5 December 2022

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Clean Food Group Ltd

SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and industry-leading businesses with a focus on the medical cannabis, health, and wellness space, is pleased to note an announcement released by portfolio company, Clean Food Group Ltd ("Clean Food Group" or "CFG"), a UK-based cellular agriculture company focused on the commercialisation of palm oil by fermentation. CFG has received an investment from Doehler Ventures, the venture arm of Doehler Group GmbH ("Doehler"), who are focused on early-stage start-ups in the Nutrition & Technology ecosystem.

Ed McDermott, CEO of SEED, commented: "I am very pleased to share news of CFG's investment from, and strategic partnership with, Doehler Ventures. For a young company, CFG's opportunity to be involved with an influential and global producer, marketer and provider of technology-driven natural ingredients and systems represents a key milestone.

"This latest investment by Doehler Ventures further highlights CFG's opportunity as a disruptive food-tech business bringing sustainable, cultivated foods to market. The collaboration provides CFG with Doehler Group's industry-leading expertise in production scale up, to accelerate its proprietary fermentation platform and accelerate the production of its palm oil alternative."

The Company owns a holding of 5,850,000 shares representing 5.38% of CFG's total issued share capital. The investment by Doehler in CFG has no current impact on this position.

The following extract from the announcement is set out without material changes or adjustments and the announcement in full can be accessed from the link below this section.

Doehler Ventures invests in food-tech business Clean Food Group to accelerate   scale up and market approval of sustainable Palm Oil Alternative

·    Doehler Ventures has made an investment in pioneering food-tech business Clean Food Group

·    Through a further technical collaboration agreement Doehler Group will provide its industry-leading expertise in production scale up to accelerate Clean Food Group's technology,

·    Clean Food Group's mission is to be part of the solution to the environmental crisis beginning with the production of its palm oil alternative

Today, 5 December 2022, Clean Food Group - a pioneering UK-based food-tech business that has developed a revolutionary and sustainable, bioequivalent alternative to palm oil has announced that it has received investment from Doehler Ventures, part of the Doehler Group, a global producer, marketer and provider of technology-driven natural ingredients, ingredient systems and integrated solutions for the global food, beverage and nutrition industry.

As part of an accompanying collaboration agreement between the two companies, Doehler Group will support the scale up of the Clean Food Group's technology, demonstrating production at commercial scale as well as manufacturing product batches required for market approval. The two groups plan to continue the strategic partnership in the future, as Clean Food Group continues to develop their category offerings.

The revolutionary sustainable palm oil alternative will help reduce the detrimental environmental impact of a range of palm-based ingredients that can be found in nearly 50% of all packaged products on our supermarket shelves. Clean Food Group's mission is to be part of the solution to this environmental crisis beginning with the production of its palm oil alternative.

The global palm oil market was valued at US$ 50.6 billion in 2021 and is expected to reach US$ 65.5 billion by 2027. However, palm oil production continues to be a major driver of deforestation of some of the world's most biodiverse habitats, impacting critically endangered species like the orangutan, pygmy elephant and Sumatran rhino. This process combined with the conversion of carbon-rich peat soils, is releasing millions of tonnes of greenhouse gases into the atmosphere, contributing to climate change.

Alex Neves, co-founder and CEO of Clean Food Group says: "We are delighted to be partnering with Doehler Group, a leading manufacturer and innovator within the area of technology-driven natural ingredients and ingredient systems.

With Doehler Group's support, we are excited to accelerate the scale-up of our ground-breaking technology, which will allow us to bring our sustainable palm oil alternative to market more quickly."

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For further information on the Company please visit:  www.seedinnovations.com   or contact:

Notes

Seed Innovations Ltd

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

About Clean Food Group

Clean Food Group was co-founded by CEO Alex Neves and Co-Chairman Ed McDermott in 2021, with the goal of becoming the leading independent UK cultivated food ingredients business. CFG is a British based food Technology Company which aims to become the leading independent UK cultivated food business. CFG are developing a sustainable yeast technology that produces cultivated, sustainable alternatives to palm oil and soy protein, two ingredients in food and cosmetics with currently massive and still growing demand and negative environmental impact. CFG has gathered a knowledgeable board of directors and an experienced advisory team which familiarity with both biotechnology, life sciences and high-growth industries. 

Having acquired the IP for a technology platform that produces a bio-equivalent palm oil alternative using microbial fermentation from the University of Bath in Q1 2022, Clean Food Group has secured a 2-year collaboration with the university to scale the technology and bring its palm oil alternative to market.

About Doehler Group:

Doehler is a global producer, marketer and provider of technology-driven natural ingredients, ingredient systems and integrated solutions for the global food, beverage and nutrition industry. Doehler is all about mastering multi- sensory performance and nutrition. Being Sustainable by nature®, we help to nourish the world better - good for people, good for planet®.

All our ingredients are derived from natural raw materials. Doehler's comprehensive product portfolio of natural ingredients ranges from natural flavours, natural colours, natural health ingredients, a broad range of plant-based ingredients to ingredient systems and end-to-end solutions. Focused on science, technology and innovation, we shape the future of nutrition.

Our customers are at the heart of all we do and are the reason why we exist. With more than 45 production sites, 75 offices and application centres, Doehler creates value for customers in over 160 countries. More than 8,500 dedicated employees, including 1,000 people in R&D and technology, are committed to making our customers successful.

"WE BRING IDEAS TO LIFE." describes Doehler's integrated and entrepreneurial approach to innovation. This also includes innovation services, market intelligence, advice on food safety and microbiology, as well as sensory & consumer science. Doehler also runs its own venture unit with more than 85 active ventures. Smart ideas have a way of becoming great products.

Every day, millions of people around the world enjoy products created by Doehler.