6, 2022 – MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”), a deep-tech food company at the forefront of the cultured meat industry, is pleased to announce that it will be a sponsor and participant at Vegan Fest, the world’s largest vegan festival. The event will take place in Tel Aviv, Israel, June 7-9, 2022, from 5:00 – 11:00 p.m. each day.
Vegan Fest 2022 will feature over one hundred vegan food and product stalls and a food tech area with food tech and alternative protein startups, panel discussions and expert lecturers.
Schedule of MeaTech speakers at Vegan Fest:
- Dan Kozlovski, CTO: Featured panelist, “The Future of Food,” Tuesday, June 7th, 9:00 – 9:45 p.m.
- Yair Ayalon, Business Development Manager: Lecture, “Environmental and Social Impact of Cultured Meat,” Wednesday, June 8th, 9 – 9:00 p.m.
- Dana Hillel, Biologist: Lecture, “MeaTech’s Cultured Meat Development Process,” Thursday, June 9th, 6 – 6:30 p.m.
Come visit the MeaTech booth in the food tech area. The team will be available to answer questions and will be handing out cloth bags of herbs and vegetable seeds filled by participants of “Gvanim,” an organization dedicated to helping people with disabilities develop life skills.
Arik Kaufman, MeaTech’s Chief Executive Officer, said: “Vegan Fest is a unique opportunity for MeaTech and other Israeli food-tech and alternative protein startups to engage the vegan community with a shared vision of transforming food sourcing and systems to address issues such as animal welfare, the restoration of ecosystems, and global food security.”
For more information on Vegan Fest, visit: https://www.vegan-fest.co.il/
About MeaTech
MeaTech is an international group of deep-tech food companies 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 “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings.
MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements concerning MeaTech’ business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’ business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’ current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’ expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’ research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’ ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’ Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’ forward-looking information and statements proves incorrect, then MeaTech’ actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.
The company continued to develop the technology, R&D and marketing infrastructure necessary to accelerate toward commercialization of cultured meat
Rehovot, Israel, May 31, 2022 –MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”) today reported its financial results for Q1 2022 and provided a business update. MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat industry. MeaTech group uses science and technology to develop high-quality real meat products made from cells rather than farm-raised animals that are delicious, nutritious and safer than conventional meat.
Q1 2022 Financial Results Summary
- Research and development expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $1.1 million in the same period in 2021. The 90% increase is mainly due to the addition of the company’s Belgian subsidiary and reflects MeaTech Group’s growing investment in research and development as it achieves its milestones and expands its cultured meat technology capabilities.
- General and administrative expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $2.7 million in the same period in 2021. The 23% decrease is driven by lower share-based payment expenses, partially offset by higher D&O insurance expenses in the three months ending March 31, 2022.
- Marketing expenses totaled $1.1 million in the three months ending March 31, 2022, compared to $0.3 million in the same period in 2021. The 228% increase is mainly the result of share-based payment expenses of $0.5 million, and the company’s growing investment in marketing activities.
- Operating loss totaled $5.3 million in the three months ending March 31, 2022, compared to $4.2 million in the same period in 2021. The 26% increase in the operating loss reflects the growing investment of MeaTech Group in research and development as well as marketing activities.
- Total comprehensive loss totaled $5.7 million in the three months ending March 31, 2022, or 40 cents per ordinary share ($4.00 per ADS), compared to $4.4 million, or 40 cents per ordinary share ($4.00 per ADS), in the same period in 2021.
- Cash flow used in operating activities totaled $2.8 million in the three months ending March 31, 2022, compared to $1.2 million in the same period in 2021, reflecting a 137% increase, driven mainly by increased research and development expenditures of MeaTech Group.
- Cash flow used in investment activities totaled $1.0 million in the three months ending March 31, 2022, compared to $5.4 million in the same period in 2021, reflecting an 81% decrease. This resulted mainly from the $4.8 million cash component paid in the acquisition of Peace of Meat in Q1 2021.
- Cash flow from financing activities was $0.0 million in the three months ending March 31, 2022, compared to $28.2 million in the same period in 2021, during which the company completed its Nasdaq initial public offering.
- Cash and cash equivalents were $15.3 million on March 31, 2022, compared to $19.2 million at year-end 2021, a decrease of 20%. The decrease was mainly due to the company’s ongoing operations.
- Current assets decreased by 23% to $16.9 million on March 31, 2022 from $22.1 million at year-end 2021, as a result of its ongoing operations.
- Non-current assets increased by 25% to $23.2 million on March 31, 2022 from $18.5 million at year-end 2021, due mainly to a $4.1 million long-term lease asset of its new premises, offset by the recognition of a lease liability in the same amount in accordance with IFRS requirements.
- Total capital decreased 13% to $32.6 million on March 31, 2022, down from $37.6 million at year-end 2021. The decrease was mainly the result of ongoing operations.
Arik Kaufman, MeaTech’s Chief Executive Officer: “In just the first quarter of 2022, we have shown our rapid pace of progress toward commercialization. Our recent technological and scientific advancements and business activities have put us firmly on a path toward scaling our unique solution for the sustainable production of a wide variety of cultured meat products.“
Business highlights and developments during Q1 2022
-
- Promising results with muscle stem cell differentiation: In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibers that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fiber density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
- New headquarters to widen R&D activity: In March, the company moved to new, more spacious headquarters with state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country’s food-tech sector. The new space allows the company to enhance its cultured meat R&D and 3D bioprinting technology and continue growing the biology and engineering teams with a more expansive lab facility. The new headquarters also features a tasting kitchen.
- Promising results with muscle stem cell differentiation: In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibers that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fiber density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
- Expansion of cultivated meat operation into the US to accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be opening a US office. The new space will include activities in research and development, investor relations, and business development. MeaTech US will be another indication of the company’s rapid growth and scaling efforts.
- Peace of Meat pilot plant and R&D facility in Belgium: In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group’s cultured avian technology and R&D capabilities and help propel the company’s market entry.
- First-of-its-kind tasting event with Israeli anchor investors: In March, MeaTech hosted a
tasting event at the company’s headquarters with its Israeli anchor investors, including prominent food industry investors. Guests toured the labs and R&D facilities, observed the company’s 3D printing capabilities, and tasted hybrid chicken nuggets made with plant protein combined with cultured chicken developed by Peace of Meat. - Breakthrough in 3D bioprinting capabilities: In May, MeaTech announced the development of a unique, multi-nozzle 3D bioprinting system for industrial scale production of complex cultured meat products without impacting cell viability. The company plans to offer the technology to third parties via a wholly owned private MeaTech subsidiary as an additional revenue stream and to accelerate commercialization.
- Strategic agreement between Peace of Meat and ENOUGH: In May, Peace of Meat signed a strategic agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient, to accelerate commercialization. This innovative initiative is expected to create game-changing hybrid alternative meat products that better resemble the flavor, aroma, texture, and even nutritional value of conventional meat.
- MeaTech joins the United Nations Global Compact: In May, the company joined the UN Global Compact initiative, committing to ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption and to act in support of UN goals and issues embodied in the UN’s Sustainable Development Goals (SDGs).
- Peace of Meat pilot plant and R&D facility in Belgium: In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group’s cultured avian technology and R&D capabilities and help propel the company’s market entry.
Unaudited Condensed Consolidated Interim Information on the Financial Position
|
|
|
As of March 31 |
|
|
As of March 31 |
|
|
As of December 31 |
|
|
|||
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
|
|
|
USD thousands |
|
|
USD thousands |
|
|
USD thousands |
|
|
|||
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
|
15,257 |
|
|
|
35,971 |
|
|
|
19,176 |
|
|
|
Other investment |
|
|
151 |
|
|
|
144 |
|
|
|
154 |
|
|
|
Receivables and prepaid expenses |
|
|
1,513 |
|
|
|
391 |
|
|
|
2,782 |
|
|
|
Total current assets |
|
|
16,921 |
|
|
|
36,506 |
|
|
|
22,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted deposits |
|
|
415 |
|
|
|
50 |
|
|
|
405 |
|
|
|
Other investment |
|
|
1,333 |
|
|
|
1,259 |
|
|
|
1,355 |
|
|
|
Right-of-use asset |
|
|
4,050 |
|
|
|
294 |
|
|
|
407 |
|
|
|
Intangible assets |
|
|
13,196 |
|
|
|
9,805 |
|
|
|
13,453 |
|
|
|
Fixed assets, net |
|
|
4,183 |
|
|
|
1,797 |
|
|
|
2,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
23,177 |
|
|
|
13,205 |
|
|
|
18,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
40,098 |
|
|
|
49,711 |
|
|
|
40,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
|
746 |
|
|
|
1,357 |
|
|
|
382 |
|
|
|
Other payables |
|
|
2,628 |
|
|
|
1,419 |
|
|
|
2,239 |
|
|
|
Current maturities of lease liabilities |
|
|
488 |
|
|
|
207 |
|
|
|
165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
3,862 |
|
|
|
2,983 |
|
|
|
2,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term lease liabilities |
|
|
3,595 |
|
|
|
96 |
|
|
|
246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
3,595 |
|
|
|
96 |
|
|
|
246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital and premium on shares |
|
|
70,059 |
|
|
|
67,243 |
|
|
|
69,610 |
|
|
|
Capital reserves |
|
|
4,026 |
|
|
|
2,004 |
|
|
|
3,708 |
|
|
|
Currency translation differences reserve |
|
|
515 |
|
|
|
(8 |
) |
|
|
1,275 |
|
|
|
Accumulated deficit |
|
|
(41,959 |
) |
|
|
(22,607 |
) |
|
|
(36,971 |
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
32,641 |
|
|
|
46,632 |
|
|
|
37,622 |
|
|
|
Total liabilities and Equity |
|
|
40,098 |
|
|
|
49,711 |
|
|
|
40,654 |
|
|
Unaudited Condensed Consolidated Interim Information on Comprehensive Income
|
|
|
3-month period ended March 31, |
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3-month period ended March 31, |
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Year ended December 31, |
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2022 |
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2021 |
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|
2021 |
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|
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|
USD thousands, except share data |
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|
USD thousands, except share data |
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|
USD thousands, except share data |
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|
|
|
|
|
|
|
|
|
|
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|||
|
Research and development expenses |
|
|
2,142 |
|
|
|
1,126 |
|
|
|
7,594 |
|
|
Marketing expenses |
|
|
1,051 |
|
|
|
320 |
|
|
|
1,628 |
|
|
General and administrative expenses |
|
|
2,118 |
|
|
|
2,760 |
|
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|
8,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
5,311 |
|
|
|
4,206 |
|
|
|
17,232 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Financing expenses (income), net |
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|
(323 |
) |
|
|
(548 |
) |
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|
790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
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|
4,988 |
|
|
|
3,658 |
|
|
|
18,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation differences loss (income) that might be transferred to profit or loss over ILS |
|
|
515 |
|
|
|
551 |
|
|
|
(1,942 |
) |
|
Currency translation differences loss that might be transferred to profit or loss over EUR |
|
|
245 |
|
|
|
237 |
|
|
|
1,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
|
5,748 |
|
|
|
4,446 |
|
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|
17,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Loss per ordinary share, no par value (USD) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic and diluted loss per share (USD) |
|
|
0.040 |
|
|
|
0.040 |
|
|
|
0.155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted-average number of shares outstanding – basic and diluted (shares) |
|
|
126,235,376 |
|
|
|
90,346,518 |
|
|
|
115,954,501 |
|
Unaudited Condensed Consolidated Interim Information on Changes in Equity (Deficit)
|
|
|
Share and capital premium |
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|
Fair value of financial assets reserve |
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Transactions with related parties reserve |
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|
Currency translation differences reserve |
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|
Share-based payments reserve |
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Accumulated deficit |
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Total |
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USD thousands |
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|||||||
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Balance as of January 1, 2022 |
|
|
69,610 |
|
|
|
(334 |
) |
|
|
14 |
|
|
|
1,275 |
|
|
|
4,028 |
|
|
|
(36,971 |
) |
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|
37,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
714 |
|
|
|
– |
|
|
|
714 |
|
|
Exercise of options |
|
|
449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(396 |
) |
|
|
|
|
|
|
53 |
|
|
Other comprehensive (loss) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(760 |
) |
|
|
– |
|
|
|
– |
|
|
|
(760 |
) |
|
Loss for the period |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(4,988 |
) |
|
|
(4,988 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2022 |
|
|
70,059 |
|
|
|
(334 |
) |
|
|
14 |
|
|
|
515 |
|
|
|
4,346 |
|
|
|
(41,959 |
) |
|
|
32,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
|
|
30,481 |
|
|
|
(334 |
) |
|
|
14 |
|
|
|
780 |
|
|
|
3,639 |
|
|
(18,949 |
) |
|
|
15,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
1,879 |
|
|
|
– |
|
|
|
1,879 |
|
|
Issuance of shares and warrants, net |
|
|
30,357 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
30,357 |
|
|
Exercise of options |
|
|
6,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,194 |
) |
|
|
|
|
|
|
3,211 |
|
|
Other comprehensive (loss) |
|
|
|
|
|
|
– |
|
|
|
– |
|
|
|
(788 |
) |
|
|
– |
|
|
|
– |
|
|
|
(788 |
) |
|
Loss for the period |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(3,658 |
) |
|
|
(3,658 |
) |
|
|
|
|
|
|
|
|
|
|
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