Bio Meat Foodtech, an alternative "meat" food products company, signed a non-committal memorandum of understanding with a company developing the engineering of cultured meat cells on plant protein structures. The MOU states that Bio Meat Foodtech will invest USD one million in the company in return for 9% of its shares.In addition, Biomeat partnership updated last week that the target company, Rilbilte, entered into an agreement during March 2021 with a leading food corporation in Israel and that the corporation provided it with financing in the amount of NIS 2 million as part of cooperation between the companies, among other things to complete the establishment. Rilbite's production plant in Ashdod until November 2021.
The MOU also states that the two companies will sign a full, committed agreement within the next 35 days.
Rilbite also grants license for the use of its technology, and marketing products as based on its technology. The MOU also stated that Rilbite had made contact with a leading food corporation in Israel in March and was funded by the corporation to the tune of NIS 2 million as part of the companies' cooperation.
Part of this funding was for Rilbite to complete the process of setting up its company in Ashdod by November 2021.
Bio Meat Foodtech is also in talks with a third party that is developing cultured fish products based on the technology that is part of the MOU.