Investee Company Update: Clean Food Group

SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness and medical cannabis companies, to which, in normal circumstances, they have limited access to, is pleased to note that its investee company Clean Food Group Ltd ("Clean Food Group" or "CFG"), a UK-based food-tech business delivering sustainable oils and fats solutions to the world's food and cosmetics manufacturers. CFG has been awarded funding by Innovate UK, the UK's national innovation agency for a £1 million project to advance novel low-emission food production systems in the UK.

SEED owns 7,161,336 ordinary shares in CFG representing 5.4% of CFG on a fully diluted basis.

The following announcement is set out without material changes or adjustments and the announcement in full can be accessed from the following link: https://tinyurl.com/3h6afynz

UK Government awards Clean Food Group funding for £1 million project to accelerate novel low-emission food production systems

• Funding will accelerate the commercialisation of Clean Food Group's proprietary technology platform
• The two-year project will be led by Clean Food Group's scale up team working in collaboration with the University of Bath's globally renowned research team
• Clean Food Group is supporting the UK's broader mission to lead the global drive for innovative bio-tech solutions to deliver a more sustainable, secure and healthy food system

London, 5 December 2023: Pioneering UK-based bio-tech business, Clean Food Group has been awarded funding for a £1 million project to advance novel low-emission food production systems in the UK. The funding will enable the rapid scale up of Clean Food Group's manufacturing capability and the development of next generation, high value microbial oils. The funding from the UK Government's Novel Low-Emission Food Production Systems: Industrial Research Grant has been awarded by Innovate UK, the UK's national innovation agency, and the Biotechnology and Biological Sciences Research Council (BBSRC). The funding will accelerate the Company's growth plan to deliver a market-ready technology leading to a more local, sustainable and healthy food production system.

For the duration of the 18-month project, Clean Food Group will collaborate with The University of Bath leveraging its world-class bio-tech research capabilities to develop high-value, functional microbial oils. Clean Food Group's proprietary technology platform uses proven, scalable yeast strains and fermentation technology to convert food waste into sustainable alternatives to traditional oil and fat ingredients.

Clean Food Group Co-founder and CFO Tom Ellen says, "We are delighted to have been granted this funding by Innovate UK and the Biological Sciences Research Council (BBSRC). The award is great validation of our technology platform and commercialisation strategy and will help us rapidly scale our manufacturing capabilities and regulatory pathways to achieve the necessary Food and Cosmetic regulatory approval for our products. We have a long history with the University of Bath and are thrilled to strengthen this further as we continue working with their world-leading research team."

Chris Chuck, Professor of Bioprocess Engineering at University of Bath added, "Ensuring that our future food production is secure and sustainable has never been so important. It is fantastic to see the UK playing a lead role in driving forward much-needed innovation to create a more sustainable, healthy, and secure food system for future generations."

End of CFG's announcement

About Clean Food Group

Clean Food Group is founded by a team with key experience in growing bio-tech, food industry and retail businesses supported by established venture capital and family office investors with a track record supporting fast-growth start-up companies in highly regulated industries. Clean Food Group's proprietary technology platform has been developed as a result of 8 years pioneering research by Professor Chris Chuck, technical lead at Clean Food Group, and the University of Bath.