Portfolio Update
Summary by AI BETAClose X
Agronomics Limited
(“Agronomics” or the “Company”)
Portfolio Update
Agronomics Limited (AIM: ANIC), a listed company focused on clean food, provides an update on regulatory progress, commercial launches and preparations for production across four of its portfolio companies:
● Formo has received the first U.S. Food and Drug Administration (“FDA”) “no questions” letter for a precision fermentation-derived casein.
● Galy has unveiled WunderHaus, a cell-cultured chocolate brand for professional kitchens, with a US launch in December and a United Arab Emirates (“UAE”) rollout targeted for 2027.
● Clean Food Group has made the commercial debut of its fermentation-derived CLEANOil™ in skincare, through a partnership with Scottish brand Raven Botanicals.
● Meatly has relocated to Grapht Works, Imperial College London’s pilot and advanced manufacturing site, as it prepares for production in 2027.
Formo — FDA “no questions” letter for precision fermentation-derived casein
Formo, an Agronomics portfolio company, has received a “no questions” letter from the U.S. Food and Drug Administration (“FDA”) for its Enhanced Casein, the first precision fermentation-derived casein to receive such a letter.
Formo’s Enhanced Casein is the recombinant αS1-casein notified under GRN 1312. Following its review of Formo’s Generally Recognized as Safe (“GRAS”) notification, the FDA confirmed that it has no questions regarding the safety conclusion for the ingredient under its specified conditions of use. The notice, filed in December 2025, covers use in cheese analog applications at up to 25 grams per 100 grams and excludes infant formula and products under U.S. Department of Agriculture (“USDA”) jurisdiction.
The FDA’s review covered the full scientific dossier, including identity and composition, the manufacturing process, allergenicity, toxicology and dietary exposure. A “no questions” letter is the FDA’s response at the close of a GRAS notice review and is not a product approval. The notice was prepared and filed jointly with Those Vegan Cowboys under a research collaboration that concluded in 2025. Both companies now develop and sell their products independently.
Formo supplies the ingredient to U.S. food and nutrition companies through its U.S. subsidiary, Formo Foods Inc., and a network of commercial partners. The company plans to submit an additional GRAS notice, building on its existing safety dossier, to support use of Enhanced Casein across a broader range of food and nutrition applications. Formo showcased the ingredient at SupplySide Global in Las Vegas in October 2026.
The news comes as U.S. demand for high-protein products grows while whey ingredients have become more costly and harder to source. According to USDA market reports cited by Formo, whey protein isolate is priced above $13 per pound and whey protein concentrate at around $10, both more than three times their early-2023 prices.
Agronomics first invested in Formo in December 2019, and to date has invested a total of £3.8 million, which is currently carried at approximately £9.4 million. This position represents around 6.7% of Agronomics’ most recently reported Net Asset Value of £139.5 million as of 30 September 2026.
Formo’s full announcement is reproduced in Appendix 1, with no material changes.
Galy — WunderHaus launch and market entry plans
Galy has unveiled WunderHaus, a cell-cultured chocolate brand for professional kitchens. The company plans a general US launch in December 2026 and is targeting a rollout in the United Arab Emirates (“UAE”) in 2027.
Galy’s initial focus is couverture and baking chocolate for chefs, bakers, pastry chefs and chocolatiers. WunderHaus is expected to be served first in a hybrid format at Troquet on South, a Boston restaurant, in December 2026, providing an initial commercial setting for Galy’s foodservice rollout.
In the US, Galy has self-affirmed its cocoa powder as GRAS and notified the U.S. FDA of its assessment, in pursuit of a “no questions” letter. In the UAE, Galy has submitted an application to the Abu Dhabi Agriculture and Food Safety Authority and is targeting a launch in 2027. For the EU, Galy is considering pursuing novel food authorisation in 2027-28.
Galy’s UAE entry is supported by an initial purchase order from a Dubai-based chocolatier and engagement with chefs from hotels and high-end restaurants. Its current products combine Galy cocoa with conventionally sourced cocoa ingredients, and the company is exploring partnerships with cocoa growers in Africa and Latin America. Galy grows cocoa from plant cells in tanks, including at a site in Essex, Massachusetts, where existing infrastructure has been repurposed. The company describes this approach as making production independent of climate, geography and field-harvest cycles.
Founded in 2019, Galy began with cotton before deciding to prioritise cocoa from 2025. The company reports that it progressed its cocoa programme from laboratory to commercial scale in less than one year. Cotton remains part of Galy’s platform, on a longer path to commercialisation.
Agronomics first invested in Galy in March 2020, and to date has invested a total of approximately £1.1 million, which is currently carried at approximately £2.5 million. This position represents around 1.8% of Agronomics’ most recently reported Net Asset Value of £139.5 million as of 30 September 2026.
Clean Food Group — commercial launch of CLEANOil™ in skincare
Clean Food Group, an Agronomics Limited portfolio company, has announced the commercial debut of its fermentation-derived triglyceride oil, CLEANOil™, in the consumer beauty market through a partnership with Scottish skincare brand Raven Botanicals. The UK biotech manufacturer produces sustainable oils and fats through fermentation.
Raven Botanicals has formulated its 24 Carat Oil to Milk Cleanser with CLEANOil™, replacing the traditional oils used in the product. Clean Food Group states that Raven Botanicals is the first skincare company in the world to formulate with CLEANOil™ and that the oil provides high oleic acid content, oxidative stability and emollient properties.
Clean Food Group produces CLEANOil™ using its proprietary CLEANOilCell™ technology platform, which uses yeast strains and fermentation to manufacture oils and fats from food waste. The launch follows three years of development and commercialisation work and marks the ingredient’s transition into commercial skincare formulations.
In October 2024, Clean Food Group established a strategic partnership with THG LABS, a UK cosmetics product developer and manufacturer, to develop oils and fats from food waste as alternatives to commonly used, agriculturally intensive cosmetic ingredients. Clean Food Group reports that it secured regulatory approval for CLEANOil™ for cosmetic applications in the United Kingdom, Europe and the United States in September 2025, and commenced sales to cosmetic companies in 2026.
In 2025, Clean Food Group acquired a one million litre fermentation facility in Knowsley, Liverpool. Its current focus is supplying the beauty and personal care industry with scalable, functional and competitively priced ingredients. The company reports a strong demand pipeline for its products.
Agronomics first invested in Clean Food Group in March 2022, and to date has invested a total of £1.6 million, which is currently carried at approximately £7.0 million. This position represents around 5% of Agronomics’ most recently reported Net Asset Value of £139.5 million as of 30 September 2026.
Clean Food Group’s full announcement is reproduced in Appendix 2, with no material changes.
Meatly — relocation to support planned production in 2027
Meatly has relocated to Grapht Works, Imperial College London’s pilot and advanced manufacturing site, as it prepares to scale production and begin its first production runs in 2027.
Meatly’s move is supported by its £10.4 million Series A funding round, announced in May 2026. Grapht Works, within the Old Oak Innovation Cluster in West London, provides flexible industrial space for deep tech companies transitioning from research and development (“R&D”) to commercial production. It is described as London’s first dedicated facility for pilot and demonstration manufacturing.
Meatly plans to use the site for the next phase of its manufacturing operations, with the aim of creating Europe’s largest cultivated meat facility and beginning large-scale production. The company expects to be fully operational in 2027.
Agronomics first invested in Meatly in March 2022, and to date has invested a total of £1.1 million, which is currently carried at approximately £3.2 million. This position represents around 2.3% of Agronomics’ most recently reported Net Asset Value of £139.5 million as of 30 September 2026.
Jim Mellon, Executive Chairman of Agronomics, commented: “Cocoa, cosmetic oils, and meat and dairy proteins are all under huge cost pressure as extreme weather, trade disputes, global conflicts and rising energy prices squeeze traditional supply chains. Manufacturers want alternatives, but they will only switch at scale to ingredients that can match on performance and price, and from suppliers who have done the hard work on regulation and production.
That is what this set of updates shows. Formo is the first company to receive an FDA ‘no questions’ letter for a precision fermentation-derived casein. Galy has a restaurant ready to serve WunderHaus and is pursuing approval in the US and the UAE. Clean Food Group has taken CLEANOil™ from the laboratory to the shelf. And Meatly is building towards production in 2027.
Four companies, four very different markets, but one clear direction of travel. These businesses are moving from promise to product, and we look forward to backing all four as they continue to scale commercially.”
Agronomics’ holdings
The table below brings together Agronomics’ investment details for the four portfolio companies for comparison. Carrying values are subject to audit. All percentages use Agronomics’ most recently reported Net Asset Value of £139.5 million as of 30 September 2026.
Company |
First invested |
Total invested |
Carrying value |
% of NAV |
Formo |
December 2019 |
£3.8 million |
£9.4 million |
6.7% |
Galy |
March 2020 |
£1.1 million |
£2.5 million |
1.8% |
Clean Food Group |
March 2022 |
£1.6 million |
£7.0 million |
5.0% |
Meatly |
March 2022 |
£1.1 million |
£3.2 million |
2.3% |
ENDS
For further information, please contact
Agronomics Limited |
Beaumont Cornish Limited |
Cavendish Capital Markets Limited |
Canaccord Genuity Limited |
33Seconds Limited |
The Company |
Nomad |
Joint Broker |
Joint Broker |
Public Relations |
Jim Mellon Denham Eke |
Roland Cornish James Biddle |
Giles Balleny Michael Johnson |
Andrew Potts Harry Pardoe |
Jack Ferris Joel Watson |
+44 (0) 1624 639396 info@agronomics.im |
+44 (0) 207 628 3396 |
+44 (0) 207 397 8900 |
+44 (0) 207 523 8000 |
agronomics@33seconds.co |
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach
Appendix 1: Full announcement from Formo
The full announcement from Formo is set out below, with no material changes:
Formo receives first FDA “no questions” letter for Enhanced Casein made through precision fermentation
Regulatory milestone advances Formo's Enhanced Casein as U.S. manufacturers seek alternatives to traditional protein sources and greater functionality in next-generation food and beverage products.
FRANKFURT / DOVER, Delaware, October 28, 2026 – Formo today announced that its Enhanced Casein has become the first precision fermentation-derived casein to receive a “no questions” letter from the U.S. Food and Drug Administration (FDA), following the agency’s review of its Generally Recognized as Safe (GRAS) notification. The milestone confirms that FDA has no questions regarding the safety conclusion for the ingredient under its specified conditions of use.
FDA’s review covered the full scientific dossier: identity and composition, the manufacturing process, allergenicity, toxicology and dietary exposure. The Notice, filed in December 2025, covers use in cheese analog applications at up to 25 grams per 100 grams. It was prepared and filed jointly with Those Vegan Cowboys under a research collaboration that successfully concluded in 2025. Both companies now develop and sell their products independently. Building on its existing safety dossier, Formo plans to submit an additional GRAS Notice to support expanded use of its Enhanced Casein across a broader range of food and nutrition applications.
U.S. demand for high-protein products is growing, while the whey ingredients many manufacturers rely on have become far more costly and difficult to source. USDA market reports put whey protein isolate above $13 per pound and whey protein concentrate around $10, both more than three times their early-2023 prices. For manufacturers, the challenge is finding protein sources that can support both dependable supply and demanding formulations. Formo’s Enhanced Casein offers a new high-quality protein option, with differentiated functionality for product development.
“This is an important milestone for Formo and a significant step in building confidence in precision-fermented proteins,” said Raffael Wohlgensinger, Founder and CEO of Formo. “Food and nutrition manufacturers need more than new sources of protein. They need ingredients that deliver consistent quality and the functionality to overcome real formulation challenges. That’s what we’re building with Enhanced Casein: a protein that opens new possibilities for product innovation and enables applications that have traditionally been difficult to formulate.”
Protein designed to perform
Formo produces Enhanced Casein through commercial-scale precision fermentation, creating a well-characterized protein with differentiated functional properties. Produced to a consistent specification, batch after batch, the ingredient offers manufacturers a new source of high-quality protein independent of traditional dairy farming.
Protein demand is changing not just in volume, but in what manufacturers need protein to do. Formulators developing high-protein foods, performance nutrition products and next-generation dairy applications need proteins with consistent composition, reliable functionality and dependable supply. Yet formats such as high-protein bars and shelf-stable ready-to-drink beverages remain challenging to formulate, as higher protein levels can compromise taste, texture, solubility and heat stability. Formo's Enhanced Casein is clean by design to help overcome these challenges, offering differentiated functionality without lactose, antibiotics or hormones.
Formo's Enhanced Casein offers differentiated functionality across a range of beverage applications. In clear, acidic beverages, it maintains solubility at low pH (3–4) with protein concentrations up to 6% in tested formulations. Its strong foaming capacity and stability make it well suited for barista applications, including high-protein cold foams, while its lower viscosity at high protein concentrations supports the development of ready-to-drink beverages without compromising mouthfeel. Together, these properties give manufacturers greater flexibility to develop innovative, protein-rich products.
Commercial readiness
Formo supplies the ingredient to U.S. food and nutrition companies through its U.S. subsidiary, Formo Foods Inc., and a network of commercial partners. For large food companies, a completed FDA review is typically the step that moves a new ingredient from the innovation bench into procurement.
“Protein is driving growth across the U.S. food and nutrition market, but traditional supply is struggling to keep pace,” said Wohlgensinger. “Clear protein beverages are a good example. Manufacturers have relied heavily on whey protein isolate, which has become increasingly expensive and difficult to source. Our Enhanced Casein offers a new option that combines a compelling nutritional profile with the functionality to expand what's possible in high-protein formulations. We're building supply alongside customers ready to bring those innovations to market.”
ENDS
Appendix 2: Full announcement from Clean Food Group
The full announcement from Clean Food Group is set out below, with no material changes:
Clean Food Group and Raven Botanicals Partner for World-First Commercial Launch of Fermentation-Derived CLEANOil™ in Skincare
Clean Food Group Validates Strategy
Clean Food Group (‘CFG’), a leading UK biotech manufacturer pioneering sustainable oils and fats through fermentation, announces the commercial debut of its sustainable, fermentation-derived triglyceride oil, CLEANOil™, in the consumer beauty market. Its use in Scottish skincare brand Raven Botanicals’ award-winning 24 Carat Oil to Milk Cleanser marks the culmination of three years’ work to bring high-performance, sustainable biotechnology from the laboratory into everyday skincare.
Raven Botanicals has become the first skincare company in the world to formulate with CLEANOil™, completely replacing traditional oils in its 24 Carat Oil to Milk Cleanser. The inclusion of CLEANOil™ provides the cleanser with high oleic acid content, oxidative stability, and luxurious emollient properties, while maintaining the quality consumers expect.
Over the past three years, CFG has advanced the development and commercialisation of its proprietary CLEANOilCell™ technology platform. CFG’s journey in the personal care sector began in October 2024 through a strategic partnership with THG LABS, a leading UK full-service cosmetics product developer and manufacturer. This collaboration was established to develop oils and fats from food waste, providing the cosmetics industry with bio-equivalent alternatives to commonly used, agriculturally intensive ingredients.
Building on the formulation and R&D expertise of THG LABS, CFG secured regulatory approval in September 2025 for the ingredient to be used in cosmetic applications across the United Kingdom, Europe, and the United States. This pivotal milestone cleared the way for CLEANOil™ to move from ingredient development into commercial skincare formulations.
The focus is now on supplying the beauty and personal care industry with scalable, functional and competitively priced ingredients. By commercialising CLEANOil™, CFG is putting its mission to support environmental responsibility without compromising on product quality, into practice.
Alex Neves, CEO of Clean Food Group, said: “Transitioning from R&D to consumer shelves in just three years is an important validation of our strategy and technology. It is exciting to see Raven Botanicals bring CLEANOil™ to consumers through its 24 Carat Oil to Milk Cleanser and together we are demonstrating that biotech is no longer a future promise, it is a commercial reality. With CLEANOil™, cosmetic brands can reduce their reliance on agriculturally intensive supply chains without compromising on the standards their customers expect.”
ENDS
About the companies
About Formo
Formo is a specialised protein ingredient company headquartered in Germany, building commercial-scale production of recombinant casein through precision fermentation for food and nutrition companies. In the U.S., Formo operates through its subsidiary, Formo Foods Inc.
About Clean Food Group
Clean Food Group (“CFG”) is a UK biotech manufacturer of fermentation-derived oils and fats for the global food, cosmetic and pet food industries. Through its proprietary CLEANOilCell™ technology platform, CFG produces functional oils (CLEANOil™) and fats (CLEANButter™). The company states that these products offer price parity with agricultural alternatives and support local, sustainable production. CFG reports that CLEANOil™ received approval for use as a cosmetics ingredient in the UK, US and Europe in 2025, and that sales to cosmetic companies began in 2026.
Founded in 2022 following eight years of research, CFG manufactures oils and fats from food waste using scalable yeast strains and fermentation technology as alternatives to traditional oil and fat ingredients. The company reports that its manufacturing process has been validated at scale. In 2025, CFG acquired a one million litre fermentation facility in Knowsley, Liverpool. It has strategic and industrial collaborations with global fast-moving consumer goods and ingredients manufacturers and reports a strong demand pipeline for its products.
CFG has an experienced management team with a successful track record in scaling businesses in high growth regulated industries. For more information on CFG, please visit cleanfood.group.
About Raven Botanicals
Raven Botanicals is an award-winning Scottish skincare brand, inspired by nature and backed by science. Operating from a rural, solar-powered studio in East Lothian, the brand creates high-performance, plant-based skincare designed to restore confidence and nourish the skin barrier. For more information on Raven Botanicals, please visit ravenbotanicals.com.
About Meatly
Founded in 2022, Meatly develops cultivated meat products and currently focuses on the pet food market. The company describes its products as ethical and sustainable, without compromising on essential nutritional benefits. Meatly states that, over the past four years, it has developed industry-leading technology and became the first company to sell cultivated meat in Europe.
About Agronomics
Agronomics is a leading London-listed company focused on investment opportunities within the field of clean food. The Company has established a portfolio of over 20 companies developing technologies that produce food and materials historically derived from animals, offering solutions for improved sustainability, human health, and food security.
A full list of Agronomics’ portfolio companies is available at www.agronomics.im.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 4 hours ago Johnson Matthey
- 5 hours ago Galliford Try
- 5 hours ago Galliford Try
- 5 hours ago Centrica
- 6 hours ago Smith & Nephew