CEFC backs synthetic meat
The Federal Government is funding a new range of meat and dairy alternatives.
Sydney-based All G Foods has closed a $16 million seed capital raise, backed by $5 million from the Clean Energy Finance Corporation (CEFC).
The CEFC commitment, through the Clean Energy Innovation Fund on behalf of the Australian Government, is made alongside several prominent angel investors.
All G Foods’ first product – Love BUDS Burgers – will be on the shelves of IGA supermarkets and in burger venues around Australia from September 2021.
An extensive range of additional alternative protein products is already under development, including plant-based mince, sausages, as well as chicken and bacon alternatives.
The company is also using precision fermentation technology to develop dairy proteins that can be included in milk and other “cow-free” dairy products as part of its longer-term ambition to provide more sustainable protein options.
The agricultural sector accounts for 14 per cent of Australia’s national emissions, with livestock responsible for about 77 per cent of that amount.
Growing appetite for animal proteins from an increasingly affluent global population is putting further resource demands on agriculture.
However, one in three Australians currently have meat alternatives in their diet.
“Alternative proteins are an important way to reduce food-related emissions because they have a relatively small carbon footprint,” says CEFC CEO Ian Learmonth.
“With plant-based proteins and proteins from technology like precision fermentation, we can help feed a growing local and global population while putting less pressure on our environment.
“All G Foods is an exciting example of the new and innovative opportunities that will develop as our economy transitions to lower emissions. It’s great to see this Australian company at the forefront of the growing sustainable food production solutions of the future.”
An independent consumer survey of 125 people recently found Love BUDS Burgers were preferred for texture and taste compared with leading plant-based protein products
The All G Foods science and technology team is working closely with University of Sydney researchers led by Centre of Advanced Food Engineering Professor Roman Buckow, an internationally renowned food engineer and alternative-protein expert.
All G Foods’ Chief Technology Officer for Dairy, Dr Jared Raynes, is leading the development of alternative dairy proteins through precision fermentation to be included in a non-dairy milk that replicates the structure, taste and nutritional elements of cow’s milk.
The Australian market for alternative protein sources is expected to reach $4.1 billion by 2030, with a potential export market reach of $2.5 billion.