Alternative protein producer Algenex has announced its expansion into the food tech market, after initial growth in the healthcare industry. The company’s CrisBio production platform delivers essential biologics that form part of the growth media necessary to produce cultured meat. The company claims its technology enables production at lower costs and with greater scalability “versus any other technology”.
Growth media is a nutrient-rich liquid which contains the essential ingredients that cells need in order to grow. The company intends to significantly increase its production capacity over the next 24 months via the construction of an additional facility.
Growth media is reportedly estimated to account for up to 95% of the cost of cultured meat. Algenex’s aim is to enable cultured meat prices to approach parity with conventional meat by significantly reducing these input costs.
Protein production needs to change quickly, the company says, to deliver on United Nations’ Sustainability Goals, which recognise the need to address climate change and global hunger.
José Escribano, CSO, said: “We are solving a simple problem. Growth media is currently too expensive for cultured meat. Our technology platform harnesses the power of nature to deliver the essential ingredients that the industry requires, at affordable prices. We will be the industry disruptor that makes alternatives to conventionally produced protein a reality for consumers.”