Liberation Labs lands additional funding to complete Richmond plant
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RICHMOND, Ind. - New York-based Liberation Labs said Thursday that it has secured an additional $50.5 million in capital that will fund the completion of its biomanufacturing facility in Richmond.
The company said the latest round brings its total funding for the project to more than $125 million. The round included new investment from NEOM Investment Fund in Saudi Arabia, Galloway Ltd., and Meach Cove Capital in Massachusetts, as well as additional funding from existing investors.
Liberation Labs first announced plans for the plant in January 2023, and officials broke ground on the project the following June.
When complete, the commercial precision fermentation plant will produce alternative proteins, which are used in food products such as almond milk and plant-based meat, as well as agricultural products such as biopesticides.
The plant is being built on a 36-acre lot in Richmond’s Midwest Industrial Park and will have a fermentation capacity of 600,000 liters, the company said.
“The strong support from both existing and new investors is validation of our team, technology and go-to-market strategy,” CEO Mark Warner said in a news release. “We look forward to completing construction of our facility…and filling a crucial supply gap for biomanufacturing in the U.S. market.”
Construction is expected to be complete later this year. The company plans to add 45 jobs at the facility.