Nicole Astra:

Welcome to Talking Plant Protein. My guest today is a finalist in QUORN Foods Innovation Challenge. Representing Noblegen, Hugh Williams. Thank you for joining us. Tell me, how does it feel to have received such a prestigious distinction?

Hugh Williams:

Thank you, it's a pleasure to be here. And it's really great to be a finalist in QUORN's Innovation Challenge at this year's Future Food-Tech. Quorn is obviously an important player in the meat analogue space with great products, so to be considered as a potential partner is very exciting for us. Future Food-Tech does such an excellent job of helping startup companies gain exposure to potential customers and other stakeholders, so we're grateful to be able to leverage that connection.

Nicole Astra:

And why do you think your submission has risen to the top?

Hugh Williams:

Well, I would hope that Noblegen's Euglena technology represents really a unique value proposition that's recognized in the marketplace. We're leveraging a microorganism that's 1.6 billion years old, from the time before plants and animals genetically split. And so, as a result, we have the uniqueness of really the best of both worlds in terms of plant and animal characteristics.

So for example, Euglena contains the complete amino acid profile and equivalent protein digestibility of animal protein, but it's a single cell micro-organism without a nervous system, so it's actually classified as vegan. It's also non-GMO, it's free of gluten or any major allergens unlike soy and some other plant proteins. And because it's grown in fermentation tanks, it also represents best-in-class sustainability in terms of greenhouse gases, land and water usage, and it doesn't have any of the negative repercussions of monoculture. So we believe that those innate characteristics, combined with a robust product pipeline across vegan meat and dairy products makes Noblegen an appealing partner for food manufacturers.

Nicole Astra:

Has the recognition changed anything for Noblegen?

Hugh Williams:

Well, I think so far it's created a lot of excitement internally and given people something to cheer for. And I think this interview's a positive indication that more exposure is forthcoming. We would expect that once our finalist presentation is viewed by a broader audience on June 22nd, that more changes in terms of helpful connections and potential customers may follow. The exposure that Future Food-Tech provides in this space is really unmatched, and being a finalist curious the opportunity to leverage that exposure fully. So we also look forward to speaking directly with the judges from QUORN, and we're hoping to establish an ongoing relationship with them as well.

Nicole Astra:

Hugh, let's talk about specific products by way of research and development. How long really did it take for you to come up with what you were submitting to QUORN, for example?

Hugh Williams:

Yeah well, we have a product development team that's very active in terms of leveraging Euglena to make finished food product applications. And so we're on a journey, from, as you can imagine, prototype 1.0, to prototype two and three and beyond. And the great thing about Euglena is just how flexible it is and how many different ways that we can use it to produce vegan meat, dairy, and other food analogues.

And so, in the example of the QUORN Challenge, our prototype 1.0 is basically, we're making a dried protein concentrate from Euglena, and then we're using that to make a chicken nugget, for example. But as we get beyond that, really one thing we heard from QUORN is that texture is key. And so the next level up is an extruded product that's finely layered, what we call an intermediate moisture product that has elements of both dried Euglena and wet Euglena biomass. And we combine those together to make a product that really has a texture that's more akin to whole muscle meat.

But then the really exciting thing, that's just the future science of Euglena - Euglena, because it is a live microorganism, it actually has a muscle, it's called cell pellicle and it's the muscle that allows it to change shape and move. And my understanding is that Euglena, in the right environment, can actually essentially grow whole muscle meat. It can essentially produce whole meat that mimics the taste, texture and nutritional profile of real meat. And so I think that really is the future for us, and we're trying to get there as quickly as possible, and it's an exciting journey along the way.

Nicole Astra:

Let me ask about your role. Vice president of commercial and corporate strategy. I can only guess that you are futuristic by nature and this role has you constantly thinking of the future. Tell me about the consumer's role in developing potential products.

Hugh Williams:

Yeah, I think for us as really for any business, the customer is critical. Noblegen, at it's heart, is a science and technology company, but as we drive toward commercialization, it really comes down to making our unique ingredients available to food manufacturers who can then use it in their finished food applications. We have a product development team that works to build food applications from our ingredients so that we can take the customer perhaps 80% of the way to the finish line. And we believe that's a potential point of advantage to working with Noblegen.

But in the end, the customer has to adapt our ingredients and formulations to their own nutritional criteria and manufacturing processes. They apply their brand for additional awareness and value to the consumer and they leverage their sales and distribution networks to bring the products to market. So without the customer, we go nowhere. So we really strive to bring added value and be a great partner in everything that we do.

Nicole Astra:

So tell me, what's next for Noblegen?

Hugh Williams:

Well, we have a really robust five-year innovation pipeline laid out that our product development team is hard at work on. In terms of commercialization, we're really working across all elements of the journey to market, from discussing with ingredient co-manufacturers to sales and distribution networks, and then to the potential end customers of course. And all of this costs money, and so our news coming up here, we'll be opening a series C capital raise with a related press release within the next week or so.

Nicole Astra:

And we will absolutely do our best to help you get that word out here on Talking Plant Protein. Thank you again for joining us, Hugh.

Hugh Williams:

Thank you, my pleasure.

Nicole Astra:

And good luck next week.

Hugh Williams:

Appreciate that.