Finland: Siltanews – News Desk
Solar Foods had an eventful 2024 as the Finnish protein producer listed its shares and won the international category in Nasa’s Deep Space Food Challenge.
The food tech company, founded in 2017, describes itself as being able to produce “food out of thin air”. Its method involves growing protein by fermenting a microbe with carbon dioxide and nutrients — similar to the process used in winemaking — and powering it with renewable energy.
Its first product, Solein, is a powder the company says can be used to replace protein in virtually any food and does not contain any known allergens. The bioprocess used to manufacture Solein, it says, disconnects food production from agriculture.
According to the Helsinki Institute of Sustainability Science, the minimum greenhouse gas emissions per kilogram of protein produced by Solar Foods was 0.4kg of CO₂, compared to 45kg for beef and 80kg for lamb, which are produced using traditional methods.
Solar Foods received the Nasdaq Green Equity Designation in April last year. This voluntary designation is for companies whose turnover is less than 50 per cent derived from activities considered green, and less than 5 per cent derived from fossil-fuel activities, as judged by an independent reviewer.
“Sustainability is in our DNA and we are proud of being the first private company in Finland to receive the green equity company designation,” says Ilkka Saura, chief financial officer of Solar Foods.
As a private company, Solar Foods raised €8mn in a Series B funding round in November 2023, and an additional €8mn in April 2024 through Finnish investment platform Springvest.
“Springvest has a good track record of funding tech and growth companies in Finland,” says Saura. “The extensive retail participation in both of these rounds allowed us to meet the Nasdaq free float requirements.”
The share issue on Springvest opened on April 15 2024 and reached its target figure in eight days — over two weeks ahead of schedule according to Solar Foods. Subsequently, the firm listed on Nasdaq First North Growth Market Finland, and became the country’s first listed green equity in September last year.
The technical listing did not involve a share issue or sale, but Saura says this was a very flexible and straightforward way to enter the public market where the relevant investors are present.