Air-based protein developer Solar Foods announces plans to list on the Nasdaq First North Growth Market Finland. The listing is expected to occur in September as a technical listing without any share issue or sale.
Based in Helsinki, the biotech has raised €69.6 million from various investors, including Fazer, Lifeline Ventures, Agronomics, CPT Capital, Voima Ventures, and various family office investment companies. According to the company, its more than 2,000 shareholders enable it to process the technical listing.
In addition to private investments, Solar Foods has strong public financial support, securing €34 million from a potential €110 million grant. And this year, the company was granted the Nasdaq Green Equity Designation, making it the first Finnish private company to receive this recognition. Nasdaq Green Equity recognizes companies with over 50% turnover from green activities and less than 5% from fossil fuel activities.
Ambitious growth plans
As explained in the announcement, the listing is intended to enhance the company’s credibility and support its ambitious growth plans amid global trends, such as climate change, population growth, consumer behavior shifts, and geopolitical factors emphasizing sustainable and self-sufficient food production solutions. Additionally, it aims to increase credibility among stakeholders, and according to the biotech, potentially making it the first alternative protein technology company to list publicly.
After having established and demonstrated the technology and production, submitting over 160 patent applications, and opening Factory 01 with a 160 tons/year capacity, the company has ambitious goals.
The company’s growth strategy involves scaling its technology and facilities, commercializing new products, executing strategic partnerships, and securing food approvals, including GRAS status in the US and novel food authorizations in the EU (currently ongoing) and other markets. Solein has a valid novel food authorisation in Singapore. Technology licensing is being considered for additional revenue streams.
The protein with the lowest carbon footprint
Solein is a single-cell protein used as a raw material in multiple food categories, from noodles to baked goods and beverages to egg, meat, and dairy alternatives. It offers 65-70% protein, 5-8% fat, 0-15% dietary fiber, and 3-5% mineral nutrients. It also contains iron and B vitamins. The novel protein has been launched in ice cream, chocolates, and two Japanese-style sweets.
Solar Foods’ production process uses fossil-free energy, positioning Solein as a sustainable food ingredient. Its production relies on microbes, carbon dioxide, and electricity, significantly reducing environmental impact.
“Solar Foods is positioned as a revolutioniser of the global market for protein products, offering a completely new alternative to existing animal and plant proteins. Solar Foods’ customer base consists of food companies, which are under increasing pressure to find new sustainable, reliable and price-stable sources of food raw materials to meet their strategic environmental goals,” Solar Foods states in the announcement.