Finnish investors back Solar Foods alternative “protein from air” innovation with €8 million financing

21 Nov 2023 --- Solar Foods has concluded its Series B funding round, raising €8 million (US$ 8.75 million) from retail investors in Finland. The funding initiative, facilitated by the Finnish investment organizer Springvest Oyj, marks the largest funding round on Springvest’s platform to date.

The capital raised will be directed toward increasing production at Solar Foods’ first commercial-scale production facility, Factory 01. Additionally, the capital will be utilized to implement new production organisms and promote Solein in various food products.

Solein is a natural, all-purpose protein grown with air molecules. It originates from a natural, non-modified, single-cell organism. The microbial protein-rich powder, Solein, is made using CO2 and electricity in a bioprocess.

Pasi Vainikka, CEO and co-founder of Solar Foods, says that the funding can provide a financial boost and signifies confidence in the future of sustainable food solutions. Vainikka looks forward to utilizing these resources to enhance Solar Foods’ impact in the food industry through the development of Factory 01.

Meeting future challenges
Fueled by a rapidly growing global population and driven by concerns about the environment, as well as considerations related to health, wellness, and nutrition, expanding the protein landscape has become increasingly crucial. 

According to the World Resources Institute, the global population is projected to increase from 7 billion in 2010 to 9.8 billion in 2050. 

As incomes rise across the developing world, there is an overall surge in food demand by more than 50%. Furthermore, the demand for resource-intensive foods is expected to rise even faster, reaching nearly 70%.

Recognizing these trends, there is a need for continued innovation in the food industry to drive the mass adoption of more sustainable foods, particularly alternative proteins, by making them more affordable, tastier, and convenient.

At Factory 01, protein will be manufactured from inception to completion under a single roof. Innovative protein solutions
New advancements in technology, coupled with ongoing investments in research and development, have paved the way for protein options from novel sources.

Solar Foods’ innovative protein powder is pegged as a first-of-its-kind food ingredient. It “vanishes into foods,” maintaining the taste of familiar, everyday food products without any alteration.

The protein contains all of the nine essential amino acids that are required by the human body.

Solar Foods is now planning to validate selected strains under autotrophic growth conditions for protein secretion, followed by downstream processing. The approach involves modifying a microbe with a natural ability to grow on CO2 and hydrogen produced using electricity, enabling it to secrete food proteins. 

The company is upscaling its production capacity with Factory 01. The scale-up from pilot scale to industrial scale will produce approximately 120 tons of Solein annually.

By Sichong Wang