With-tech Developing a process for the industrial printing of clean meat using a 3D printer, it will invest one million euros in the Belgian company Peace Of Meat (POM), which operates in the field of cultured fat products.
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The investment decision was made following a Mitt Tech announcement last month that it had signed a letter of intent to acquire a 100% stake in POM for $ 17.5 million. This is in line with Mit-Tech’s broad strategic plan for implementing cell-based agricultural technologies. The Belgian company has developed a unique and proprietary technology, based on stem cells for the production of animal fats, without harming animals.
Meat 3D printing machine Photo: PR
Mit-Tech intends to leverage POM’s civilized fat technologies to expand its cell-based product offering, by accelerating the development of civilized fat products and shortening market arrival times.
Sharon Pima, CEO of Mit-Tech, said: “This is a synergistic acquisition that helps accelerate development processes and opens up a wide range of options for creating cultured fat, which is a sought-after product in itself. This acquisition shortens our time to reach first sales in the target markets. ”
Steve Levin, chairman of the board of Mit-Tech, said that “hybrid products like vegetable burgers made from cultured fat may prove to be a new and exciting product category. Such fats can offer improved aromas, flavors and textures compared to products based on vegetable proteins only. The completion of the acquisition will add to Mit-Tech important technological capabilities for the product range at the core of the company’s development. “
Last month, Mit-Tech, which is traded on the Tel Aviv Stock Exchange, signed with the American investment bank Wainwright, which will lead the company’s IPO on the New York Stock Exchange. The company seeks to become dual as part of a strategy to expose its activities to the international market. This step was recorded after raising NIS 20 million from Rami Levy and institutional bodies.
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