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
15 November 2021, Chicago: 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.