"Last month, Believer Meats was basking in acclaim. The startup had just secured final U.S. government approval for what it billed as Earth's largest cultivated-meat facility, a $125 million complex near Raleigh, North Carolina. Boosters hailed the plant's role in strengthening U.S. competitiveness in the race to grow meat from cells-a sector long dominated by Israel. Sen. Thom Tillis (R-NC) called it "a major economic win for the state and region.""
"That chapter lasted roughly two weeks. Today, the 200,000-square-foot facility's fancy bioreactors and centrifuges sit quiet. In an all-hands meeting over Microsoft Teams on December 1, a tearful Burger informed staff that Believer was ceasing operations and laying everybody off. "The worst day of my career," he told employees, according to people on the call who spoke with me under anonymity so as not to harm their future work prospects."
"It had just posted an ad for a new plant manager. It is a stunning collapse for one of the sector's most promising players. Founded by Hebrew University biomedical engineer Yaakov Nahmias, Believer rose on the promise of being the first company to turn cell-based meat into a low-cost commodity. By 2021, it had raised $347 million from giants like Archer Daniels Midland and Tyson Foods."
Believer Meats secured U.S. approval for a $125 million, 200,000-square-foot cultivated-meat facility near Raleigh and prepared to begin commercial production of lab-grown chicken. Prominent investors and partners, including Archer Daniels Midland and Tyson Foods, had backed the company, which was valued at $600 million in 2021 after raising $347 million. Two weeks after announcing the plant, a major financial backer withdrew and a loan was denied, forcing management to cease operations and lay off all employees. The facility's equipment remains idle and the company closed before delivering any products to consumers.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]