SK Inc. diversifies sustainable food business
SK Inc. is expanding its investments in the sustainable food industry as part of its focus on advancing green businesses aligned with environmental, social and corporate governance (ESG) principles, according to the company, Thursday.
The company has invested approximately $7 million in Wildtype, a U.S.-based salmon cell cultivation company. SK Group also announced that it has signed a memorandum of understanding (MOU) with Maeil Dairies, a Korean dairy manufacturer and distributor, and Perfect Day, a U.S.-based non-animal milk protein producer. In addition, Meatless Farm, a Dutch sustainable food company in which SK Inc. has invested, recently secured a $7-million investment from Aju IB Investment.
With its latest investment in Wildtype, SK Inc. has established a well-rounded investment portfolio in sustainable food.
Wildtype, founded in 2016, produces cultivated salmon, which stands apart from other seafood alternatives with its natural appearance, texture and taste similar to conventional fish. It is working towards launching commercial products like salmon steaks and fillets next year. While it only offers
samples at this stage, the company has already signed supply agreements with major food companies in the U.S., including the franchise poke brand, Pokeworks.
SK Inc., in partnership with Maeil Dairies and Perfect Day, is looking to form a joint venture for the non-animal dairy protein business. Once it gets appropriate licensing, the venture will begin bringing in dairy proteins from Perfect Day, with Maeil Dairies assuming the responsibilities of manufacturing, distributing and selling the final products.
“The process of overcoming climate change could also serve as a breakthrough opportunity in identifying new values for the future,” said Kim Moo-hwan, head of the Green Investment Center at SK Inc. “In preparing for the explosive growth of the green industry, SK Inc. will work towards taking the market leadership, including sustainable food.”