Solar Foods’ share issue oversubscribed

Solar Foods, the Finnish company that creates proteins from thin air, has successfully concluded its debut funding round, raising €8 million from retail investors in Finland. The remarkable success of this funding round underlines the high level of trust and confidence the investor community has placed in the company’s team and vision. Conducted through the Finnish investment organiser Springvest Oyj, Solar Foods’ funding round stands as the biggest to date on Springvest’s platform.

Registration was slated to run until 10 November, but overwhelming demand from investors meant the funding round reached capacity almost two weeks ahead of schedule and was oversubscribed. The clear interest shown by investors will fuel the company’s future planning and next steps.

“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,” said Pasi Vainikka, CEO & Co-founder of Solar Foods.

The capital raised will be allocated towards ramping up production at the Solar Foods' inaugural commercial-scale production facility, Factory 01, as well as utilizing new production organisms and commercializing Solein in food products. Operations are expected to begin in the first half of 2024, marking a significant milestone for the company.

Factory 01 marks a significant upscaling of Solar Foods' production capacity. The scale-up from pilot scale to industrial scale will be approximately 100 times and our ability to produce Solein will be approximately 120 tons annually. This harvest will be shipped to clients and used in product development. Solein’s unique bioprocess allows it to be produced virtually anywhere, even outer space, and the Finnish innovator is eager to share and discuss these possibilities with the world.