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BlueNalu Announces Strategic Partnership with Nutreco

Collaboration accelerates plans to commercialize cellular aquaculture globally

BlueNalu, a leading innovative food company developing seafood products directly from fish cells, today announced a strategic partnership with Nutreco, a global leader in animal nutrition and aquafeed. Nutreco’s aquafeed company, Skretting, is a world leader in the manufacture and supply of aquaculture feeds and an important link in the feed-to-food chain.

The two companies have formalized a partnership agreement, that builds upon BlueNalu’s platform technology for production of cell-based seafood products from a wide variety of species. This is intended to create a more stable and sustainable supply-chain solution as the global demand for seafood is continually increasing. Nutreco brings a breadth of knowledge and deep expertise to the partnership, including fish nutrition, raw materials expertise and ingredient procurement at competitive costs. Both companies’ technologies are well aligned to advance sustainable solutions to feed the world.

Lou Cooperhouse, President & CEO of BlueNalu, said, "The partnership with Nutreco is another significant milestone for BlueNalu, which will enable our team to accelerate our journey toward commercialization, while also securing a global supply chain partner. We expect this will provide significant value to our company, as it is our objective to introduce our seafood products in a test market during the next two years, and launch our products in several global markets by the end of this decade."

The demand for protein, including seafood, will increase as the global population is expected to rise to almost 10 billion by 2050. Innovations and technologies, such as cell-based seafood, may be required to help to meet this demand in a sustainable manner. BlueNalu offers a third option that complements wild-caught and farm-raised seafood that benefits human health, encourages responsible food consumption and promotes food security.

Rob Koremans, Nutreco CEO, says, "Since the global demand for protein is increasing, we need to provide protein from a variety of sources, including traditional aquaculture farming as well as new innovative solutions. Nutreco’s strategic partnership with BlueNalu is very exciting as it opens the opportunity to up-scale real seafood production in a highly sustainable way."

For more information about BlueNalu, please visit www.BlueNalu.com.

For more information about Nutreco, please visit www.nutreco.com.

About BlueNalu

BlueNalu's mission is to be the global leader in cellular aquaculture, providing consumers with great tasting, healthy, safe, and trusted seafood products that support the sustainability and diversity of our ocean. BlueNalu began its operations in 2018 and is based in San Diego, California.

BlueNalu recently announced its development of a whole-muscle seafood product, in which its yellowtail product performed the same as a conventional fish fillet in all cooking applications, with the ability to be prepared in the raw form, cooked form (seared, grilled, boiled, fried, and microwaved), and prepared via acidification (e.g. in ceviche, poke, and kimchi applications). Read more here.

About Nutreco

Nutreco is a global leader in animal nutrition and aquafeed. Their advanced nutritional solutions are at the origin of food for millions of consumers worldwide. Quality, innovation, and sustainability are guiding principles, embedded in the Nutreco culture from research and raw material procurement to products and services for livestock farming and aquaculture. Experience across 100 years brings Nutreco a rich heritage of knowledge and expertise for building its future. Nutreco employs over 12,000 people in 37 countries with net sales of €6.4 billion in 2018. Its two global company brands Skretting (aquafeed) and Trouw Nutrition (animal nutrition) have sales in over 90 countries. Nutreco is a wholly owned subsidiary of SHV Holdings N.V., a family-owned multinational with net sales of € 20.1 billion in 2018. Learn more at nutreco.com.

Forward Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to the market demand and necessity of BlueNalu’s products, the development and commercialization of BlueNalu’s products, the valuation of BlueNalu, the timing of launching BlueNalu’s products publicly and other statements that are not historical facts. These forward-looking statements are based on BlueNalu’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that BlueNalu’s actual future financial and operating results may differ from its expectations or goals, BlueNalu’s ability to commercialize and successfully launch its products, risks relating to BlueNalu’s ability to successfully implement its business strategies, competition, including potential generic competition, the ability to protect intellectual property and defend patents. regulatory obligations and oversight, including any changes in the legal and regulatory environment in which BlueNalu operates among others. BlueNalu undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200116005142/en/

Contacts

Media Contact:
Celia Sepulveda, for BlueNalu
858.337.1326
csepulveda@bluenalu.com