NEW TECH FOODS

Magic Valley has been awarded a $100,000 grant from the Australian Federal Government's $400 million Industry Growth Program (IGP).

This funding is intended to expedite the company’s efforts to scale its sustainable cultivated meat technology, positioning Australia to capitalise on the anticipated growth of the industry, which is projected to reach AUD $945 billion by 2040.

The grant reflects a strategic initiative by the Australian government to bolster local businesses transitioning from start-up phases to established enterprises.

The Hon Ed Husic, Minister for Industry and Science, commented: "We’re backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process".

Magic Valley has already made notable strides in cultivated meat production, achieving significant milestones such as the development of animal component-free lamb using induced pluripotent stem cells in 2022, and the launch of cultivated pork mince in 2023.

With this new funding, the company aims to enhance its production capabilities, optimise bioprocessing techniques and reduce costs – essential steps necessary for achieving mass-market adoption of cultivated meat products.

The grant is seen as a crucial endorsement of Magic Valley's role in the evolving landscape of food production, particularly as global challenges such as climate change and population growth heighten the demand for sustainable protein sources.

This funding aligns with the Australian Government's National Reconstruction Fund priorities, which emphasise agricultural value-adding and the development of low-emissions technologies. By investing in cultivated meat, the government aims to position Australia as a leader in this burgeoning sector, rather than merely a participant.

Magic Valley CEO Paul Bevan added: “This funding turbocharges our ability to scale. We’re not just making meat – we’re creating the future of food. And this support from the Australian Government signals that they believe in that future too.”

This news underscores the broader implications of the grant, which not only supports Magic Valley’s growth but also reinforces the notion that Australian start-ups are at the forefront of innovation in food production.

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