The Joint Venture, Cultivated Meat Technologies Limited, will combine CellRev's continuous bioprocessing expertise, that can facilitate faster, cheaper and more sustainable production of muscle cells, with 3DBT's leading knowhow in forming meat tissue and its City-Mixtm animal-free cell culture supplement. City-Mixtm is already used in the growth of skin, muscle and fat cells for use in cultivated meat. The aim of CMT is to provide the market with the premier platform for manufacturing cultivated meat in a scalable and cost-competitive manner.

The Joint Venture will develop a harmonised technology offering with a focus on both upstream and downstream processes, to provide scale-up capabilities for cultivated meat production, addressing what is a significant challenge for the growth of the industry. CMT will seek to deliver this through Licensing agreements with established meat-producers that can provide production know-how, capital allocation and supply chain relationships. It will also work to establish strategic partnerships with local distributors and retailers to ensure efficient distribution and market penetration.

Initial activities of CMT will include the development of the processes and technology necessary to showcase meat fillets manufactured in a scalable manner that can translate into a mass production facility. Alongside technology development, CMT will be focused on establishing key partnerships to assist with the production of the cultured meat feedstock and supply of product into the existing supply chain for portioning, packaging and distributing to traditional markets across Europe, the US and Asia. BSF will seek to finalise the legal terms of the Joint Venture with CellRev and form CMT in the coming months.

The Company will provide a further update on the development of CMT in First Quarter 2024, setting out its strategy for the financial year.