SK Inc. invests 10 billion KRW in Wildtype, USA for 'Cell-Cultured Salmon Meat'

SK Corp - US Perfect Day - Maeil Dairies
MOU to Promote Korea's Alternative Dairy Protein Business

Wild-type salmon product. Photo by SK Co., Ltd.

[Asia Economy Reporter Donghoon Jung] SK Inc. is expanding its sustainable food portfolio, recognized as the next-generation food market, to strengthen its competitiveness in ESG (Environmental, Social Responsibility, and Corporate Governance) business.

On the 24th, SK Inc. announced that it has invested about 10 billion KRW in Wildtype, a U.S. company commercializing cell-cultured salmon meat, and signed a memorandum of understanding (MOU) for sustainable food business cooperation with Perfect Day, a U.S. alternative dairy protein producer, and Maeil Dairies.

Additionally, Meatless Farm, a Dutch sustainable food company invested in by SK Inc., recently secured 10 billion KRW in investment from Ajou IB Investment.

Through its investment in Wildtype, SK Inc. has built a sustainable food portfolio encompassing plant-based meat (Meatless Farm), microbial fermentation protein (Perfect Day, Nature’s Fynd), and cell-cultured food (Wildtype).

Founded in 2016, Wildtype has succeeded in replicating the texture, taste, and form similar to real salmon using cell-culturing technology and is preparing to launch commercial products such as salmon steaks and fillets targeting next year. Despite not yet being in commercial production, Wildtype has signed product supply contracts with major U.S. franchise companies such as Pokeworks due to its excellent product quality.

Earlier, in 2020, SK Inc. entered the sustainable food business by investing in Perfect Day in the U.S., and last year, it led the market by investing in U.S. microbial fermentation protein developer Nature’s Fynd and Dutch Meatless Farm.

SK Inc. plans to establish a joint venture for alternative dairy protein-based products through cooperation with Perfect Day and Maeil Dairies in the future.

By combining SK Inc.’s strategic investment capabilities, Maeil Dairies’ expertise in product development, distribution, and sales, and Perfect Day’s competitiveness in alternative dairy protein development and manufacturing, the synergy will be enhanced. After obtaining the necessary permits, the joint venture will import raw materials produced by Perfect Day to Korea, where Maeil Dairies will handle finished product manufacturing, distribution, and sales to actively promote the business.

Perfect Day, in which SK Inc. has invested about 120 billion KRW, is the world’s first company to successfully produce protein by fermenting microorganisms combined with protein-producing genes. It supplies milk proteins used as raw materials for ice cream, chocolate, cream cheese, smoothies, and more to various food companies such as Nestle. Notably, Perfect Day’s dairy protein has been recognized for its eco-friendly effects, reducing greenhouse gas emissions by 97%, water usage by 99%, and energy consumption by 60%, verified through the international carbon footprint standard (ISO 14067).

Meatless Farm, invested in by SK Inc., was highly evaluated by Ajou IB Investment for its growth potential in the global market. Ajou IB Investment recently invested 10 billion KRW in Meatless Farm and is considering additional investment early next year.

Meatless Farm currently sells over 30 products such as hamburger patties and sausages in the European market. Its flagship product, minced meat, ranked first in sales within the UK plant-based meat market, and its newly launched plant-based tuna received the Innovation Award at the Casual Dining Show food exhibition held in the UK last September, gaining positive market response.

Kim Muhwan, Head of SK Inc.’s Green Investment Center, said, "The process of overcoming climate change can be an opportunity to capture future value," adding, "We will take the lead in preparing for the explosive growth of green industries such as sustainable food."

This content was produced with the assistance of AI translation services.