Finnish food tech company Solar Foods has received an additional €10 million in funding from Business Finland to support the development, regulatory approval, and commercialization of its Solein protein. The grant is part of the company’s Important Projects of Common European Interest (IPCEI) funding, which was approved by the European Commission.
The funding increase is part of a €33.6 million tranche first approved in December 2022. Business Finland has adjusted the amount following an updated cost estimate and has extended the project deadline by one year to December 31, 2026. This additional support comes through a supplementary Recovery and Resilience Facility (RRF) funding call aimed at projects related to low-carbon hydrogen production, storage, and carbon capture utilization.
Investment in production facilities
Solar Foods’ overall IPCEI project includes the construction of two production facilities, Factory 01 and Factory 02, as well as research, regulatory processes, and commercialization efforts. The company’s €600 million investment program was designated as a hydrogen IPCEI project in 2022, making it eligible for up to €110 million in state aid, with grants payable until 2035. To date, Solar Foods has received €9.7 million in funding through the program.
Factory 02 pre-engineering phase underway
Solar Foods has initiated the pre-engineering phase of Factory 02, which is expected to receive further financial support. The remaining funds under the IPCEI notification, approximately €66 million, are designated to partially finance the construction of the facility.
“We are extremely pleased to receive this additional funding for research, product development, and the pre-engineering phase of Factory 02. We are continuing according to plan towards the realization of Factory 02, of which we will have more news soon,” said Solar Foods CEO Pasi Vainikka.
In addition to funding developments, Solar Foods recently addressed safety inquiries from the European Food Safety Authority (EFSA) regarding Solein, moving closer to regulatory approval. The company also appointed a new CEO, Rami Jokela, at the beginning of 2025.
Agronomics Ltd, a UK-based investment firm specializing in cellular agriculture and alternative proteins, is one of Solar Foods’ key investors. Jim Mellon, co-founder and executive chair of Agronomics, stated that the company’s operational progress and government backing reflect confidence in its growth strategy. “This additional funding will support the progress of the next stage of its growth strategy, investing in developing and expanding its production capability and commercialization of products in key markets where regulatory approval is imminent,” he said.
‘Protein snack of the future’
In addition to its funding and production milestones, Solar Foods has introduced Solein® Protein Bites, a new protein snack concept for the health and performance nutrition market in the United States. The product is designed to demonstrate the versatility of Solein as an ingredient in consumer food products.
Solein Protein Bites – Nut Mix Edition contains real peanut butter and hazelnuts, coated in a chocolate-flavored layer. The bites provide a source of protein, iron, and vitamin B12 while being 100% animal-free, gluten-free, non-GMO, and cholesterol-free. With a 78% protein content and all nine essential amino acids, the product is positioned as an alternative to conventional protein sources such as soy and whey.
According to Juan Manuel Benítez-García, chief commercial officer at Solar Foods: “These are the kinds of products where Solein excels, bringing exceptional nutritional value, great taste and functionality, as well as the most sustainable source of protein the market has seen, setting a new standard for nutritional proteins in the future. We have entered a new era of protein.”
