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ADM, Temasek’s Asia Sustainable Foods Platform Sign Agreement Creating Path to Joint Venture in Singapore to Serve Fast-Growing Demand for Microbial-Based Alternative Protein

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CHICAGO, November 15, 2021--(BUSINESS WIRE)--ADM (NYSE: ADM), a global leader in nutrition and agricultural origination and processing, and Asia Sustainable Foods Platform, a company wholly-owned by Temasek and focused on accelerating the commercialization of sustainable foods in Asia, announced today that they have signed an agreement paving a path toward a 50-50 joint venture to provide technology development and precision fermentation for companies serving the growing consumer demand for a wide variety of bio-based products, including alternative protein, in Singapore and the wider Asia-Pacific region.

The proposed joint venture would be a one-stop shop for both startups and mature businesses looking for support in food-grade fermentation, downstream processing, lab services and consulting. It would have the capability to assist customers, from bench to pilot scale, and would specialize in the development of microbial-based proteins to create alternatives to meat and dairy proteins and other in-demand food and beverage solutions.

"We’re proud to advance a proposed partnership with Temasek’s Asia Sustainable Foods Platform and the Singapore Economic Development Board to bring our unparalleled precision fermentation expertise to companies across APAC who are meeting the growing demand for alternative proteins," said ADM Chairman and CEO Juan Luciano. "ADM is a leader in microbial solutions, and from our recent investment in Acies Bio to our work with partners like Nature’s Fynd, Air Protein, and now Temasek, we’re finding new ways to power growth and offer exciting, innovative solutions to serve the nutritional needs of the world’s growing population."

"We’ve talked to innovators, from startups to mature food providers, in Singapore and across APAC, and they have told us that they are eager and waiting for a partner that can provide support for food-grade precision fermentation technology," said Joe Taets, president of ADM’s APAC business. "This first-of-its-kind joint venture in Singapore would meet that demand, and in doing so, will help further the development of the alternative protein industry in APAC."

Mathys Boeren, CEO, Asia Sustainable Foods Platform, said, "As an end-to-end enabler, operator, and investor, the Asia Sustainable Foods Platform will provide bespoke solutions and support to innovators at each stage of their growth cycle. Our partnership with ADM will allow us to better support innovators to efficiently scale their fermentation innovations through pilot launch, and eventually accelerate their commercial scale-up and go-to-market."

The proposed joint venture would be supported by the Singapore Economic Development Board.

"EDB is pleased to be supporting ADM and Temasek’s Asia Sustainable Foods Platform’s efforts in building up precision fermentation expertise in Singapore. The joint venture addresses the needs of innovators in developing and scaling fermentation-based solutions, allowing them to serve global customers from Singapore. This will also strengthen our agri-food ecosystem through ensuring that the suitable infrastructure and technological capabilities are in place to spur innovation of agri-food technologies," said Damian Chan, Executive Vice President, Singapore Economic Development Board.

About ADM

At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.

About Asia Sustainable Foods Platform

The Asia Sustainable Foods Platform, a wholly-owned company of Temasek, aims to delight consumers across Asia with tasty, fresh, traceable and sustainable food by accelerating the commercialisation of sustainable foods in the region. It provides solutions and support to aspiring food-tech companies at every stage of their growth cycle, alleviating friction-to-adoption as they advance from product development and pilot launch to commercial scale-up and go-to-market.

About Singapore Economic Development Board

The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. We undertake investment promotion and industry development, and work with international businesses, both foreign and local, by providing information, connection to partners and access to government incentives for their investments. Our mission is to create sustainable economic growth, with vibrant business and good job opportunities for Singapore.

Source: Corporate Release

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005348/en/

Contacts

ADM Media Relations
Jackie Anderson
media@adm.com
312-634-8484