In Thursday’s after-hours trading, shares of Steakholder Foods Ltd. (NASDAQ: STKH) rose 6.36% to $1.17 after the business received funding for a recently released product.
What does STKH obtain the grant for?
With Singaporean farmed fish and seafood firm Umami Meats, Steakholder Foods (STKH) will create 3D-printed structural eel and grouper products. A grant from the Singapore Israel Industrial R&D Foundation (SIIRD), a partnership between Enterprise Singapore (ESG) and the Israel Innovation Authority (IIA), is providing funding for the program.
Through their agreement, Steakholder Foods and Umami Meats have a rare chance to enter the market in the only nation in the world where produced meat is legal. The cooperation intends to create a scalable method for making items made of structurally grown fish. In order to replicate the flaky texture of fried fish, STKH will make use of freshly created technology that was just submitted for a provisional patent application.
By Q1 2023, the project’s initial prototype, a structured hybrid grouper product, is planned to be finished. The item will be created with bio-inks made specifically for Umami Meats’ cells and STKH’s patented 3D bio-printing technology.
Partnerships with businesses are crucial to STKH’s long-term business strategy, and the company’s relationship with Umami Meats is particularly significant in light of the latter’s recent patent application for fish texture and the fact that it is supported by a joint Israeli/Singaporean government initiative of which the company is a part.
Umami Meats will integrate STKH’s cutting-edge 3D bio-printing technology with its extensive expertise and experience in farmed seafood. The collaboration will enable Umami Meats to go closer to realizing its goal of creating a new, more environmentally friendly food system that will protect marine habitats while providing excellent, top-notch seafood to satisfy rising consumer demand.
STKH is making progress
Additionally this week, Steakholder Foods (STKH) sent a letter from CEO Arik Kaufman outlining the key accomplishments of 2022 and the faster go-to-market plan for 2023. Despite the difficulties businesses throughout the world have been experiencing, STKH has persisted, making important technology advancements, collaborating with the industry, and developing strategies for scalability and commercialization.