Israel's Tiv Ta'am grocery chain and MeaTech have signed a non-binding letter of intent to cooperate in the joint development of cultivated meat products, the companies announced Wednesday.
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In accordance with the LOI, Tiv Ta'am and MeaTech will work to sign a binding agreement, which is expected to include cooperation on research, the establishment of a production facility for cultivated meat products, as well as granting distribution and marketing rights to Tiv Ta'am (including possible exclusive rights on jointly developed products), in Israel and/or elsewhere in the world.
The parties agreed to discuss expanding cooperation regarding the production and marketing of cultivated meat products in the future, with an emphasis on cultivated pork, following MeaTech's recent announcement regarding the commencement of cultivated pork development.
Hagai Shalom, CEO of the Tiv Ta'am Group, said the partnership would "enable Tiv Ta'am to meet the growing global demand for healthy, high-quality food without paying the moral and economic prices of this industry, while reducing environmental damage."
Sharon Fima, CEO of MeaTech Group said, "We are proud that such a significant player in the Israeli food industry, with activities in both the retail and meat processing fields, has chosen MeaTech to be its partner in the competitive and evolving food-tech field in Israel and around the world."
