Solar Foods has secured €77.8 million in grant and loan financing to support the construction and commissioning of Factory 02. The funding package comprises a €39.6 million grant and a €38.1 million R&D loan, awarded under the company's participation in the Important Projects of Common European Interest (IPCEI) programme, which was approved by the European Commission.
Solar Foods has developed a proprietary microbe that feeds on carbon dioxide (CO²) and hydrogen to grow a high-protein food ingredient called Solein.
Detaching food from agriculture, Solein can be grown anywhere, taking just 0.1 per cent of the land and 1 per cent of the water that a similar amount of beef would.
Solein is a nutrient-rich and versatile ingredient that can replace protein in virtually any food. Solein can also be used as a fortifier to complement the nutritional profile of various foods: it can be a source of iron, fibre and B vitamins, and it can also bring different techno-functionalities into food products.
“We are pleased with Business Finland’s funding decision. Solar Foods has executed its financing plan, communicated in October last year, with determination, and this funding decision is a significant part of the total financing in line with the company’s strategy”, says Rami Jokela, CEO of Solar Foods.
