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Steakholder Foods Ltd (NASDAQ:STKH) has entered into a Memorandum of Agreement for Strategic Cooperation (MOA) with an accredited GCC-based governmental body as its strategic partner. The detailed financial terms of the multi-million-dollar agreement were not disclosed.
The MOA is expected to advance food security efforts by applying Steakholder Foods' 3D printing technology.
Starting with an investment by the strategic partner in constructing a pilot plant to produce printed hybrid-fish products, the MOA aims to create a production facility in the Persian Gulf region.
The MOA is intended to contribute to the scalability of Steakholder Foods' 3D-printed food technology in territories in the Gulf Cooperation Council.
GCC represents the economic union between Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The collaboration aims to address local food security goals by leveraging the company's expertise in 3D printing for structured food and hybrid-cultivated fish and meat production.
Price Action: STKH shares are trading higher by 22.6% at $1.03 on the last check Monday.
Posted In: STKH
