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Plant protein company Impossible Foods Inc is cutting wholesale prices by nearly 15% as the demand for its products rises, the company announced Wednesday.
What Happened: The California-based company has cut the prices for distributors for the second time in a year and asked them to pass the savings to both restaurants and customers.
After the latest price cut, a likely price for the Impossible Burger would be $6.80 per pound. Ground beef is priced at $2 to $3 per pound for low fat and non-organic varieties, according to the United States Department of Agriculture.
CEO Patrick Brown said the price cut is “not the last.”
Indoor farming startup AppHarvest hires Impossible Foods CFO as president Ag tech and indoor farming company AppHarvest has appointed Impossible Foods CFO David Lee as president to lead its strategy, sales, marketing and finance, and operations management functions.
Lee - who has been a member of the board at
AppHarvest since August 2020 - will leave Impossible Foods, where he has served as chief financial officer since 2015, on January 22. Impossible Foods’ VP and chief accounting officer David Borecky will become interim CFO.
During his tenure at Impossible Foods, Lee helped secure more than $1.3bn in funding to accelerate the company s manufacturing, product development, and national and international distribution into retail, restaurant, and hospitality channels.
Dive Brief:
AppHarvest, a developer and operator of large greenhouse farms, hired Impossible Foods CFO David Lee to become its president, the company said in a statement. He will start in his new role on Jan. 25.
In the newly created role, AppHarvest said Lee will develop strategy and lead the sales, marketing and finance functions at the startup.
The addition of Lee to AppHarvest marks a busy year for the indoor farming operator, which has raised money from investors, opened its first greenhouse and announced plans to go public by merging with a blank check company valuing its business at $1 billion.
California magazine and the Cal Alumni Association.
LEAH: Where we talk with Berkeley experts about how we’re going to stop doing things that humans have done for hundreds of thousands of years and, you know, do something else instead.
LAURA: Because we wrecked the planet?
LEAH: We sure did.
LEAH: And I’m your other host, Leah Worthington.
[MUSIC OUT]
LAURA: Meat alternatives have been around for a really long time. In fact, there’s a document that was written in 10th century China that talks about how tofu was a good meat alternative. And they called it, “small mutton.”
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Impossible Foods slashes foodservice prices again, despite ‘skyrocketing’ demand: ‘It’s the first cut of 2021 but it won’t be the last’ By Elaine Watson While cutting prices when demand is “skyrocketing” is somewhat unorthodox, Impossible Foods’ latest double-digit price cut to foodservice distributors reflects its growing economies of scale and mission to make plant-based meat a more accessible and affordable choice, as well as a more ethical and sustainable one, says the Silicon Valley-based firm.
By cutting prices to US foodservice distributors by a further 15% (on top of a similar cut in 2020),
Impossible Foods prices are now below those of premium, organic and grass-fed beef, although they are still around twice that of 90:10 beef and over three times that of 80:20 ground beef, which accounts for the majority of the market, chief communications officer Rachel Konrad to