On the principle of prudence, Bluestar Adisseo has confirmed that the company will not provide additional financial assistance for Calysseo Limited, its 50:50 joint venture with Calysta, following continued operational and financing challenges at Calysseo and its wholly owned subsidiary, Calysseo (Chongqing) Co. Ltd.
Adisseo will continue to work with Calysta to seek solutions aimed at addressing the going-concern issues facing Calysseo and Calysseo Chongqing.
Adisseo and Calysta jointly established Calysseo Limited in Hong Kong with a total investment of USD80 million, with each party holding 50% of the equity. Calysta Inc. is a US-based technology company that developed proprietary Single Cell Protein technology, known as FeedKind, and an associated innovative manufacturing process.
Calysseo has constructed and operates the world’s first demonstration plant for large-scale production of single-cell protein products through Calysseo Chongqing. As an innovative technology enterprise in its start-up phase, Calysseo requires substantial time and ongoing investment to achieve its designed production level and realize large-scale production and sales of SCP products.
To support the operating and development needs of Calysseo and Calysseo Chongqing, Adisseo’s shareholders’ meeting approved on 7 February 2025 the provision of financial assistance to Calysseo in the form of a shareholder loan of up to USD16.25 million, according to the Adisseo Investor Progress Announcement.
The assistance was subject to Calysseo’s other 50% shareholder providing proportionate financial assistance on the same terms and conditions. Calysseo and third parties have not provided guarantees securing the financial assistance.
Calysseo Chongqing is facing a severe shortage of working capital due to the inherent complexity and uncertainty of biotechnology research and development, as well as greater-than-anticipated difficulties during the production scale-up phase. The subsidiary requires substantial and sustainable financial support to complete technical upgrades and enable production to resume and continue.
Its economic viability also faces significant challenges in the feed substitute protein market. Following unsuccessful attempts to secure external funding, Calysseo Chongqing’s production remains suspended and the company continues to seek additional financing for technical transformation needed to meet the plant’s design standards.
Bluestar Adisseo Company is a global company focused on nutrition and feed-related solutions. The Company continues to work with its partners to support responsible development, operational resilience and long-term value creation.
