Liberation Labs has raised an additional $3.39 million in funding.
Precision fermentation start-up Liberation Labs was formed to provide the industry with the infrastructure to commercialise novel protein manufacturing at the scale and cost structure required by the market.
$2 million of the funding came from Agronomics and was made via a Secured Promissory Note, which accrues 10% interest annually and matures on 10 October 2027. With this new contribution, Agronomics’ total investment in Liberation Labs has reached $19.6 million, resulting in a 37.5% ownership stake on a fully diluted basis.
The $2 million investment from Agronomics will support the ongoing construction of Liberation Labs’ Launch Facility in Richmond, Indiana, US. The remaining $1.39 million will fund a feasibility study (including engineering and market analysis) to explore the construction of a commercial-scale, flexible-use, 4-million-litre biomanufacturing facility adjacent to the Launch Facility.
Agronomics' executive chair, Jim Mellon, commented: “The recent commitment to invest across fabrication, firepower, fitness, food and fuel, demonstrates the potential of a biomanufacturing ecosystem in which the benefits of more secure and reliable supply chains are delivered across industries. In line with this, Liberation Labs has made significant steps towards securing binding offtake agreements for its Launch Facility.”
Mellon continued: “The company now has signed letters of intent with potential customers representing well over 200% of the available capacity for the first few years of operations, demonstrating strong demand for ‘fit for purpose’ biomanufacturing facilities across food, fuel, materials and pharmaceuticals."
Earlier this year, Agronomics invested $10 million in Liberation Labs as part of a wider $12.5 million funding round, and, in January, it partnered with Ivy Tech Community College in Richmond, Indiana, US, to develop a new biomanufacturing workforce training programme.
Last year, the US Department of Agriculture (USDA) awarded Ameris Bank a $25 million ‘business and industry’ loan guarantee for Liberation Labs’ biomanufacturing facility in Richmond, Indiana, US, and, months prior, the start-up secured $30 million to advance the development of its biomanufacturing facility in Richmond.
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