Steakholder Foods Receives Initial SIIRD Grant Payment
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The allocation of a $220,000 grant to Steakholder Foods by the SIIRD for its 3D-printed hybrid fish technology underscores the growing importance of sustainable food production methods. Given the environmental concerns associated with overfishing, particularly of species like grouper, the development of alternative protein sources such as 3D-printed fish is a significant stride towards reducing the strain on marine ecosystems. Stakeholders, including investors, may view this support as validation of the company's potential to tap into the expanding market for sustainable seafood alternatives.
From a sustainability perspective, the adoption of such innovations could lead to a decrease in the fishing industry's carbon footprint and mitigate the risk of depleting marine populations. However, it is crucial to consider the cost-effectiveness and scalability of these technologies in comparison to traditional fishing methods, as these factors will heavily influence market penetration and long-term viability.
The advancement of 3D-printed meat and fish technologies, such as the Drop Location in Space (DLS)™ used by Steakholder Foods, marks a transformative moment in food technology. The ability to replicate the texture, flavor and nutritional values of traditional fish with plant-based materials and cultivated cells is a testament to the sophistication of current food engineering. This innovation not only opens up new product categories for consumers but also presents unique opportunities for the company to diversify its product offerings and potentially improve its gross margins due to potentially lower production costs compared to conventional fishing.
However, the technology's acceptance by consumers and regulatory bodies will be critical to its success. The rigorous validation testing by SIIRD suggests a positive outlook, but broader market acceptance will require continuous demonstration of safety, nutritional equivalency and sensory satisfaction.
Steakholder Foods' receipt of the first-phase payment of the SIIRD grant reflects positively on the company's financial strategy, highlighting the pursuit of non-dilutive funding to fuel its R&D efforts. This approach can be advantageous for shareholders as it suggests the company is looking to preserve shareholder equity while still securing the capital necessary for development. The CEO's statement about reaching more advanced Technology Readiness Levels (TRLs) is an indicator of the company's progress towards commercialization, which could potentially lead to increased revenue streams and market share in the alternative protein sector.
While the grant is a positive development, it is essential to monitor the company's subsequent utilization of these funds and the impact on its operational efficiency and product development timelines. Investors should also consider the competitive landscape and regulatory hurdles that could affect the speed at which these products reach the market and the rate of consumer adoption.
Based on the successful development of 3D-printed hybrid grouper fish, Steakholder Foods has received an initial amount of $220,000 out of a
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Steakholder Foods has successfully 3D-printed hybrid fish that are comprised of Steakholder Foods' SHFish – White Fish™ plant-based raw material formulation, and cultivated grouper cells provided by Umami Bioworks and printed by Steakholder Foods' Drop Location in Space (DLS)™ printing technology. The hybrid fish was subjected to rigorous validation testing from SIIRD, and was found to have similar texture, flavor, and nutritional values as the traditional fish.
Because grouper is a species recognized as vulnerable to overfishing and listed as "Endangered" by the International Union for Conservation of Nature (IUCN), plant-based and hybrid 3D-printed grouper have the potential to be particularly impactful. In June 2023, at the Future Food Tech in
Arik Kaufman, CEO of Steakholder Foods, said: "We believe that our initial SIIRD grant payment is indicative of non-dilutive funding sources that we hope to make available to Steakholder Foods in the foreseeable future, as our technologies continue to reach more advanced TRLs."
About Steakholder Foods
Steakholder Foods is building the industry-standard machinery, software and printing materials to help accelerate the plant-based and cultivated food industries and bring them to industrial capacity. The company offers its proprietary 3D printers, printing ink formulated from constituent raw materials, operating software, and ongoing services to help manufacturers of all sizes reach the execution of their offerings.
Using its variety of manufacturing technologies and services, Steakholder Foods offers manufacturers the ability to produce plant-based food that closely mimics traditional meat's taste, texture, and appearance— as an alternative to industrialized farming and fishing.
Our expertise lies in creating plant-based meat and seafood products with complex textures, like beef steaks, white fish, shrimp, eel, and more. While our initial focus is on plant-based options, we're developing cultivated cells for seamless integration with an eye on the future.
For more information, please visit: https://steakholderfoods.com
Forward-Looking Statements
This press release contains forward-looking statements concerning Steakholder Foods' business, operations and financial performance and condition as well as plans, objectives, and expectations for Steakholder Foods' 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 Steakholder Foods' 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 Steakholder Foods' 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, Steakholder Foods' expectations regarding the success of the technologies which it is developing, which may require significant additional work before Steakholder Foods can potentially launch commercial sales; Steakholder Foods' research and development activities associated with printing technologies, including three-dimensional food printing, which involves a lengthy and complex process; Steakholder Foods' 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 Steakholder Foods' Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on April 4, 2023. New risks and uncertainties may emerge from time to time, and it is not possible for Steakholder Foods to predict their occurrence or how they will affect Steakholder Foods. If one or more of the factors affecting Steakholder Foods' forward-looking information and statements proves incorrect, then Steakholder Foods' 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, Steakholder Foods cautions you not to place undue reliance on its forward-looking information and statements. Steakholder Foods 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.
Press Contact:
Maissa Dauriac
Rainier Communications
mdauriac@rainierco.com
Investor Contacts:
Steakholder Foods
Investors@steakholderfoods.com
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SOURCE Steakholder Foods Ltd.
FAQ
What grant did Steakholder Foods receive for 3D-printed hybrid grouper fish development?
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Why is the development of hybrid 3D-printed grouper significant?
What was showcased by Steakholder Foods at the Future Food Tech event in New York?
What future plans does Steakholder Foods have under the SIIRD grant?
