BlueNalu Signs MOU with Pulmuone, Announces Partnership Bringing Cell-Based Seafood to South Korea

Agreement accelerates BlueNalu’s introduction to the Asian marketplace

SAN DIEGO–(BUSINESS WIRE)–BlueNalu, a leading food technology company developing cell-based seafood products, announced today the signing of a Memorandum of Understanding (MOU) with Pulmuone Co. Ltd., a leader in healthy lifestyle and environmentally-friendly food products headquartered in South Korea. Pulmuone also participated in BlueNalu’s A round of financing, which was announced earlier this year.

The agreement marks the beginning of the first collaboration for BlueNalu in South Korea, and represents Pulmuone’s interest in the commercialization of cell-based seafood products that offer consumers healthy, trusted and safe solutions that are sustainable for the planet. The companies will collaborate in areas such as marketing, regulatory, operations and distribution with an aim to bring BlueNalu’s products to markets in South Korea during the coming years.

Global demand for seafood is at an all-time high and continues to increase, particularly in Asia, where the two companies believe cell-based seafood can supplement the current supply of wild-caught and farm-raised fish. BlueNalu’s cellular aquaculture technology will allow it to produce a wide array of seafood products from a variety of species, without genetic modification, and will be free of microplastics, toxins, mercury and other environmental contaminants. The global pandemic has brought awareness to the vulnerability of our food supply. Cell-based seafood is a solution to food security and addresses the important issues of traceability, transparency and safety.

“This agreement with Pulmuone represents our shared values and respect for healthy families, a healthy ocean, and a healthy planet,” stated Lou Cooperhouse, president & CEO of BlueNalu. “We plan to launch BlueNalu cell-based seafood products initially in the United States, but we also recognize there is significant and increasing market demand for high quality seafood in South Korea, while supply becomes increasingly vulnerable and potentially contaminated with microplastics, mercury, and environmental pollutants. Partnerships are critical for our success and we are proud to partner with Pulmuone.”

“This is an exciting collaboration with BlueNalu that we anticipate will allow us to introduce cell-based seafood products in South Korea that we know our customers will enjoy,” said Sang Yun Lee, CTO, Pulmuone Co. Ltd. “While a product launch is still several years away, we recognize that the global seafood supply is compromised, unpredictable and cannot keep up with demand, so our mutual goal is to accelerate BlueNalu’s introduction to our customers with a product that meets consumer expectations in terms of taste, texture and nutrition, while also providing benefits for the planet and the well-being of families.”

Pulmuone has a 35-year history in the health and wellness market, providing food products that are sustainably and responsibly sourced. With its roots in sustainable farming, Pulmuone values humanity in harmony with nature, and is a leading champion for respecting the environment and nourishing families.

For more information about BlueNalu, visit bluenalu.com.

For more information about Pulmuone, visit http://www.pulmuone.kr/en/company/viewBusiness.do.

About BlueNalu

BlueNalu’s mission is to be the global leader in cellular aquaculture, providing consumers with great tasting, healthy, safe, and trusted seafood products that support the sustainability and diversity of our ocean. BlueNalu first established its operations in 2018 and is based in San Diego, California.

About Pulmuone Co., Ltd.

Pulmuone, Korea’s leading company for wholesome foods, conducts business in a wide variety of areas, including functional foods, meal services, concession businesses, whole food distribution, mineral water, and fermented milk. Pulmuone first entered overseas markets in 1991 by establishing a subsidiary in the U.S. Now with additional subsidiaries in China and Japan, and as an owner of America’s #1 tofu brand Nasoya, the company is growing into a global enterprise.

Contacts

Media Contacts:

Celia Sepulveda, for BlueNalu

+1 858.337.1326

csepulveda@bluenalu.com

Sung Yoon Nam, for Pulmuone

younn@pulmuone.com