Liberation Labs secures $30M for equipment at Richmond plant
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
New York-based Liberation Labs announced Wednesday it has secured $30 million in equipment financing for its biomanufacturing facility in Richmond.
The precision fermentation manufacturer first detailed plans in January for the $115 million facility, which will come with 45 new jobs.
The facility will be built on a 36-acre lot in Richmond’s Midwest Industrial Park and will have a fermentation capacity of 600,000 liters, the company said.
The company is currently in the detailed design phase of the project and said it has ordered all of the major engineered equipment needed for the facility, including its 150,000 liter fermenters.
“This new financing, combined with our seed raise, allows us to not only secure all the needed equipment, but also to continue investing in our team to move the overall project forward at speed,” CEO Mark Warner said in written remarks. “Traditionally it is challenging to secure this kind of funding for a first-of-a-kind facility, but this lease financing reflects the belief in our vision and strong team by our committed equity and equipment finance investors.”
Warner told IIB in January the facility will use a precision fermentation process to make alternative proteins that can be used in food products such as milk.
Construction is slated to begin in June with an initial startup of the plant slated for the end of 2024.
Liberation Labs has already begun hiring for some positions at the Richmond plant, which Warner said has room for expansion.