Steakholder Foods Ltd. (NASDAQ:STKH) has had a meaningful year in 2022, as reported in its recent business update, with major achievements in funding, partnerships, technological advancements, intellectual property, commercialization, and more. The company is at the forefront of the cultivated meat industry and continues to position itself well for long-term success as it develops the foundational technologies that will be needed for the cultured food ecosystem.
One of the significant highlights of Steakholder Foods in 2022 was the groundbreaking collaboration with Umami Meats, aimed at penetrating the Asian markets with 3D bio-printed seafood products. This partnership opens up exciting possibilities for creating sustainable seafood alternatives using Steakholder Foods’ advanced bio-printing technology. As the only Asian country to have legalized lab-grown meat production and distribution, Singapore presents a colossal opportunity for both companies. It is the world’s pioneering nation to have approved the sale of facility-made meat products.
With a burgeoning global seafood and fish market worth an estimated $110 billion and projected to grow by 3.6% annually over the next decade, Singapore’s embrace of alternative meat production makes it a prime market for expansion. Adding to the momentum, the company has also secured a grant of up to $1 million from the Singapore-Israel Industrial R&D Foundation for the development of structured cultivated fish products, underscoring the global potential of its technology. Leveraging its unique deep-tech process, Steakholder Foods will utilize cells from Umami Meats to develop bio-ink for a hybrid grouper product with the desired flaky texture commonly associated with cooked fish. The 3D printer will then meticulously craft the detailed digital design, resulting in a cutting-edge approach to cultivated fish production. With this pioneering collaboration, both companies are poised to make significant strides in Singapore’s burgeoning lab-grown meat market, setting the stage for a revolutionary leap forward in the alternative protein industry.
The company continued with its strategic partnerships in early 2023 by joining forces with industry leaders such as Danone and Central Bottling Co. Ltd. to participate in a strategic investment round with Wilk Technologies Ltd. in April 2023. In line with this investment, Steakholder aims to secure a 2.5% stake in Wilk and simultaneously seek out synergistic opportunities.
Furthermore, the successful completion of two rounds of public offerings, raising a total of $13 million, to fuel continued development and commercialization efforts demonstrates investor confidence in the company’s technology and its potential to disrupt the traditional meat industry with sustainable and cultured food solutions.
Another major achievement for Steakholder Foods in 2022 was the introduction of Omakase Beef Morsels, a highly marbled, 3D-printed cultivated beef cut, using its proprietary 3D bio-printer. This breakthrough development opens possibilities for customizable meat products, revolutionizing meat production. The company also increased its cell production yield by 50 times through its filtration system, improving efficiency. Additionally, Steakholder Foods demonstrated that its cultivated muscle cells have the same nutritional value as beef, a major milestone in creating nutritionally-equivalent cultivated foods. The development of a temperature-controlled print bed for industrial-scale printing also signals the company’s commitment to commercialization and scalability. Steakholder Foods’ 2022 financial results further reflected its investment in research and development capabilities, as R&D expenses reached $9.8 million compared to $7.6 million in 2021.
The company also showcased its technology at global events, hosted tasting events including a gala tasting event in the U.S. for the Silicon Valley investor community, and expanded its intellectual property portfolio, including patents and trademarks. These events highlight Steakholder Foods’ commitment to commercialization and sustainability in the food industry.
Further, Steakholder Food continued focusing on securing its technological leadership in the cultivated meat industry with granted patents for muscle tissue manipulation in multiple countries, including the U.S., Canada, Australia, and New Zealand. Pending patent applications and registered trademarks in key markets showcase the company’s commitment to continuous innovation and brand protection.
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Steakholder Foods’ major achievements in 2022 include significant technological advancements, commercialization efforts, and intellectual property protection, positioning the company as a leader in the cultured food industry. Despite this, following tough market conditions over the past year, Steakholder stock (NASDAQ:STKH) is down 85% YTD. Given all of the above, it seems justified to question whether or not the current stock price fully encompasses Steakholder’s unique potential. As a whole, with plans for an accelerated go-to-market strategy in 2023, the company seems well poised to succeed in shaping the future of the food industry with sustainable and cultured food products.
The content above is for informational purposes only and is not intended to serve as financial advice.