February 1, 2023

Sweegen announces growth capital investments and manufacturing partnership ahead of Food Ingredients Europe 2022

Momentum from global regulatory approvals and customers’ product launches drives strong valuation and investment demand.

Rancho Santa Margarita, Calif., Dec. 05, 2022 (GLOBE NEWSWIRE) — Sweegen announced its strategic investment and partnership snapshot ahead of the FI Europe 2022, where it will exhibit zero sugar solutions in immersive food experiences, displaying consumers’ favorite foods and beverages with zero sugar solutions in Paris, France, Dec. 6-8.

In the wake of the 2022 company developments of major customer launches, a growing global footprint, and regulatory approvals on its sweeteners and stevia technology, Sweegen is attracting major partners and moving forward with additional growth capital raised from current shareholders, Pasaca Capital and Sumitomo Chemical Co. (Sumitomo), reaching the “unicorn” status.

“Our growth is meaningful in the world of sweetener innovation as we are bringing wellness solutions to food and beverage brands and consumers in new global regions where sugar reduction is not only a major health trend and need but also a movement for a wellness lifestyle,” said CEO Steven Chen. “We’re grateful that these shareholders continue to have confidence in our vision to open new markets with our global regulatory plans and explore exciting wellness technologies for food and beverages.”

Largest CPG Companies as Customers

Sweegen’s Signature Bestevia® Reb M was the first new-generation stevia technology to receive approval from the European Food and Safety Authority (EFSA).

This landmark approval in 2021, combined with the approval of the regulatory framework for steviol glycosides by the international food safety authority CODEX in 2022, is opening new markets and creating significant opportunities for Sweegen’s customers to launch new products.

The world’s largest food and beverage producers, including top brands for beverage (non-alcoholic and alcoholic), condiment, dairy, and plant-based products, have entered into commitments, contracts, and purchase orders with Sweegen.

Manufacturing Alliance

With Sumitomo, Sweegen entered into a strategic alliance in which Sumitomo will contribute one of its manufacturing factories in Asia to a joint venture between the two companies.

Sumitomo will assist in quality assurance and quality control at both the Asian facility and Sweegen’s manufacturing site in Europe.

“Our manufacturing alliance with an exceptional partner like Sumitomo gives Sweegen’s customers the added security and benefit of multiple production facilities and is expected to accelerate Sweegen’s market penetration greatly,” said Chen.

New Technologies

In addition to the industry’s widest range of non-GMO better, tasting Signature stevia ingredients, Sweegen is introducing more advanced sugar-reducing products, such as the sweet proteins Ultratia™ brazzein and thaumatin.

Sweegen’s disruptive peptide technology enables industrial-scale production of brazzein for great cost savings to CPG customers. The commercialization of brazzein has already begun, and Sweegen anticipates a first regulatory approval for the product in 2023.

Thaumatin is 100,000 times sweeter than sugar on a molar basis. The high sweetness factor can translate into a strategic, cost-effective sugar reduction solution for brands seeking to get the most out of natural sweeteners. Sweegen has recently announced the successful scale-up production of these high-intensity sweeteners, and the company expects to receive regulatory approval in the near future.

The Market

The global sugar market is currently at $160 billion. Many global food and beverage companies are currently incorporating Sweegen’s products to replace artificial sweeteners, reduce sugar, and launch branded products containing these Sweegen products.

Contacts at FIE

At the FI Europe 2022 trade fair in Paris, Sweegen’s booth will be at Stand #7.1D20, where Sweegen’s management and global food and beverage applications teams will welcome all food and ingredient customers and business partners.

About Sweegen

Sweegen provides sweet-taste solutions for food and beverage manufacturers around the world.

We are on a mission to reduce sugar and artificial sweeteners in the global diet. Partnering with customers, we create delicious zero-sugar products that consumers love. With the best modern sweeteners in our portfolio, such as Bestevia® Rebs B, D, E, I, M, and N, and sweet proteins brazzein and thaumatin, along with our deep knowledge of flavor modulators and texturants, Sweegen delivers market-leading solutions that customers want, and consumers prefer. Well. Into the Future.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. Sweegen’s actual results may differ from the estimates, assumptions, and other illustrative material contained herein, and consequently, a reader should not rely on these forward-looking statements as predictions of future events. These forward-looking statements include, without limitation, illustrative information regarding Sweegen’s bottom-up assumed market potential, assumed hit rate, and the resulting revenue based on these model inputs. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Industry, Market, and Other Data
In this press release, we rely on and refer to information and statistics regarding market participants in the sectors in which Sweegen competes and other data. We obtained this information and statistics from our own internal estimates and third-party sources, including reports by market research firms and company filings. We do not expressly refer to these sources. All of this information involves a number of assumptions and limitations, and the sources of such information cannot guarantee the accuracy or completeness of such information. The industry in which Sweegen operates is subject to a high degree of uncertainty and risk due to a variety of important factors, any of which could cause results to differ materially from those expressed in the estimates made by Sweegen or third parties.

Attachments

Ana Arakelian, Head of Public Relations and Communications

Sweegen
+1.949.709.0583

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