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Fermentation infrastructure · New York, USA (plant in Richmond, Indiana)

Liberation Bioindustries

Contract precision-fermentation manufacturing (CDMO) · formerly Liberation Labs · liberation.bio ↗

Building a purpose-built 600,000-litre precision-fermentation plant in Richmond, Indiana, to make proteins for food-tech companies on contract. It is Agronomics' largest holding, at about a quarter of NAV.

Stage

Pre-launch / scale-up (step 4 of 6)

The plant is not yet producing. All major construction elements are complete, but work is paused until about US$25m more funding is found. The Q4 2026 completion target will be missed. First production is expected about six months after funding closes.[1] [2]

Revenue

Pre-revenue

No production yet, so no manufacturing revenue. More than half of the plant's capacity was reported as under contract or in advanced negotiation (Jan 2026), including Vivici's Vivitein BLG dairy protein. Customer pre-payments are one funding option being pursued.[3] [4] [1]

Next Close a ~US$25m funding package (targeted for H1 2027, timing uncertain), then about 6 months to commissioning and first production.

Agronomics' holding

Fair value
£35.28m 30 Jun 2026
Portfolio weight
25% 30 Jun 2026
Stake
37.4% 30 Jun 2026
Invested
£21.9m since Jun 2022
Multiple
1.61× +£13.4m
Per year
+21.3% all holdings
Last round
Series A1 19 Dec 2025 · 10 months ago

Agronomics says the construction delay is not currently expected to have a material impact on NAV.

Sources[5] [1]

Investments
What Agronomics put in, at the sterling cost it carries
DateCostRound
20 Jun 2022£0.52mUS$627k founding round[6] [7]
19 Oct 2022£2.95mUS$3.5m Seed, first tranche[8] [5]
5 Dec 2022£2.95mUS$3.5m Seed, second tranche[9] [5]
5 Apr 2024£7.96mUS$10m secured convertible note[10] [11]
15 Oct 2024£1.60mUS$2m secured note[12] [13]
30 Jan 2025£5.92mUS$7.4m in the US$50.5m round[14] [13]

Approvals & markets

No approvals reported.

HQ
United States
Selling in
—

Timeline

  1. Facility

    Richmond construction paused[2]

    Agronomics' Q3 NAV update says construction is paused while Liberation evaluates its options.

  2. Funding

    Needs ~US$25m more to finish the Richmond plant[1]

    A four-month review of selling the facility or forming a joint venture ended without acceptable offers. Liberation will complete the plant alone. About US$125m has been deployed so far. Shareholders, including Agronomics, Jim Mellon, NEOM and Siddhi Capital, say they remain committed.

  3. Corporate

    Leadership change; over half of capacity contracted or in negotiation[3]

    Co-founder Etan Bendheim became CEO. A second plant in Saudi Arabia with Topian (NEOM's food subsidiary) is in planning.

  4. Funding

    Series A1 first tranche closed[16]

    All of Agronomics' convertible loan notes converted to equity. Agronomics booked a £4.1m fair-value gain.

  5. Commercial

    Manufacturing deal with Vivici[4]

    Liberation will produce Vivici's Vivitein BLG dairy protein at Richmond.

  6. Corporate

    Partnership with NEOM Investment Fund[17]

    Agreement to design and develop a precision-fermentation plant in Saudi Arabia.

  7. Funding

    US$50.5m convertible note round[14]

    Agronomics contributed US$7.4m.

  8. Funding

    US$3.5m secured note and US DoD award[12] [13]

    Agronomics invested US$2m. Liberation also won a US$1.39m award under the Department of Defense's Distributed Bioindustrial Manufacturing Program. A same-day amendment withdrew the award from the RNS; the 2025 annual report confirms it.

Sources

  1. Update on Liberation Bioindustries Agronomics Limited (RNS) · 29 Sep 2026
  2. Net Asset Value as at 30 September 2026 Agronomics Limited (RNS) · 20 Oct 2026
  3. Liberation Bioindustries restructures leadership as Indiana facility nears completion vegconomist · 21 Jan 2026
  4. Liberation Labs announces manufacturing partnership with Vivici Agronomics Limited (RNS) · 8 May 2025
  5. Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
  6. Financing of Liberation Labs with CPT Capital Agronomics Limited (RNS) · 20 Jun 2022
  7. Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
  8. Investment in Liberation Labs US$ 20m fundraise Agronomics Limited (RNS) · 20 Oct 2022
  9. Further Investment in Liberation Labs Seed Round Agronomics Limited (RNS) · 5 Dec 2022
  10. Agronomics Invests US$10m in Liberation Labs Agronomics Limited (RNS) · 5 Apr 2024
  11. Annual Report 2024: year to 30 June 2024 Agronomics Limited · 24 Dec 2024
  12. Agronomics invests US$2m in Liberation Labs' US$3.5m fundraise Agronomics Limited (RNS) · 15 Oct 2024
  13. Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025
  14. Liberation Labs closes US$50.5m fundraise Agronomics Limited (RNS) · 30 Jan 2025
  15. Liberation Bioindustries company profile Dealroom
  16. Liberation Bioindustries achieves first close of its Series A1 equity round Agronomics Limited (RNS) · 19 Dec 2025
  17. Liberation Labs secures strategic partnership with NEOM Investment Fund Agronomics Limited (RNS) · 15 Apr 2025