Liberation Labs announced that the US Department of Agriculture (USDA) has awarded Ameris Bank a $25 million ‘business and Industry’ loan guarantee for Liberation Labs’ biomanufacturing facility in Richmond, Indiana, US.
Liberation Labs is currently constructing a commercial-scale, purpose-built, precision fermentation biomanufacturing facility with a capacity of 600,000 litres and a dedicated downstream process (DSP).
The plant will produce bio-based proteins and other building block ingredients at a scale and cost that will fill the demand among both new and established consumer packaged goods (CPG) companies and other industrial manufacturers.
Commercial production is expected to commence by the end of 2024.
Mark Warner, co-founder and CEO of Liberation Labs, said: “The award of this USDA loan guarantee is continued confirmation of the importance of adding biomanufacturing capacity in the US as well as the strength of our business plan. Our project underwent significant due diligence and risk rating, and to come out the other end with a loan guarantee is a strong reflection of the quality of our team, our vision and our ability to execute. We appreciate the significant efforts of the team at Ameris Bank to help secure this award.”
The USDA’s business and Industry loans are government-backed and made available to businesses located in areas with a population of 50,000 or fewer residents designed to spur economic development.
Terry Goodin, USDA rural development Indiana state director, commented: “We are excited to help Liberation Labs with a B&I loan guarantee. Not only does this help the company but it helps the residents of Richmond by bringing much-needed well-paying jobs to this Hoosier town.”
The loan guarantee ensures Liberation Labs will continue to have access to capital necessary for other ‘bricks and mortar’ needs of the site.