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 vision and our ability to execute. We appreciate the significant efforts of the team at Ameris Bank to help secure this award.”
USDA Business and Industry loans are government-backed loans made available to businesses located in areas with a population of 50,000 or fewer residents designed to spur economic development. Ameris Bank has dedicated, knowledgeable business development managers who are fully versed in USDA lending and who structure tailored USDA business and industry loans.
“We are excited to help Liberation Labs with a B&I Loan Guarantee,” said Dr. Terry Goodin, USDA Rural Development Indiana State Director. “Not only does this help the company but it helps the residents of Richmond by bringing much needed well-paying jobs to this Hoosier town.”
“Liberation Labs is at the forefront of bringing modern manufacturing to the heartland, creating well-paying jobs and driving economic impact,” said Neil Hollifield, Managing Director of Government Guaranteed Lending at Ameris Bank. “It is exactly the kind of business the B&I program was made for, and one which we are expert in helping to secure. We look forward to working with Liberation Labs to bring this great facility online.”
After breaking ground in June, construction on the site has continued with footings installed in August and concrete poured in September. All long lead equipment has been ordered and is under construction, while the company has continued to build out its corporate staff as well as its local team. The loan guarantee ensures Liberation Labs will continue to have access to capital necessary for other “bricks and mortar” needs of the site.
About Liberation Labs
Liberation Labs is commercializing precision fermentation with a global network of purpose-built manufacturing facilities that enable the next wave of biotechnology advancements to produce bio-based consumer products at scale. We combine modern technology with fit-for-purpose design to bring reliable and cost-effective solutions that meet customer demand across the world. More information is available at www.liberationlabs.com.
About Ameris Bancorp
Ameris Bancorp (Nasdaq: ABCB), the parent of Ameris Bank, a Georgia state-chartered bank, is a financial services company committed to bringing financial peace of mind to its communities. Headquartered in Atlanta, it operates 164 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris Bank manages $25.70 billion in assets as of September 30, 2023 and provides a full range of traditional banking and lending products, treasury and cash management, wealth management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris Bank at www.amerisbank.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/71f8cb55-30ae-4bf1-b8c2-02996b61daec
