November 21, 2023

photo credit: Solar Foods

By Lynda Kiernan-Stone, Global AgInvesting Media

Using renewable energy and air-captured carbon dioxide (CO2) in a complete and continuous mode, Solar Foods makes Solein®, an entirely novel type of nutrient-rich, single-cell protein that has the potential to revolutionize food production as it’s not reliant on agriculture, requires no irrigation, pesticides, fertilizers, open land, or animals, nor is it at the whims of the weather.

This sustainable and natural product contains all essential amino acids, is approximately 65 percent protein, carbs, and fats, has a light taste and appearance, can be easily mixed into any meal, and can be produced under any conditions including in deserts, the Arctic, or even in space.

Founded in 2017 in Espoo, Finland, as a spinoff from VTT Technical Research Centre of Finland and LUT University, Solar Foods has continuously raised funds in support of its revolutionary platform. Most recently, the company announced it has closed on €8 million (US$8.73 million) in Series B funding from Finnish investment organization Springvest Oyj (Springvest), along with existing investors who participated in the Series B via a private placement including Happiness Capital, Lifeline Ventures, VTT Ventures, and Fazer. 

The company noted that this round was fully subscribed nearly two weeks ahead of schedule, adding that registration for a waiting list is open until 10 November – however, due to regulatory constraints, investors are currently restricted to the territorial boundaries of Finland. Investors outside of the country can join an investor mailing list for future investment opportunities. 

“The oversubscription, the still-growing waiting list and the funding round reaching its maximum target sooner than expected are all outstanding news for us,” said Pasi Vainikka, CEO and co-founder, Solar Foods. 

“It is incredibly uplifting to see that so many want to be part of our journey. The success of this round leads us to think about how a new similar opportunity should be arranged, including an opportunity for international participation.”

The company stated in 2021 that the introduction of industrial-scale, climate-friendly protein production will be nothing short of revolutionary. Not only is it more sustainable with Solien’s comparative greenhouse gas emission totaling only 1 percent of those generated by meat protein, and 20 percent of those generated by plant-based protein production, but this entirely new way of producing protein has the power to change land use, mitigate soil degradation, increase biodiversity, and improve the condition of water systems.

“Solein vanishes into daily meals, while at the same time maintaining its rich nutritional value and offering a unified solution that caters to virtually every imaginable meal of today and tomorrow,” said Juha-Pekka Pitkänen, CTO and co-founder, Solar Foods.

The capital raised by the company through this latest round will be used for building and ramping up production at its first commercial-scale production facility – Factory 01 – which is expected to begin operations in the first half of 2024. 

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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