Agronomics Limited Announces BlueNalu Expands Partnership with Nomad Foods

Rhea-AI Summary

Agronomics announces the expansion of its portfolio company BlueNalu's partnership with Nomad Foods to commercialize cell-cultivated seafood in the UK and Europe. The partnership, first established in 2021, will focus on market entry through premium foodservice channels.

BlueNalu has joined the UK Food Standards Agency's regulatory program as the only company focused on cell-cultivated seafood. Recent research shows strong consumer interest, with 92% of UK sushi consumers eager to try BlueNalu's first commercial product, cell-cultivated bluefin tuna toro. Notably, 74% of consumers expressed willingness to pay the same or higher prices compared to conventional bluefin tuna.

Agronomics has invested US$8.0 million in BlueNalu, currently valued at £13.0 million, representing approximately 8.6% of Agronomics' Net Asset Value as of December 2024.

Positive

• Strategic partnership expansion with Nomad Foods (Europe's leading frozen food company) to commercialize cell-cultivated seafood in UK/Europe
• 92% of surveyed UK sushi consumers expressed interest in trying BlueNalu's cell-cultivated bluefin tuna
• 74% of consumers willing to pay same or higher prices compared to conventional bluefin tuna
• BlueNalu joined UK Food Standards Agency's regulatory program, potentially accelerating approval process
• Agronomics' investment in BlueNalu has appreciated from £6.1M to £13.0M (represents 8.6% of NAV)

Negative

• No immediate revenue generation - still in pre-commercial phase
• Regulatory approval timeline remains uncertain despite FSA program participation
• Limited initial market entry - starting only with premium foodservice and limited-time offerings

DOUGLAS, IM / ACCESS Newswire / April 30, 2025 / Agronomics (LSE:ANIC), a leading listed company in the field of clean food, is delighted to announce that its portfolio company, BlueNalu, Inc ("BlueNalu"), a global leader in cell-cultivated seafood, has expanded its strategic partnership with Nomad Foods Limited ("Nomad Foods"), Europe's leading frozen food company, to support the commercialisation of its cell-cultivated seafood products in the UK and across Europe.

Nomad Foods and BlueNalu first announced their partnership in 2021. To date, the partnership has explored opportunities to bring cell-cultivated seafood to select markets in the UK and Europe. The new partnership will now see the two companies work together on delivering a market-entry strategy for the sale of BlueNalu's cell-cultivated seafood in the UK, beginning with premium foodservice and limited-time offerings that align with consumer demand for high-quality seafood options.

The partnership will also support BlueNalu's ongoing work with the UK Government. In March, the Government announced that BlueNalu had joined the UK Food Standards Agency's ("FSA") pioneering regulatory programme to help speed up the approval process for cultivated-grown foods. The program enables BlueNalu to work collaboratively with the FSA to navigate the regulatory process for novel foods and ensure the highest food safety and transparency standards. BlueNalu is the only company within the program focused primarily on cell-cultivated seafood.

New research sponsored by BlueNalu also reveals strong enthusiasm among UK sushi consumers for cell-cultivated bluefin tuna toro, which will be its first commercial product. In a survey of 2,000 frequent sushi eaters conducted in 2024, 92% of respondents expressed interest in trying the product. The top perceived benefits included its potential absence of parasites, pesticides, microplastics, mercury, and antibiotics, followed by high omega-3 content. Additionally, 74% expressed willingness to pay the same or more compared to conventional bluefin tuna, due to its potential benefits.

Lou Cooperhouse, Founder, President, and CEO of BlueNalu commented "Our cell-cultivated bluefin toro offers a new, high-quality seafood experience-nutrient-rich, free from environmental contaminants, and designed to complement a global supply chain that is increasingly fragile and unpredictable. We are proud to work with trusted partners and forward-thinking regulatory agencies to deliver safe, consistent, and desirable seafood to consumers in the coming years. Our acceptance into the UK regulatory sandbox reinforces BlueNalu's position as a global company at the forefront of food system innovation."

Jim Mellon, Executive Chair of Agronomics said: "Today's news further exemplifies the ongoing momentum in the cultivated food sector across the globe. This research also confirms what we have known for some time, that there is a strong demand from consumers, who want food options which are not only more sustainable, but ones which are healthier and better for themselves and the planet. We are looking forward to BlueNalu making waves in the UK, as its partnership with Nomad Foods will drive forward innovation in the clean food industry."

To date, Agronomics has invested a total of US$ 8.0 million (c.£6.1 million) in BlueNalu which, subject to audit, is currently carried at £13.0 million. This position represents c.8.6% of Agronomics' last stated Net Asset Value as at 31 December 2024.

For more information about BlueNalu, please visit www.bluenalu.com.

About BlueNalu

BlueNalu is pioneering the future of seafood by developing premium-quality, cell-cultivated seafood products directly from fish cells. Founded in 2018 and headquartered in San Diego, California, the company combines innovative biotechnology with culinary expertise to deliver seafood products that align with consumer preferences for health, safety, and sustainability. BlueNalu is dedicated to supporting a more resilient global seafood supply chain and reducing pressure on wild fish populations.

About Agronomics

Agronomics is a leading London-listed company focusing on investment opportunities within the field of clean food. 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 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 improve food security for the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

Agronomics Limited	Beaumont Cornish Limited	Canaccord Genuity Limited	Cavendish Capital Markets Limited	Peterhouse Capital Limited	33Seconds Limited
The Company	Nomad	Joint Broker	Joint Broker	Joint Broker	Public Relations
Jim Mellon Denham Eke	Roland Cornish James Biddle	Andrew Potts Harry Pardoe	Giles Balleny Michael Johnson	Lucy Williams Charles Goodfellow	Jack Ferris Calum Warren-Piper
+44 (0) 1624 639396 info@agronomics.im	+44 (0) 207 628 3396	+44 (0) 207 523 8000	+44 (0) 207 397 8900	+44 (0) 207 469 0936	agronomics@33seconds.co

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SOURCE: Agronomics Limited

View the original press release on ACCESS Newswire

FAQ

What is the value of Agronomics (AGNMF) investment in BlueNalu as of December 2024?

Agronomics' investment in BlueNalu is valued at £13.0 million, representing approximately 8.6% of Agronomics' Net Asset Value as of December 31, 2024. The company has invested a total of US$8.0 million (about £6.1 million) in BlueNalu.

How did UK consumers respond to BlueNalu's cell-cultivated bluefin tuna in 2024 research?

According to 2024 research of 2,000 frequent sushi eaters, 92% expressed interest in trying cell-cultivated bluefin tuna toro, and 74% were willing to pay the same or more compared to conventional bluefin tuna due to its benefits.

What is the partnership between BlueNalu and Nomad Foods in Europe for 2025?

The expanded partnership focuses on developing a market-entry strategy for BlueNalu's cell-cultivated seafood in the UK, starting with premium foodservice and limited-time offerings. This builds on their initial partnership from 2021.

What regulatory progress has BlueNalu made in the UK food market?

In March 2025, BlueNalu joined the UK Food Standards Agency's regulatory programme to accelerate the approval process for cultivated foods. They are the only company in the program focusing primarily on cell-cultivated seafood.

What are the main benefits of BlueNalu's cell-cultivated bluefin tuna?

The main benefits include the absence of parasites, pesticides, microplastics, mercury, and antibiotics, plus high omega-3 content. It's designed to be nutrient-rich and complement the global supply chain.