ABCB - USDA Awards $25 Million Loan Guarantee to Ameris Bank for Liberation Labs Biomanufacturing Facility in Indiana | Benzinga
RICHMOND, Ind., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Liberation Labs and Ameris Bank today announced the U.S. Department of Agriculture has awarded Ameris Bank a $25 million "Business and Industry" loan guarantee for Liberation Labs' biomanufacturing facility in Richmond, Indiana.
Liberation Labs is currently constructing a commercial-scale, purpose-built, precision fermentation biomanufacturing facility with a capacity of 600,000 liters and a fully dedicated downstream process (DSP). The plant will produce bio-based proteins and other building block ingredients at a scale and cost that will fill a pressing need among both new and established consumer packaged goods (CPG) companies and other industrial manufacturers. Commercial production is expected to commence by the end of next year.
"The award of this USDA loan guarantee is continued confirmation of the importance of adding biomanufacturing capacity in the U.S. as well as the strength of our business plan," said Mark Warner, co-founder and CEO of Liberation Labs. "Our project underwent significant due diligence and risk rating, and to come out the other end with a loan guarantee is a strong reflection of the quality of our team, our ...