Solar Foods raises an additional EUR8 million in new financing

LONDON: Agronomics (LSE:ANIC), a leading listed company focused on the field of cellular agriculture, announced that portfolio company Solar Foods Oy has raised an additional EUR8 million in funding via Finnish investment organiser Springvest Oyj.

This additional funding is a subsequent close to Solar Food’s Series B round which took place in November 2023, bringing the total raise to EUR16 million. Solar Foods’ first commercial-scale factory, named Factory 01, has been fully operational since April this year and is expected to produce 160 tons of Solein™ annually.

Solar Foods has already achieved regulatory approval for Solein™ in Singapore and is currently in partnership with the Finnish food company, Oy Karl Fazer AB, which is incorporating Solein into a chocolate snack. Solar Foods has also submitted a dossier to the European Food Safety Authority and is in conversations with multiple potential customers for the integration of Solein™ into existing product lines.

To date, Agronomics has invested EUR6 million in Solar Foods. As disclosed in Agronomics’ Unaudited Interim Results, this position is currently carried at a book value of £11.4 million, including an uplift of £6.3 million. This subsequent raise remained on the same terms as those set in November and there is no change to the value of Agronomics position.

Agronomics’ Executive Chair, Jim Mellon commented: “Solar Foods has shown impressive execution with the funds they have raised to date. It is one of the few companies in this field with a wholly owned and fully operational factory and regulatory approval which puts Solar Foods as one of the most advanced cell ag companies globally. We are very much looking forward to seeing product sales begin in Singapore and for regulatory approval in Europe.”

Solar Foods receives a €34 million grant from Business Finland