BlueNalu signs MoUs with Mitsubishi Corporation, Thai Union
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San Diego, California, U.S.A.-based BlueNalu – a company developing cell-cultured seafood products – has announced the signing of two different memorandums of understanding (MoU) with Mitsubishi Corporation and Thai Union.
BlueNalu said the independent agreements are focused on market development strategies for the company’s cell-cultured products, “specifically in Asia, where there is high demand for quality seafood.” The company said its strategy is to partner with multinational companies like Thai Union and the Mitsubishi Corporation that have expertise in market research, regulatory affairs, product design and development, manufacturing, and sales and distribution to accelerate its roll-out of cell-cultured seafood products.
Lab-grown fish startup BlueNalu lands $60 million to build out factory By Mike Freeman, The San Diego Union-Tribune
Published: January 24, 2021, 6:08am
Share: BlueNaluCfUs signage installation at their nearly 40,000 square foot pilot production facility in San Diego. (BlueNalu)
San Diego startup BlueNalu, which is growing fish fillets in a lab directly from real fish cells, has raised $60 million in convertible debt financing to build out a pilot factory, continue to pursue regulatory approval and launch its seafood in restaurants.
The 3-year-old firm, which was featured on CNBC’s Streets of Dreams with Marcus Lemonis on Tuesday, is developing cell lines to grow up to eight species of seafood with mahi-mahi and bluefin tuna targeted as its initial products.
San Diego startup BlueNalu, which is growing fish fillets in a lab directly from real fish cells, has raised $60 million in convertible debt financing to build out a pilot factory, continue to pursue regulatory approval and launch its seafood in restaurants.
The 3-year-old firm, which was featured o
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San Diego startup BlueNalu, which is growing fish fillets directly from real fish cells, has raised $60 million in convertible debt financing to build out a pilot factory, continue to pursue regulatory approval and launch its seafood in restaurants.
The 3-year-old firm, which was featured on CNBC’s Streets of Dreams with Marcus Lemonis on Tuesday, is developing cell lines to grow up to eight species of seafood with mahi-mahi and bluefin tuna targeted as its initial products.
Depending on the pace of U.S. Food and Drug Administration review, BlueNalu could roll out its first cell-based mahi-mahi this year, said President and Chief Executive Lou Cooperhouse.
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Cell-based seafood isn t available to consumers anywhere just yet, but with $60 million in debt financing announced this week, BlueNalu CEO Lou Cooperhouse said the table is set for that to change by the end of the year.
The funds, which represent the biggest financing so far in the cell-based seafood segment, will be used to open a 40,000-square-foot headquarters and pilot production facility in San Diego, California. That facility and the ramp up of staff and equipment that will come with it will enable BlueNalu to produce enough cell-based mahi-mahi to appear on some foodservice menus close to the same time that it gains regulatory approval for its products from the U.S. Food and Drug Administration.