Ryp Labs awarded $50,000 and invited into executive-led incubator program for its biomimicry solution that increases the shelf-life of fresh produce
Lineage, Inc., (NASDAQ: LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced the winner of its Food Chain Innovation Challenge. Ryp Labs, the winner of the San Francisco regional event, was selected for its innovative solution for tackling postharvest food waste, securing the global grand prize of $50,000 and an invitation into a six-month, Lineage executive-led incubator program.
Ryp Labs' winning idea is called StixFresh, a natural and safe formulation that mimics the defense mechanisms of plants to slow down the natural process of fruit spoilage. It can be applied to a variety of surfaces, including food-safe labels and stickers, and has been shown to extend the shelf-life of fresh produce, thereby reducing food waste.
The global competition on December 2 convened three regional winners selected from events in San Francisco, London and Amsterdam, each recognized for their ideas for tackling food waste, including:
- London Regional Winner Mimica A solution called "Bump" which is available as a cap or tag that shows the true longevity of food and drinks by responding to temperature changes and becoming bumpy when the food or drinks actually spoil.
- Amsterdam Regional Winner Barbara Šoštaric - A visual indicator that helps consumers determine which food to use first. It helps create awareness around the shelf life of products and thus reduce food waste.
"At Lineage, we take great pride in our investments in the future of the global food supply chain, and we are thrilled to support Ryp Labs in furthering our ultimate shared purpose of eliminating waste and helping feed the world," said Greg Lehmkuhl, President and CEO of Lineage. "On behalf of the entire Lineage team, I want to extend a warm thank you and congratulations to our winner and all competitors, as well as our panel of esteemed judges, partners, employees and everyone who made this event possible. Together, we can make significant strides toward tackling one of the world's most pressing issues today."
"We are incredibly humbled and excited to be selected as the winners of Lineage's global competition. This opportunity will be a significant step forward in our mission to eliminate food waste through our innovative biomimicry solutions," said Moody Soliman, CEO Co-Founder, Ryp Labs. "With Lineage's extensive global network and commitment to sustainability, we believe we can scale our impact, not only reducing food waste but also creating lasting economic, environmental, and social change. The $50,000 prize and access to Lineage's executive-led incubator program will undoubtedly provide us with the critical resources and support needed to accelerate our solution and make a real difference in feeding the world."
The 2024 Lineage Food Chain Innovation Challenge invited students and young entrepreneurs worldwide to showcase innovative solutions using technology and data to enhance the food supply chain's efficiency, sustainability, and resilience. The $50,000 grand prize was provided by Lineage Ventures, the team at Lineage dedicated to investing in early-stage technologies and companies that advance food supply chain innovation.
To learn more about Ryp Labs, visit ryplabs.com.
About Lineage
Lineage, Inc. (NASDAQ: LINE) is the world's largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84 million square feet and approximately 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn, Facebook, Instagram, and X.
Forward Looking Statements
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