Today Finnish company Solar Foods has successfully concluded its Series B funding round, raising €8 million from retail investors in Finland.
Solar Foods has developed a proprietary microbe that feeds on carbon dioxide (CO²) and hydrogen to grow a high-protein food ingredient called Solein.
Detaching food from agriculture, Solein can be grown anywhere, taking just 0.1 percent of the land and 1 percent of the water that a similar amount of beef would.
Conducted through the Finnish investment organiser Springvest Oyj, Solar Foods’ funding round stands as the biggest to date on Springvest’s platform. The oversubscribed round reached capacity almost two weeks ahead of schedule.
The raise brings the company’s fundraising to €46.3 million In December 2022, Solar Foods received €34 million in grant funding to support the construction of its first commercial scale facility, Factory 01, scheduled to be operational in the first half of 2024.
Pasi Vainikka, CEO and co-founder of Solar Foods, shared:
“We are incredibly thankful for the trust and confidence the investor community has shown in Solar Foods.
This funding is more than a financial boost: it’s a mark of confidence in the future of sustainable food solutions that Solar Foods represents. We are excited to channel these resources into our new factory and amplify our impact in the food industry.”
The funds will help ramp up production at Solar Foods´ inaugural commercial-scale production facility, Factory 01, as well as utilising new production organisms and commercialising Solein in food products. Operations are expected to begin in the first half of 2024, marking a significant milestone for the company.
Lead image via Solein. Photo: Uncredited.